FoneLoan facilitates Rs. 100 million paperless and collateral-free loans

Loan of Rs. 100 million was disbursed through FoneLoan.

FoneLoan

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

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

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

With FoneLoan, customers can get a loan of up to Rs 1,00,000 to Rs 2,00,000 without going to the bank. The client can obtain the loan in real time, as soon as he requests it.

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

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

Soon, FoneLoan also plans to introduce a new feature from which customers can make purchases with the Pay Later option. “The customer can either get a loan from the bank or directly choose a ‘pay later’ via scan,” Sharma shares. F1Soft plans to introduce this feature by July 2021.

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