Need a loan? Tired of the hectic process of banks? Nabil Bank has started a service called Nabil fone loan powered by F1 soft. No collateral, No additional documents, No Income source documents are required for the Nabil Fone loan and the process will only take a few minutes.
It is first of its kind as no other banks or financial institutes have offered loan service to their customers through the banking App. All you need is to have an account in Nabil bank and Nabil Smart app to grab this opportunity.
What is Nabil Fone Loan?
It is an Innovative digital Lending service provided by Nabil bank and powered by F1 Soft tech. In simple words, it is a virtual credit card which provides short term pre-approved loans to individual customers instantly through the bank’s mobile application.
Customers can register and apply for a Nabil fone loan via Nabil banks Banking Application “ Nabil Smart”. The whole process of loan disbursement will be done within a few minutes after the consumer inputs the digital CVV, Agrees to the terms and Conditions. The loan amount is directly deposited to the customer account through a virtual credit card.
Benefits of Nabil Fone Loan
- Contactless Digital Experience
- Instant (Pre- Approved) Loan
- Collateral Free loan
- Micro Loans
Who is Eligible for Nabil Fone Loan?
Currently, the service is only available to the customers who have a payroll or salary account in Nabil Bank Limited along with other criteria defined in analytic software.
It uses Analytic software called “Decision Analytic” which generates the individual’s score based on the transaction history of the individual and other relevant factors such as having a salary account in Nabil Bank Limited. Some of the major factors to determine the score for the eligibility of the customer by Decision Analytic software are:
- Monthly credited salary
- Continuity and deviation of salary
- Average Balance of Account
- Status of Loan
- Loan History
The factors may vary as per bank direction. So all customers having a salary account are not eligible for the service. Only those who meet the threshold score will be eligible for the fone loan.
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However, current ineligible customers can be eligible in the near future if salary account customers, banking transactions and other factors change positively based on the parameters of Decision Analytics software. Which will improvise the score of the individual and the previously ineligible customer can be eligible over a period of time.
How to know if you’re eligible for the service?
If you are eligible for the service fone loan icon will be visible on the landing page of your mobile banking.
As you can see above there are two pictures of the landing page of Nabil mobile banking above the one with a visible fone loan icon are eligible and the other one is not. If you are eligible you can click on the icon to register for the Nabil Fone loan Service and go ahead with Applying for Nail fone loan.
What is the Range of loan, Tenure, and limit of the loan amount of Nabil fone loan?
Currently, the maximum range of Loan amounts is up to NPR 1, 00, 000 and the tenure is 1 to 30 days. Similarly, the limit of the loan amount is also determined by Decision Analytic Software. Based on the software the limit of the loan amount is determined. For Example: If the software determines the limit of NPR 75, 000 then the individual can get the amount less or equal to NPR 75, 000.
However, Nabil bank has planned to make the service available for the larger set of customers, extend the tenure as well as the loan amount.
How to pay back the loan?
On the date of maturity of Loan the principal amounts and interests are debited directly from the account and the loan is settled however if the amount is insufficient then the entire account balance will be debited and every deposit thereafter until the remaining payable amount is recovered. Daily interests and late fees are applicable after the maturity date. Incase of loan being overdue over an extended period of time the customers will be subjected to the bank recovery procedure and legal clauses applicable as per the Nepal Rastra Bank. Hence, There should be a required balance available in the date of maturity.
Currently the loan tenure for Nabil Fone loan is limited to 30 days maximum hence the prepayment of the loan is not available. Similarly you will not be eligible for Nabil fone loan without settling the previous fone loan.
Charges Involved in Nabil Fone loan
Here are the charges that a customer is liable to pay for Nabil Fone loan service
- Processing Fee
- Interest on principle till maturity date
- Late fee charge incase of loan overdue
- Daily interest on remaining payable after maturity date until the loan is settled.