FoneLoan Facilitates Rs. 100 Million Paperless & Non-collateral Loan in Eight Months

Loan of Rs. 100 million has been disbursed via FoneLoan.

FoneLoan is a product developed by F1 Soft International, a fintech company in Nepal. It is a platform that has been designed to provide short-term loans to the bank’s customers through their mobile banking application.

The platform reached the milestone of facilitating Rs. 100 million loan on June 20, 2021. Around 6000 users have got loans from the platform.

Currently, customers of Nabil Bank, Kumari Bank, Laxmi Bank, Mega Bank and Citizens Bank can take the loan.

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.

FoneLoan started the initiation in September 2020. “It is indeed an achievement for us. However, the growth was quite slow after the lockdown this year,” says Sagar Sharma, Head, Sales and Marketing, F1 Soft International. This is because the pandemic has forced consumers to reprioritize on the immediate essentials. Also, the other reason is pay cuts during the lockdown.

“The pandemic has affected the consumer spending behaviour and everyone is focusing on immediate essentials rather than buying consumer items or going on vacation,” says Sharma.

Soon, FoneLoan is also planning to introduce a new feature from where the customers can make purchases with Pay Later option. “Customer can either get a loan from the bank or directly chose a ‘pay later’ through a scan,” shares Sharma. F1Soft is planning to introduce this feature by July 2021.

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