NIC ASIA Foneloan

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NIC ASIA Foneloan is a collateral free digital loan product offered by the Bank catering the emergency fund requirement of saving account and payroll customers to the extent of Rs. 2 Lakhs through the Bank’s mobile banking application and website. The customers will experience the instant loan disbursement service available at their fingertips without any documentation.

Following are the eligible customers for NIC ASIA Foneloan:-

  • Customers having Saving Deposit under Sarbashrestha “Goodwill Ambassador” scheme
  • Employees of those companies/entities, which have payroll account in the Bank.

Major features of NIC ASIA Foneloan:

  • Collateral free digital financing service
  • Short term loans up to NPR 200k
  • Provided to salaried individuals having payroll account in the bank and saving account customers.
  • Instant loan through NIC Asia MoBank application
  • Suitable for cash emergencies like medical expenses, purchase, travel, education expenses etc.

 

ParticularsParameters

Purpose

To finance the short term fund requirement of payroll and saving account customers

Loan Tenure

1 – 12 months (As per Bank’s Discretion)

Loan Amount

Loan Amount NPR 500 - 200,000/- (as per NRB Regulation

Enhancement  of Loan

Enhancement to the existing loan is not allowed

Repayment Modality
  • Bullet Payment
  • Repayment in Equal Monthly Installments (EMI)

Prepayment Fee

NIL

Applicable Charges to Customer

Interest, Loan Processing Fee , Overdue Charge (Late Fee, Penal Interest) as per STC

Security

Collateral free

Interest Rate

Base rate + 5%

Debt Burden Ratio (DBR)

Shall not exceed 50% of total monthly gross income of the borrower

NIC ASIA