Digital Loan Applications Rise as Mobile Device Use Increases in Nepal

23 Feb 2021, Kathmandu
Increasing interest in phone loans, thousands of people took loans in 100 days
The attraction to the phone borrowing facility has been intense. Currently, three commercial banks have provided a phone loan service. So far, Nabil Bank, Laxmi Bank, and Kumari Bank have given me the facility to borrow my phone.
In 100 days, 1,000 people have lent via a phone loan, which began for the first time in Nepal. The phone loan facility built by F1Soft has attracted a large number of people employed in the banking and corporate sectors.
People with bank accounts will be able to take loans from their mobile phones as per their needs. This facility is provided to customers who have a regular banking business and good credit history. Banks have granted loans of this kind up to Rs 200,000.
Loans are available on the customer’s account within a few minutes of the person having the bank account applying through their mobile banking system. There’s no need to go to the bank and keep a deposit for this. Customers wishing to borrow can apply for a loan using their mobile banking app without any paperwork.
The Chief Executive Officer of F1Soft, Subash Sharma, said that interest had increased considerably as loans could be obtained immediately without any collateral or paperwork.
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He said that F1Soft has always created technology to make the everyday life of a common man comfortable and simple. In this way, we’ve developed the technology to get a loan over the phone. Which has been adopted by the banks. Banks are very attracted to this facility. We are confident that the facility will be extended to other banks in the coming days.
F1Soft is the largest and leading digital financial services company in Nepal. The company has developed all the technology that is needed in the financial sector. F1Soft has also developed mobile payments, such as E-Sewa and PhonePay. The F1Soft Group has provided employment to more than 1,000 skilled workers.
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