Bank of Baroda has introduced a new facility for its savings accounts holders – EMI for funds extended to purchase goods online. Called Debit Card EMI, the facility will enable customers to convert their high value purchase transactions into easy installments. The offering is like an instant approval of a personal loan to the customers at the time of purchase of a product through eCommerce/ shopping portals. The facility has been launched in ‘Kissht’, a leading eCommerce merchant platform for electronics and consumer durable goods. The platform will provide access to 50 online partners including Amazon and 5000 physical touch points to Bank of Baroda customers. Through the ‘Kissht’ app/portal, customers can purchase products from major e-commerce portals. The product allows for its savings customers, who have a history of transactions with the bank, to avail of a pre-approved line of credit to make purchases of goods ranging from electronics to furniture to consumer durables. The bank said the facility shall be extended directly to the online portals of other leading merchants – Flipkart, Snapdeal etc shortly.
