30th June 2021, Kathmandu
FoneLoan is a digital lending service offered by banks.
The objective is to provide small short-term loans instantly to salaried individuals through their mobile banking apps.
Loan approval from banks through conventional methods can take several days.
The process is really long as one has to submit applications, provide collateral, wait for screening of their documents, and many more steps to follow.
As an easy solution and a better alternative for the banked Nepalis today, F1Soft has introduced Foneloan.
A loan of Rs.100 million has been disbursed via FoneLoan.
The platform reached the milestone of facilitating Rs. 100 million loans on June 20, 2021. Around 6000 users have got loans from the platform.
Currently, customers of Nabil Bank, Kumari Bank, Laxmi Bank, Mega Bank can take the loan.
Nabil FoneLoan(Nabil Bank):
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.
Kumari FoneLoan (Kumari Bank):
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.
Smart FoneLoan (Laxmi Bank):
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.
Mega FoneLoan:
Mega foneLoan is a digital financing service introduced by Mega Bank to provide small short term loans up to NPR 200,000 to salaried individuals instantly through Bank’s mobile banking application.
Customers eligible for the Mega foneLoan can directly register and apply for the loan from the Mega Smart Banking app.
With FoneLoan, the customers can get a loan up to 1,00,000 to Rs 2,00,000 without visiting the bank. The customer can get the loan in real-time, as soon as they apply for the loan.
As we all know that the pandemic has affected consumer spending behaviour.
The most interesting part is FoneLoan is also planning to introduce a new feature very soon.
The customers can make purchases with Pay Later option from the feature.
Customers can either get a loan from the bank or directly chose a ‘pay later’ through a scan.
F1Soft is planning to introduce this feature by July 2021.
