foneloan’s EMI is a digital lending service to provide loans for a period of 3 months, 6 months, 9 months, and 12 months to customers instantly, directly through the bank’s mobile banking app. This feature is similar to foneloan Payday Loan except in terms of the payback period. The customers can get collateral-free, paperless, and faster loans through foneloan EMI, which can be paid back in Equal Monthly Installments (EMI) in a period of 3 months, 6 months, 9 months, or 12 months. These pre-approved loans are available to banking customers deemed eligible by an automated analytics system called Decision Analytics as per the criteria set by banks. You can avail foneloan EMI for cash emergencies including but not limited to medical expenses, purchases, travel, and education expenses.

To avail foneloan EMI, you don’t need to install a separate app. All the processes are automated and incorporated within the bank’s mobile banking app. The loan amount is deposited to the customer’s bank account instantly, with the whole process completed within a few minutes.

The target customers are limited to salaried people for now. foneloan and the banks are planning to extend the services to other customers who have a passive source of revenue including rental income, pension, and others.

Loan Amount

The loan amount dispersed depends on the bank’s policy and is subject to change by banks. The amount of loan disbursed through foneloan can be upto NPR 2 lakhs. You can apply for loan as low as NPR 15,000 as per your requirement. The interest will only be levied on the loan amount you take.

Payback Time

The time to pay back the amount with interest for foneloan EMI is 3 months, 6 months, 9 months and 12 months. You can choose the period to pay back when you apply for the loan.

How to Apply?

The process to register for foneloan Payday Loan, foneloan EMI, and foneloan Buy Now, Pay Later is the same. The users don’t have to register separately for each feature. The process to apply however varies on each feature.

Step 1: Login

• Login to your bank’s mobile banking app.
   

Step 2: Register

• Check for foneloan’s icon on the main dashboard of your mobile banking app. The icon is only visible to eligible customers. Eligibility criteria is set by the banks.
• Tap on ‘Register Now’ and enter the required information.
• You will receive an email from your bank containing a link. Click on the link to verify your email address and complete the registration process.
   

Step 3: Apply

• Once registered, the foneloan icon on your mobile banking app’s dashboard will show the ‘Apply Now’ button.
• Tap on ‘Apply Now’ and enter the loan amount and payback date. For foneloan EMI, the period can be 3 months, 6 months, 9 months or 12 months.
• If the loan amount is within your pre-approved limit and the payback date is valid, the system will display the loan details (interest, charges, payable amount, etc.) along with the Terms & Conditions of the loan.
• Click on ‘I agree’ and tap on ‘Proceed’.
• You will receive a 4-digit OTP code via SMS on your mobile phone. Enter the OTP and tap on ‘Confirm’.
   

Step 4: Disbursement

• Once the OTP is verified by the system, the requested loan amount is deposited into your bank account instantly.
   

Available Banks

Currently, foneloan EMI service is available in the following banks. Tap on the bank's logo to know more details for the bank. We are working to extend the services to other banks as well.