24 March 2021, Kathmandu
Most of the work can be done digitally in Nepal. From bus fares to the vegetable market, everything is digital in Nepal. But now even for a loan, you need any documents to get a loan. You can get it easily by FoneLoan Service. Through which customers can get collateral-free, paperless, and faster loans in a smaller amount.
FoneLoan is a digital lending program that allows you to get a loan of up to Rs. 1,00,000 to Rs. 2,00,000 without having to visit a bank. Customers will receive the loan in real-time as soon as they apply for it.
F1 Soft International, a Nepalese fintech company, created this product. Customers of Nabil Bank, Laxmi Bank, and Kumari Bank can currently use this service.
First, you need to be customers of Nabil Bank, Laxmi Bank, and Kumari Bank. Currently, this service only supports this bank.
You need to have download the Mobile Banking Application of this bank. If the customer is eligible, a feature ‘Smart FoneLoan’ will be appearing in the mobile app.
The customer needs to register by clicking on the icon and by entering their email address. The email must be verified before heading to the app. You’ll receive an OTP number, and the option to ‘Apply for loan‘ will appears in the app. That’s it. It is very easy to register.
The customer does not need any documents, like a salary certificate, since the banks identify the eligibility through the software.
The overall loan amount is up to Rs 2,00,000 with an interest rate of 15%. When a customer applies, they must fill out the appropriate loan amount, repayment date, interest rate, and other details. The processing charge for the loan is Rs 250.
The maximum loan amount is Rs 1,00,000, with an interest rate of 15%. According to Binay Regmi, deputy chief executive officer of Nabil Bank, the customer must pay 0.75% of the loan amount as a processing fee when applying for the loan.
According to Regmi, the consumer must have a six-month transaction history to be eligible for the loan.
The customer can take a loan of up to Rs 1,00,000. With an interest rate of 12% per month. “The processing fee for the loan is Rs 200,” says Anish Pradhan, Head of Digital Banking, Kumari Bank.