Myntra offers monthly payment option from 51 rupees per month

By

Isabelle Crossley

Published
Mar 15, 2018

As part of a new sales push, the fashion e-commerce platform Myntra is now offering equated monthly instalments (EMIs) from 51 rupees per month.

As Myntra strives to compete with brick and mortar stores and attract young buyers in the under 30s age group, the business is rolling out new sales promotions. One of these is the new lower EMI rate of as low as 51 rupees per month. This is designed to allow customers to purchase items on lay away that they would not otherwise be able to afford.

Although EMIs are usually designed for very expensive items, Myntra is offering the service on goods worth 1,300 rupees or less. In order to offer these payment options, Myntra is tied up with HDFC Bank, ICICI Bank, the State Bank of India, Kotak Mahindra Bank, Citi, Amex, and HSBC among others. The banks will charge a rate of between 13 to 15 percent interest on credit card purchases of the items in the scheme and payments will be made within a specified time period of between three to 24 months.

Flipkart, which owns Myntra, has not extended this service to its other fashion cantered e-commerce site Jabong, which was acquired by Myntra in 2016.