HDFC and ICICI Bank offers UPI loan for customer: Apply online today
'UPI' loan is also available in HDFC and ICICI Bank. UPI users could only link their savings accounts, overdraft accounts, prepaid wallets and credit cards to the UPI system.
There is good news for the customers, ‘UPI’ loan is also available in HDFC and ICICI Bank You can make payments through UPI even if you don’t have enough funds in your bank account as the Reserve Bank of India has enabled transfers from pre-approved credit lines at banks through UPI.
Until now, UPI users could only link their savings accounts, overdraft accounts, prepaid wallets and credit cards to the UPI system. However, RBI has now allowed you to use your pre-approved credit line to conduct UPI transactions. As per RBI’s notification on September 4, 2023, banks can offer credit line facility to UPI users, allowing the user to spend from the pre-sanctioned credit line and pay the dues later.
Under this facility, payments are enabled for transactions using the UPI system through a pre-sanctioned line of credit offered to individuals by a designated commercial bank with the prior approval of the individual customer. This development empowers you to link these credit lines offered by banks to your UPI account, enabling seamless payments.
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Until now, UPI users could only link their savings accounts, overdraft accounts, prepaid wallets and credit cards to the UPI system. However, RBI has now allowed you to use your pre-approved credit line to conduct UPI transactions. According to an RBI notification dated September 4, 2023, banks can offer credit line facility to UPI users, allowing the user to spend from a pre-sanctioned credit line and pay off the dues later
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