What is ?

foneLoan is a digital lending service offered by banks to provide small short-term loans instantly to salaried individuals through their mobile banking apps. These pre-approved loans are available to banking customers deemed eligible by an automated analytics system as per the criteria set by banks. You can avail foneLoan for cash emergencies including medical expenses, purchases, travel and education expenses.

Instant short term loans

To

Salary account holders

Through

Mobile banking

Video Gallery

Why ?

Instant Cash

No bank visit

No collateral

No paperwork

How to apply?

Which banks offer ?

Frequently Asked Questions

foneLoan is a digital lending service offered by banks to provide small short-term loans instantly to salaried individuals through their mobile banking apps. These pre-approved loans are available to banking customers deemed eligible by an automated analytics system as per the criteria set by banks. You can avail foneLoan for cash emergencies including medical expenses, purchases, travel and education expenses.

Currently banks are offering this service exclusively to individual customers who have payroll/salary accounts in the bank. Hence, this service is not available to all customers of the bank.

No. foneLoan uses an intelligent analytical system which studies the transaction history and other relevant factors of all customers having payroll/salary accounts in the bank and generates individual scores based on its analysis. Only those customers meeting the threshold score set by the bank will be eligible to apply for foneLoan.

Among others, the main factors considered by the analytical system are Average monthly salary, Average monthly withdrawals, Average monthly balance, Continuity of Salary, Varaince in Salary, Status of existing loans, History of previous loans etc.

Among others, the main factors considered by the analytical system are Average monthly salary, Average monthly withdrawals, Average monthly balance, Continuity of Salary, Varaince in Salary, Status of existing loans, History of previous loans etc.

Yes. The intelligent analytics system continuously scans all salary accounts categorized by the bank to be considered for foneLoan. Over a time period, if a customer’s banking transactions and other factors change positively based on the factors set by the bank, his/her score can improve and thus become eligible for foneLoan.

foneLoan is available to customers through a bank’s mobile banking app. Once logged in to mobile banking app, an eligible customer will see the foneLoan icon/banner on the dashboard.

Yes. foneLoan is a service available only through a bank’s mobile banking app. Please download your bank’s mobile banking app from Play Store or App Store and activate your mobile banking service if you haven’t already. Kindly contact your bank if you face any problems while doing so.

Charges applicable to avail foneLoan are dependent on the individual bank. However, banks generally charge the following to foneLoan customers:

  • Processing Fee
  • Interest on principal amount till maturity date
  • Daily interest on remaining amount after maturity date till loan is settled in full
  • Late fee charges in case of overdue loans

On loan maturity date (payback date), the principal amount plus applicable interest amount is automatically debited from the customer’s account and the loan is settled. Customers need to maintain the required balance in their account to settle the outstanding payable amount, otherwise the loan will go into overdue status. Daily interest and late fees may be applicable for loan amounts that are overdue.

The range of loan amount is dependent on individual banks. Currently, the minimum amount is NPR 500/- and the maximum amount is NPR 200,000/-

The tenure of foneLoan is dependent on individual banks. Generally, the loan tenure ranges from 1 day to a maximum of 30 days.

No. foneLoan is a collateral free, paperless and automated loan. The intelligent analytics system determines eligible customers and the credit limit available to each eligible customer.

No. Customers set their own maturity date (payback date) while availing the loan. Prepayment of foneLoan before the maturity date (payback date) is not allowed.

No. You will have to completely settle your existing foneLoan first to apply for another foneLoan.

Get in touch with us

F1Soft International Pvt .Ltd.
M&S Tower, Pulchowk, Lalitpur, Nepal
T: (+01) 5439131
E: info@f1soft.com