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NIC Asia Bank starts Foneloan service, get up to 2 lakh loan from phone

NIC Asia Bank has initiated the Foneloan service which allows its mobile banking app users to apply for and get loans up to 2 lakhs from mobile phones. The service is available on the NIC Asia MOBANK app.

Customers of the bank can receive a preapproved loan without physical documents, or collateral, and without visiting a branch. The bank says the service allows customers to get loans to be paid within 1 to 12 months in installments.

Check out: Everything You Need to Know About Mobile Banking in Nepal

Who can apply for Foneloan from NIC Asia Bank?

There are some criteria for customers to benefit from Foneloan. People who have an active bank account, have regular transactions, and are without outstanding loans can apply for a Foneloan. In addition, customers will have to comply with a few other terms and conditions for the online loan service.

The app itself determines the loan eligibility and updates users on whether they can receive the loan or not.

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For eligible customers, an option to apply for a loan will appear on the NIC Asia MOBANK app. The eligible customers can log in to their mobile banking app and tap on Foneloan to start applying for the loan.

NIC Asia is one of the leading private commercial banks in Nepal. The bank is currently serviced across the country via its 359 branches.

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