ICICI Bank made a big announcement on October 8. It said that it has tied up with PhonePe. Under this, customers will be able to take loans from ICICI Bank through UPI.
To avail this facility, lakhs of pre-approved customers of ICICI Bank will have to activate the short-term credit line on the PhonePe app. ICICI Bank offers a credit line of up to Rs 2 lakh on UPI. The customer has to repay the loan amount within 45 days.
Customers will have ease in shopping during festivals
ICICI Bank has announced this partnership during the festive season. With this, customers will be able to easily take loans for electronic items, hotel booking and travel etc. ICICI Bank Product Head (Payment Solutions) Neeraj Tralshawla said that we are very happy to have tied up with PhonePe for this facility of providing easy loans to millions of customers. He said that pre-approved customers of ICICI Bank can activate their credit line facility on the PhonePe app . After this, they can easily do their shopping for the festive season.
It is very easy to take loan from UPI credit line
PhonePe’s Head of Payments Deep Aggarwal said that we are excited about the partnership with ICICI Bank. Pre-approved customers of ICICI Bank will be able to easily get loans on our platform. They will get a complete digital experience on the PhonePe app. Experts say that credit line on UPI is an innovative product offering. This will make it very easy for people in the country to take loans.
This is how you can take advantage of this facility
To use this facility, pre-approved customers of ICICI Bank will first have to log in to the app. After that they will have to click on the credit activation banner appearing on the app. Then, after checking the features and charges of the product, activation will have to be done. After the credit line is approved, the customer will have to link it to UPI. Then UPI PIN will have to be set. After this, he can use the loan amount for UPI transactions.
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