Kathmandu, Oct. 20
Nabil Bank has increased the minimum
limit of Nabil Phone Loan and the range of its digital financing products.
The bank has increased the limit of phone loan to Rs. 200,000 from earlier size
of Rs. 100,000.
In addition to this, the range of eligible groups for
taking such loans has also been increased, the bank said in a statement.
Nabil is the first bank in the country to implement
the concept of phone loan. Now, customers who operate regular savings accounts at
the bank and QR merchants associated with it will also be eligible for phone
loans. Previously, only those who had a salary account in Nabil Bank were
getting the facility of such loan.
Similarly, the bank has also upgraded its phone loan
offers. Now the customers who are eligible for such loans will see the icon of
phone loan available on the screen of Nabil Smart Bank app. For the convenience
of the customers, the bank is going to provide the facility of 'Buy Now Pay
Later’ and EMI facility to repay the amount taken for the loan.
Customers can scan any phonepay merchant QR codes
while making purchases and choose the option of 'Buy Now Pay Later' during
checkout to pay for their purchases in monthly installments.
Customers looking to pay their phone loan installment early
will also have the option to prepay it directly from their app. Under this, the
bank allows immediate withdrawal of loans if there is sufficient amount in the
customers’ account without charging any prepayment fee.
"Banking in Nepal is still in the process of
development, but now mainly focuses on collateral-based loans due to the legal
and regulatory framework and ease of NPA management," said Niraj Basnet
(Danil), head of SME and Microfinance at Nabil Bank.
Although our risk-bearing capacity has increased in
recent times, we need to move from mortgage-based loans to transactional and
cash-flow-based credit, he said.
Published in The Rising Nepal daily on 21 October 2022.
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