Nepal Rastra Bank has expanded its digital services, enabling micro, small, and medium entrepreneurs to obtain loans of up to one million rupees without collateral through mobile banking.
As per the revised arrangement, after the customer applies through mobile banking, the loan will be assessed through an automated system and deposited into the bank account within a few minutes.
No collateral, branch visit, or paperwork is required for this. The Rastra Bank has stated that this arrangement will help expand the financial access of micro and small entrepreneurs who conduct digital transactions. This facility will be available in banks and financial institutions that have started the ‘Phone Loan’ service.
