September 28: Nabil Bank has announced the launch of Nabil Fone Loan service. According to the bank, Nabil Fone Loan is an innovative digital lending service which provides small short term pre-approved loans to individual customers instantly through bank’s mobile banking platform and by the use of Virtual Credit Card.

“The solution is designed on existing mobile banking platform of the bank backed by virtual credit card. With this service, eligible customers can instantly apply for virtual credit card loan using banks’ mobile banking and avail short term loan up to Rs 100,000 in minutes. Bank has partnered with F1 Soft International Pvt. Ltd. for the technology,” reads a statement issued by the bank.

In the first phase, this service shall be extended to those customers who are maintaining salary/payroll account with bank. In future, the bank plans to extend the service to other segments of customers as well.

CEO of Nabil Bank, Anil Keshary Shah, stated that he is confident to win satisfaction of the customers due to its “amazing features” like hassle free, collateral free, paperless and immediate deposit of the loan amount without having to visit branches to apply for the loan.

Shah further added that it is for the first time in Nepalese banking industry that customers are getting instant loan using the banking app without having to submit any physical documentation.

Nabil Bank is a leading bank in the digital banking industry in Nepal. It has 119 branches and 185 ATM network all over the country.