Laxmi Bank launched Smart FoneLoan, an innovative digital Lending-as-a-Service (LaaS), in partnership with Fonepay on February 15. Under this digital lending service, qualifying customers can avail a loan of up to maximum of Rs 200,000 through the mobile money app. The loan decision and amount is determined by the system based on decision analytics of the customer account history.
In the first phase, this service is being offered to customers who are maintaining a payroll or savings account with the bank. In the future, the bank plans to extend the service to other segments of customers as well.
The best thing about this service is that it is pre-approved, digitally processed, collateral-free loan and is available to qualifying Laxmi Bank mobile money users in a virtual credit card mode. The loan can be availed for up to a maximum tenure of 30 days and is instantly credited to the account upon application without the need to execute paper-based security documentation, reads the press statement.