For the first time in Nepal, Nabil Bank has introduced a phone loan facility to its QR merchants. With the launch of the Nabil Phone Loan-QR Merchant service, QR Merchants will be able to get instant loans through Nabil Smart Banking without any collateral while sitting at home.
Nabil Bank in collaboration with USCDF has brought this facility targeting young and women entrepreneurs who are running small and medium businesses.
Businessmen who want to take loans under this service must register in Nabil’s QR Merchant in a single name and take Nabil Smart Banking. Along with that, five QR transactions worth Rs. 10,000 will have to be done in the previous month and one transaction should be done every week in the last four weeks.
“This is a completely digital service brought by Nabil. We have introduced this facility for the first time in Nepal to encourage our QR merchants to do digital transactions based on QR transactions without any collateral,” said Gyanendra Prasad Dhungana, Chief Executive Officer of the bank.
He said that this service will help young women entrepreneurs who are running small and medium businesses to expand their business and will inspire them to use digital banking.
In the initial phase, businessmen can take loans up to Rs 1 lakh without collateral for one month. The bank said that the loan amount and time will be increased by further modifying this facility.
Before this, Nabil Bank had introduced Nabil Phone Loan, a collateral-free digital loan facility for salaried people for the first time.