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.

Loan Amount

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.

Payback Time

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.

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. This means you can apply for foneloan’s Buy Now, Pay Later model.
• Scan the fonepay QR. You will be shown two options, to ‘Pay Now’ or ‘Buy Now, Pay Later’.
• Choose ‘Buy Now, Pay Later’.
• Choose loan modality and loan payback period. The customer can choose to pay within 1 month or in EMIs.
• 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 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.
   

Available Banks

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.