ICICI Bank will provide UPI credit line facility on PhonePe app, customers will get loan instantly

Jyoti — Tue, 08 Oct 2024 09:03:01 +0000

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.

UPI credit line: Make payment without money through UPI credit line! RBI started credit line facility

Jyoti — Mon, 07 Oct 2024 08:17:11 +0000

Technology has made our lives very easy, especially in terms of banking and shopping. Today we can make payments from anywhere with the help of Unified Payment Interface (UPI).

But sometimes it happens that there is no money in your bank account, due to which you are unable to make important payments. The solution to this problem is the UPI Credit Line platform, which was introduced by the Reserve Bank of India last year.

Reserve Bank launches credit line facility

Reserve Bank of India has allowed giving credit line to customers through UPI. This service will be monitored by National Payment Corporation of India (NPCI). Many banks like Axis, HDFC, ICICI, Indian Bank and PNB are working on this facility.

Under the upi credit line, users get a fixed credit amount, which they can use whenever needed. This will reduce people’s dependence on credit cards.

How to activate upi credit line?

To activate UPI credit line, you have to apply at your bank branch or through UPI app. At the time of application, you have to give information about your annual income and also submit the necessary documents.

Important points:

-The applicant must be at least 18 years of age.
-It is mandatory to have Aadhar and PAN card.
-Once the credit limit is set by the bank, you can link it in your UPI app.
-After linking to UPI, you can take advantage of this credit line facility. Keep in mind that to make credit transactions through UPI app, you will have to set a separate UPI PIN.

Through upi credit line facility, you can make necessary payments even without balance, which will strengthen your financial position even more.

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