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Budget passenger carrier SpiceJet has introduced a new ticket payment option, which allows passengers to pay the fares in instalments.

The airline has introduced a 'Pay Later' or 'Cardless EMI' scheme that allows greater flexibility, affordability and convenience for passengers, who can now book an airline ticket online and pay in three, six, nine or 12 instalments.

The payments product called 'Walnut 369' is powered by Capital Float and will be available on the payment page of SpiceJet website.

As per the airline, the new feature gives a complete cardless experience to its customers as no credit or debit card details are required to avail EMIs.

"Our latest initiative aims to add more convenience and allow passengers to pay in easy instalments as per their budget," said Shilpa Bhatia, Chief Commercial Officer, SpiceJet.

"Moreover, in case a customer wishes to end the loan before the chosen EMI period, they can do the same and no foreclosure charge will be levied," Bhatia said.

At present, the airline operates a fleet of Boeing 737s, Q-400s and freighters. It is the largest regional player operating 63 daily flights under the UDAN regional connectivity scheme.