Need cash for an emergency or a planned expense? A Foneloan personal loan is applied for, approved and paid out inside your bank's mobile banking app, usually within a few minutes. There is no need for a bank visit, no paperwork and no collateral.
This guide covers the two things you need to do: get registered, then take out the loan. If you're not sure whether you qualify yet, our guide on loan limits and eligibility explains how that works.
Getting registered
You register inside your bank's mobile banking app. Foneloan has no separate app, and you need an active mobile banking subscription to use it.
Before you start
Make sure you have your bank’s official mobile banking app downloaded and are subscribed for mobile banking services.
Make sure your bank offers Foneloan. It may appear under the bank's own name, such as Smart FoneLoan or E-Paicho Foneloan.
Keep your email address handy. Some banks ask you to enter and verify one during the registration process.
Steps
Open your bank's mobile banking app and log in.
Look for the Foneloan icon or banner on the home screen. Only eligible customers see it. If it isn't there, you're not eligible at the moment.
Tap the banner and choose to register.
Enter the details the app asks for, such as your email address, and confirm them.
Accept the terms and finish. Once registered, you can apply for a loan within your approved limit.
The exact screens and wording differ from bank to bank.
Taking out a personal loan
Once you're registered, applying takes a few taps. You can borrow any amount up to your approved limit, and the money is credited to your bank account instantly.
Open the Foneloan banner in your mobile banking app.
Check your loan limit. This is the most you can borrow, and it is set automatically from your account activity.
Enter the amount you want. Minimum amounts depend on your bank. For example, Everest Bank's minimum is NPR 10,000 and Kumari Bank's range starts at NPR 5,000.
Choose how you'll repay. Many banks offer repayment within one month. Some also offer equal monthly installments (EMI) over 3, 6, 9 or 12 months. Where EMI is offered, you can usually pick your payment date, within 30 days of taking the loan.
Review the charges and repayment amount shown on screen. Charges usually include a processing fee and interest until the due date.
Confirm and submit. Approval is automatic, and the loan amount arrives in your account within minutes.
Good to know
Eligible amounts, tenures and fees differ by bank, so check the details in your app before you confirm.
Some banks let you take a second loan within your remaining limit. Others require you to settle the first one completely before you apply again.
After you borrow
Repayment is automatic. On the due date, the principal plus interest, or your EMI, is debited from your bank account. Keep enough balance in the account by then. If you don't, the loan becomes overdue, and daily interest, penal interest and late fees can apply.
If you have spare funds, you can usually repay early. Prepayment is available at many banks. Repaying on time also helps your limit grow, while late payments can lower it.
Ready to start? Open your mobile banking app and look for the Foneloan banner on your home screen.