ICICI Bank has extended the Cardless EMI facility for its customers. The Bank’s Cardless EMI offer allows customers to make purchases in easy installments through a convenient OTP-based approval process, using their registered mobile number, PAN card.  

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ICICI Bank Cardless EMI is a unique proposition that enables the bank’s pre-approved customers to avail of a No Cost EMI option. This is available for the purchase of their favourite gadgets, home appliances at retail stores or through participating Merchant websites, across various categories, that too without removing their card from their wallet.

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Without a wallet, you can still avail a ‘No Cost EMI’ for the gadget with Cardless EMI. Make purchases in easy instalments through a convenient OTP-based approval process. ICICI Bank charges 12 per cent to 19 per cent Cardless EMI interest rate. However, the processing fee is Nil and prepayment charges are 5 per cent on the principal outstanding plus Goods and Services Tax (GST).

Additional Interest on late payment, charges for late payment/additional interest is applicable rate plus 24 per cent per annum, plus applicable taxes if any. Repayment mode swap charges are Rs 500 per transaction plus GST. Loan cancellation charges are Rs 3,000 plus GST. The EMI bounce charges are Rs 400 per bounce plus GST. 

In a tweet, ICICI Bank has mentioned “#ICICIBank extends its ‘Cardless EMI’ facility for online purchases made on e-commerce platforms. This hassle-free experience will enhance the affordability of millions of the Bank’s pre-approved customers.” 

How it works online?  

Step 1: Log on to your online website across categories like mobiles, electronic, fashion, travel, home and furniture, insurance, education and more  

Step 2: Choose and add your favourite product to your cart  

Step 3: Check for the Cardless EMI option on the merchant website checkout page  

Step 4: Enter your registered mobile number  

Step 5: Choose your preferred EMI scheme/tenure  

Step 6: Enter your PAN and One-Time Password (OTP) that you receive on your registered mobile number  

Step 7: Successful completion of the quick process  

To check if you are eligible for Cardless EMI, SMS <CARDLESS> to <5676766> or check the ‘Offers’ section on the iMobile Pay app (for Android users only).