foneloan’s Buy Now, Pay Later is used to make credit payments through foneloan. Any customer who has already registered for any of foneloan’s services can use Buy Now, Pay Later model to make the purchase at any merchant who accepts fonepay QR. Like other services available through foneloan, the customers can get collateral-free, paperless, and faster loans through Buy Now, Pay Later as well. 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.
The customer can choose to pay back in a month or in Equal Monthly Installments (EMI) in a period of 3 months, 6 months, 9 months, or 12 months for the purchase. The merchant however shall get the full payment made on behalf of the bank. The customers shall make the repayment to the bank later.
To avail foneloan Buy Now, Pay Later service, 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 execution is completed within a few minutes.
The target customers are limited to salaried people for now. fonepay 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.
The loan amount dispersed depends on the bank’s policy and is subject to change by the 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.
The time to pay back the amount with interest for foneloan Buy Now, Pay Later can be within a month or in Equal Monthly Installments (EMI) in a period of 3 months, 6 months, 9 months or 12 months. You can choose the period to pay back when you apply for the loan.
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
Step 2: Register
Step 3: Apply
Step 4: Disbursement
Currently, foneloan Buy Now, Pay Later 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.
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