One of the leading commercial banks in Nepal Everest Bank has started the e-paicho service. The service enables collateral-free instant loans to eligible customers of the bank.
The service is available through EBL Touch 24 mobile app. The users can get a collateral-free phone loan.
The bank says that with e-paicho foneloan, customers can get up to Rs 2 lakh instant loans without collaterals, paperwork, or without bank visits.
The loan could be repaid in different time frames. You can pay back the loan within 1 month, or on an EMI basis for 3, 6, 9, or 12 months. There is also an option of prepayment for those who want to clear their loans early.
Besides, eligible customers also get Buy Now Pay Later services with QR payment or any Fonepay merchant.
Customers need to be registered to E-Paicho Foneloan with a verified email to enjoy the services.
Who are eligible for Everest Bank’s E-Paicho Fonloan?
The eligibility is based on various criteria. Customers with a salary account, regular transactions, no other outstanding loans with the bank, etc. are qualified to receive the collateral-free remote loan service.
If you are eligible, you will see an E-Paicho Foneloan icon and the “Register” button. You can acquire the services after registering and verifying the mail.
“Credit access is notoriously difficult in the country”, said Mr. Bishnu Gyawali, SME/Retail Head of Everest Bank. “We have decided to allow eligible customers to get easy credit access. E-Paicho Foneloan is disbursed instantly, and payments are taken automatically, so customers don’t need to worry about making payments either. All they need to do is maintain the required balance, and we will take care of the rest.”
Everest Bank is a Class A commercial bank of Nepal licensed by Nepal Rastra Bank. Established in 1994, the bank boasts a strong total of 39,167 delivery channels with a network of 10,098 domestic branches, 2 international branches, 13,350 ATMs, and 15,719 business correspondents.
The bank’s E-Paicho Foneloan service is available through EBL Touch 24 app.
Will you be eager to subscribe to the online loan service from Everest Bank? Do share in the comments below.