ICICI Bank on Thursday introduced short term credit facility as part of which they can get pre-approved loan of up to Rs. 20,000 for bill payment, online shopping and doing transactions at physical stores via UPI platform. The new offering is primarily targeted at young and millennial customers who are on the look out to secure everything instantaneously and digitally that includes credit.
As per the customer's eligibility, 45-days interest free credit limit of Rs. 5000 and a maximum of Rs. 20,000 will be offered under the scheme.
PayLater platform of ICICI bank available round the clock will make use of big-data algorithm to carry out customers' credit assessment. And for it an array of parameters such as balance patterns, credit bureau check, vintage with the bank etc. will be considered for determining customers' assessment.
To avail the facility, banks customers can sign up via ICICI Bank mobile banking app iMobile.
And after the set credit limit is extended to the customer, a bill is released on the first day of the next month and the dues are to be cleared by the 15th of the same month. For bill payment, either transaction can be done via internet banking account or by initiating an auto debit facility.