Private sector lender ICICI Bank has launched an instant EMI facility on its internet banking platform.

Called ‘EMI @ Internet Banking’, the facility would allow pre-approved customers to convert high-value transactions up to ₹5 lakh into easy monthly instalments (EMIs).

“With this, customers can now purchase their favourite gadget or pay for their insurance premium or school fees in easy EMIs from their savings account using the internet banking platform,” ICICI Bank said in a statement, adding that the EMI would be instant and fully digital.

The bank has tied up with BillDesk and Razorpay to offer the facility. It has been enabled for over 1,000 merchants in categories like online shopping portals, insurance, travel, education- school fees and electronic chains.

“The bank endeavours to partner with more payment gateway companies, merchants and add categories under this facility in the near future,” it further said.

Customers can make purchases for amounts between ₹50,000 to ₹5 lakh and select the tenure of their choice three months, six months, nine months and 12 months.

Sudipta Roy, Head- Unsecured Assets, ICICI Bank said, “We have observed that many of our customers undertake high-value transactions for payments of insurance premiums, school fees, purchasing electronics, or paying for vacations through the bank’s internet banking platform.”