New Delhi, July 23 (IANS): Budget passenger carrier SpiceJet on Thursday launched a unique ticket purchase scheme through which passengers can pay through equated monthly installments (EMIs).

"We are confident that this scheme will make air travel more economically-viable than ever before for those customers who want to travel now, but pay later," Debojo Maharshi, chief marketing officer of SpiceJet was quoted in a statement.

According to the company, the 'Book Now, Pay Later' scheme allows passengers to pay as per their own schedule.

Passengers holding credit cards issued by Axis, HSBC, Kotak, and Standard Chartered can pay through EMIs between three and 12 months.

The interest rates charged through the scheme will range between 12 and 14 percent, compared to a typical credit card interest rates in excess of 36 percent.

The company pointed out that for a ticket costing Rs.5,000, this scheme can result in savings of over Rs.1,000 in terms of interest charges.

"The facility is available for bookings made through the SpiceJet website. In case of refunds, customers will have to bear the cost of the interest rate already billed for that particular booking," the statement added.