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How to Avail EMI
on PayLater?

  • 01.Scan the QR and select EMI options in iMobile Pay Avail Now
  • 02.Select from flexible EMI tenure options
  • 03.EMI Loan Account is created
  • 04.The loan amount is disbursed.

Why use EMI on PayLater?

Instant EMI facility on scanning the QR code
Easy tracking of EMIs and payments with iMobile Pay & Internet Banking
Instant disbursement and payment to merchants
Hassle-free automation process on repayments
Accepted at all merchant outlets
  • ₹10,000
  • ₹50,000

Total Amount
Payable

3,689

Interest
Rate p.a.

16%

Monthly
EMI

3,422

Total Interest
Payable

267

Additional Charges

A penal interest of 3% per month will be levied on the outstanding dues on default.

EMI on PayLater FAQs

What is PayLater EMI?

PayLater EMI is a loan linked with your PayLater credit limit. Customers with PayLater Account can avail this facility.

Go to iMobile Pay > Scan merchant QR > Select PayLater EMI > Tenure > Submit

*applicable only for transactions of more than Rs 10,000.

Who can avail the PayLater EMI facility?

Customers with PayLater Account can avail this facility.

Go to iMobile Pay > Scan merchant QR > Select PayLater EMI > Tenure > Submit!

*applicable only for transactions of more than Rs 10,000.

What is the bill cycle for PayLater EMIs?

PayLater EMI Loans booked between 1st to 20th of a month will have the first EMI due date as 1st of the next month. PayLater EMI Loans booked between 21st to the last day of a month will have the EMI due date as 1st of next to next month.

Example: If you book a PayLater EMI Loan between 1st to 20th Jan, your first EMI will be due on 1st Feb. If you book a PayLater EMI Loan between 21st Jan till 31st Jan, your first EMI will be due on 1st March.

How will I receive my loan details?

Customers will receive an SMS and e-mail on their registered contact details on the next working day containing the repayment schedule and other details.

What is the interest rate for PayLater EMI?

Please refer the below MITC link for charges and interest on PayLater EMI.

https://www.icicibank.com/personal-banking/cards/digital-credit-card/mitc-paylater-tnc

Where can I use the PayLater EMI?

Customers with a PayLater Account can avail this facility.

Go to iMobile Pay > Scan merchant QR > Select PayLater EMI > Tenure > Submit

*applicable only for transactions of more than Rs 10,000 *available only on iMobile Pay app

How is PayLater EMI different from other loans?

PayLater EMI is a loan within your PayLater limit. You will pay interest only on the amount availed under this facility and not on the total PayLater limit.

Where can I see my PayLater EMI Loan Accounts?

iMobile Pay > Log in > PayLater > My EMIs & Statements > My PayLater EMIs > View all active loans.

Internet Banking > Log in > Bank Accounts > PayLater > View all active loans.

Can I pay before the due date or foreclose my PayLater EMI Loan Account?

Customers can contact our Phone Banking Team for the foreclosure of PayLater EMI Loan Account.

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