KATHMANDU: Everest Bank launched E-Paicho Foneloan, an instant collateral-free loan available to eligible users of the EBL Touch 24 app. Eligible Everest Bank account holders can now get up to Rs 200,000 instant loans without collaterals, paperwork, or bank visits.
E-Paicho Foneloan can be repaid in different time frames. These include payback within 1 month, or on an EMI basis for 3, 6, 9, or 12 months. The option for prepayment of loans is also available for customers who want to clear their loans early.
Customers eligible for E-Paicho Foneloan can also get ‘Buy Now Pay Later’ services while using QR payment on any Fonepay merchant. Customers will need to be registered to E-Paicho Foneloan with a verified e-mail address to get access to these services.
Eligibility for E-Paicho Foneloan is decided automatically based on various parameters, such as having a salary account, regular transactions, no other outstanding loans with the bank, and more. Eligible customers will see the E-Paicho Foneloan icon and the ‘Register’ button. Customers can avail of all the services of E-Paicho Foneloan once they register and verify the email.”
“Credit access is notoriously difficult in the country,” said Bishnu Gyawali, SME/Retail Head of Everest Bank. “We have decided to allow eligible customers to get easy credit access. E-Paicho Foneloan is disbursed instantly, and payments are taken automatically, so customers don’t need to worry about making payments either. All they need to do is maintain the required balance, and we will take care of the rest.”
Everest Bank is A Class Financial Institution licensed under NRB. Established in 1994, the bank has a total of 39,167 delivery channels with a network of 10,098 domestic branches, 2 international branches, 13,350 ATMs and 15,719 business correspondents.
E-Paicho Foneloan is available for eligible users from the EBL Touch 24 app. Users can download the app from the App Store or Play Store.