New Delhi: ICICI Bank Ltd today launched a new short-term digital credit facility for its customers under which they can get instant pre-approved loans of up to Rs 20,000 for online shopping, paying bills and also for settling bills at offline stores using UPI platform. Currently an invite-only feature, ICICI Bank’s new offering is aimed at the young and millennial customers who want everything digitally and instantaneously, including credit.
ICICI Bank offering 45-day interest free credit up to Rs 20,000 to select customers
Based on the eligibility of the customer, ICICI Bank offers up to 45 days interest-free credit limit of Rs 5,000 up to a maximum of Rs 20,000.
Available 24X7 on all days, ICICI Bank’s ‘PayLater’ will use big data based algorithm for undertaking credit assessment of customers. The algorithm uses an intelligent combination of parameters including the Credit Bureaucheck, balance patterns, vintage with the bank, among others to ascertain the credit-worthiness of a customer.
Once the credit limit is set up for a customer, a consolidated bill is generated on the first day of the subsequent month, which has to be paid by the 15th day of the same month. Customers can seamlessly repay their dues by setting up an auto debit facility with their account or by simply initiating a transfer through their internet banking account.
B. Madhivanan, group executive and chief technology & digital officer, ICICI Bank said, “India’s digital lending market is estimated to offer a $1 trillion opportunity over the next five years. Keeping this in view, we are delighted to introduce ‘PayLater’, an instant digital credit line which will enable our customers to undertake small ticket purchases instantly in a completely digital manner.”