PhoneLoan Offers Instant Digital Loans Up to NPR 5 Lakhs
Summary
PhoneLoan offers instant digital loans up to NPR 5 lakhs through mobile banking apps without paperwork or collateral, currently available in 11 commercial banks in Nepal.
Key Points
- PhoneLoan offers instant, collateral-free digital loans up to NPR 5 lakhs through mobile banking apps in Nepal.
- The service is live in 11 commercial banks and has disbursed over NPR 17 billion in more than 5.5 lakh loans.
- Eligibility is based on customers' bank transaction history using AI-driven credit scoring without requiring any loan application form.
- PhoneLoan plans to expand by offering loans up to NPR 10 lakhs for small and medium businesses under new Nepal Rastra Bank guidelines.
