The facility will be available for customers eligible for the bank’s ‘buy now pay later’ scheme – PayLater.
Customers can pay transaction amounts above Rs 10,000 in three, six, or nine monthly instalments.
The EMI for PayLater will shortly be extended for online shopping too, the bank said in a statement.
The facility can be availed across a host of categories such as electronics, groceries, fashion apparel, travel, and hotel bookings.
This comes after the Reserve Bank of India allowed UPI payments through pre-sanctioned credit lines from banks.
This is expected to open up the UPI network to facilitate payments financed by credit from banks.