‘Partner Banks’ are financial institutions partnering with Foneloan to provide its services. Through these banks, eligible customers gain access to Foneloan features directly via their mobile banking apps, enabling seamless digital lending services.

The Foneloan Partner Banks are Agricultural Development Bank Ltd., Citizens Bank Ltd., Everest Bank Ltd. , Kumari Bank Ltd., Laxmi Sunrise Bank Ltd, Nepal Investment Mega Bank Ltd., Nabil Bank Ltd., Machhapuchchhre Bank Ltd., Prabhu Bank Ltd. and NIC Asia Bank Ltd.

Contactless Digital Lending Experience: Entire lending process happens through mobile banking; No bank visit, No paperwork, and No hassle of the conventional credit application process. 

Instant Loan: All processes of the loan application, approval, and disbursement are done instantly in real-time, within a few minutes. 

Collateral Free Loan: Lending based on analytical study of customer’s banking transactions; no collateral required 

Micro Loans: You can apply even for small loans ranging from NPR 500 to 2 lakh. 

HamroBNPL: Buy Now, Pay Later feature on 250+ products from 50+ brands with easy installment options (Interest Free EMI for 6 months on exclusive products) for foneloan eligible customers through partner banks at foneloan.hamrobazaar.com

Foneloan is available in the following two modalities: 

1. Repayment within 1 month
   Customers can take a loan and make the complete repayment within 1 month

2. Repayment in Equal Monthly Installments
   Customers can take a loan for 3, 6, 9, or 12 months and make the repayment through equal monthly installments

For 1 month model, the minimum loan amount is NPR 500/- and the maximum amount is NPR 100,000/-

For the EMI model, the minimum loan amount is NPR 500/- and the maximum amount is NPR 200,000/-

However, the loan limit for individual customers is determined by the analytics software, which shall be within the range set by the concerned banks. Based on the customers' transaction history, the limit to pre-approved loans shall increase.

For Foneloan Payday Loan, applicable loan tenure ranges from 1 to 30 days.

For the Foneloan EMI model and Buy Now, Pay Later model, applicable loan tenures are 3 months, 6 months, 9 months, and 12 months.

However, applicable loan tenures for an individual customer are determined by the analytics software, which shall be among the options mentioned above.

Foneloan Buy Now, Pay Later model refers to using foneloan to make credit payments through QR code transactions. A Foneloan customer can visit any merchant who accepts Fonepay QR, make the purchase, then scan the Fonepay QR using their mobile banking app. Registered Foneloan customer will see two options in the mobile banking app, i.e. to i. Pay Now ii. Buy Now Pay Later. If Pay Now is clicked then the customer’s bank account is debited and payment is made to the merchant.  

If the customer clicks Buy Now Pay Later, the customer is routed to the foneloan system, where one can choose the loan modality & tenure. The loan is executed and the payment is made to the merchant instantly. The customer shall make the repayment to the bank later, within 1 month, or in EMIs.

Foneloan Buy Now, Pay Later model can be used to make payments to any merchant which accepts fonepay QR.

HamroBNPL by Foneloan is a Buy Now, Pay Later feature on 250+ products from 50+ brands with easy installment options (Interest Free EMI for 6 months on exclusive products) for foneloan eligible customers through partner banks at foneloan.hamrobazaar.com

Currently certain banks are offering this service exclusively to individual customers who have payroll/salary accounts in the bank or have regular income deposited in bank’s account. Hence, this service is not applicable to all customers of the bank. However, it can be expanded in the future to include other customers as well.

No. Foneloan uses an intelligent analytical system that studies the transaction history and other relevant factors of customers’ 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/ deposit average monthly withdrawals, average monthly balance, continuity of salary/deposit, variance in salary/ deposit, the status of existing loans, history of previous loans, etc.

Foneloan is available to customers through the bank’s mobile banking app. Once logged in to the mobile banking app, an eligible customer will see the Foneloan icon/banner on the dashboard. Ineligible customers will not have Foneloan icon in their mobile banking app's homepage.

Yes. Foneloan is a service available only through the 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 the bank if you face any problems while doing so.

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

Yes, the application allows the customer to choose the EMI payment date, as per their convenience. However, the first installment of EMI should be made within 30 days from the date of loan initiation.

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

Yes. Customers can pre-pay their loan amount before the maturity date. To proceed with prepayment, simply click the “settle now” button on the Foneloan banner in your mobile banking app’s dashboard, and your loan will be settled without any additional charges.

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

To avail Foneloan service, the customer will have to pay the following charges to the bank: 

• Processing Fee 

• Interest on principal amount till the maturity date 

• Late fee and penal interest charges in case of overdue loans/ EMI