Collateral-free and Paperless “FoneLoan” is a New Drive in the Banking Sector in Nepal
"FoneLoan is a digital lending product through which you can get a loan of up to Rs. 1,00,000 to Rs. 2,00,000 without visiting the bank"
FoneLoan is a digital lending product through which you can get a loan of up to Rs. 1,00,000 to Rs. 2,00,000 without visiting the bank.
The customers can get the loan in real-time, as soon as they apply for the loan. FoneLoan has been developed by F1 Soft International, a fintech company in Nepal. Currently, customers of Nabil Bank, Laxmi Bank, and Kumari Bank can use this service. There are a few other products as well through which customers can get collateral-free, paperless, and faster loans in a smaller amount.
Currently, FoneLoan applies only to the salaried or regular income-based individuals who have an account in the particular bank. The banks analyze the eligibility of each customer with software named ‘Decision Analytics’, which is a software to check the eligibility of their customer. The decision analytics software also evaluates the amount limit for each eligible based on their salary amount and deposit history. The amount which the customer can take the loan will appear while they request the loan.
Smart FoneLoan – Laxmi Bank
If the customer is eligible, a feature ‘Smart FoneLoan’ will appear in the ‘Mobile Money’ banking application of Laxmi Bank. The customer can click on the icon and register with their email address. One has to verify the email and go back to the app. They receive an OTP number and then the option ‘Apply for loan’ appears in the app. Once the customer applies, they have to fill up the required loan amount, repayment date, interest rate and others. The eligible customer gets the loan in real-time. The maximum loan limit is Rs 2,00,000 and the interest rate is 15 percent. The processing charge for the loan is Rs 250.
Nabil FoneLoan – Nabil Bank
The ‘FoneLoan’ icon will appear in the aNabil SmartBank” app if someone is eligible for the loan. After completing the general registration process the loan will be approved immediately and the customer will get the amount in real-time. The maximum loan limit is Rs 1,00,000 and the interest rate is 15 percent. The customer needs to pay 0.75 percent of the loan amount as a processing fee while applying for the loan. The customer must have a transaction history of at least six months to be eligible for the loan.
Kumari FoneLoan – Kumari Bank
The customer can take a loan of up to Rs 1,00,000. The interest rate is 12 percent per month. They need to select a repayment date, not exceeding 30 days from the loan disbursed. The customer will receive a four-digit OTP code which they receive through SMS and click ‘Confirm’. The amount will be credited immediately to the customer’s account. The processing fee for the loan is Rs 200.
Nature of the loan
The concept is a bit similar to a credit card, but there are few distinct features. In FoneLoan, the loan amount is credited to the customer’s saving account, which allows customer flexibility to use it for any purpose. Also, in terms of FoneLoan, the customer cannot take multiple loans, which happens in credit cards. Each FoneLoan needs to be settled completely before applying for another loan. With the resettlement process completed each time, there is no limitation in taking the loan repeatedly. Through this service, the customer can get a microloan starting from Rs 5,000 to 2,00,000.
The resettlement period for the FonePay loan is 30 days. According to the bank officials, the prepayment of the loan is not allowed, as of now. But, if they are willing to pay before 30 days, they have to set the date while applying for the loan. In case the loan is not completely settled on the date of maturity, the amount remaining to be settled will be considered overdue and the customer has to pay the daily interest and pay the late fee, in some cases.
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