ICICI Bank has announced a new partnership with PhonePe, allowing pre-approved customers to instantly access loans via the UPI platform.
This new offering, announced on October 8, will enable customers to get short-term loans up to ₹2 lakh directly through the PhonePe app, with a repayment period of 45 days.
Benefits for Customers During the Festive Season
The collaboration comes at a convenient time, coinciding with the festive season when customers typically shop for electronic goods, book hotels, and plan travel.
The ICICI Bank Product Head (Payment Solutions), Neeraj Tralshawla, expressed that this partnership aims to provide easy loans for millions of ICICI Bank customers, simplifying their shopping experience during festivals.
How the UPI Credit Line Works
Instant Loan Activation: ICICI Bank’s pre-approved customers can quickly activate the credit line on the PhonePe app.
Loan Amount: The UPI credit line offers a loan of up to ₹2 lakh.
Repayment: Customers have 45 days to repay the borrowed amount.
PhonePe’s Head of Payments, Deep Aggarwal, expressed excitement about the partnership, highlighting that this credit line will offer a seamless, fully digital experience for customers.
The credit line on UPI is considered an innovative product that will simplify access to loans across India.
Steps to Activate the Credit Line
- Log in to the PhonePe app.
- Click on the credit activation banner displayed on the app.
- Review the features and charges of the product.
- Activate the credit line after approval.
- Link the credit line to UPI and set the UPI PIN.
- Start using the loan amount for UPI transactions.
This feature will make it easier for customers to avail loans quickly, enhancing their purchasing power during the festive season.
