ICICI Bank made a significant announcement on October 8, revealing its partnership with PhonePe.
Through this collaboration, ICICI Bank customers can now avail loans using UPI on the PhonePe platform.
Pre-approved ICICI Bank customers can activate a short-term credit line on the PhonePe app. The bank offers a credit line of up to Rs 2 lakh, which must be repaid within 45 days.
Easier Shopping During Festivals
This partnership is timed for the festive season, making it easier for customers to take loans for purchases such as electronics, hotel bookings, and travel.
Neeraj Tralshawla, ICICI Bank’s Product Head for Payment Solutions, expressed satisfaction with this tie-up, saying it allows millions of pre-approved customers to activate the credit line and enjoy hassle-free shopping during the festive period.
Simple Process for Availing UPI Credit Line
Deep Aggarwal, Head of Payments at PhonePe, stated that this partnership brings an exciting opportunity for ICICI Bank customers, offering them a fully digital loan experience on PhonePe.
According to experts, this UPI credit line is an innovative product that simplifies the loan process for people across the country.
Steps to Activate the Credit Line
To use this facility, pre-approved ICICI Bank customers need to:
1) Log in to the PhonePe app.
2) Click on the credit activation banner.
3) Review the features and charges of the credit line.
4) Activate the credit line and link it to UPI.
5) Set the UPI PIN and start using the loan for transactions.
