Kumari Bank Introduces Buy Now Pay Later in Collaboration With F1Soft: The First Bank to Provide Foneloan EMI

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Kumari Bank Limited has been offering credits under Foneloan since last year. With an objective to assist its customers in managing their everyday expenses, this loan was made collateral-free. Even more, such type of loan does not require any paperwork.

Now for the first time in Nepal, it is introducing Buy Now Pay Later plan under Foneloan service in collaboration with F1 Soft International. The bank has launched the Foneloan facility with the objective of providing simple and easy loan service to its customers by making its services digital-friendly. Moreover, the customers can pay such loans through equal monthly installments (EMI) plans.

The customers holding a salary account in Kumari bank can get loans directly from their mobile banking app. They can get a loan from Rs 1,000 to Rs 200,000 using their Kumari bank’s mobile banking app. Furthermore, this loan is available without any collateral. In addition to that, the customers can choose the loan tenure of anyone among 1, 3, 6, 9, or 12 months, based upon their income.

You can get small loans through Kumari Bank’s mobile banking app

For the first time in Nepal, Kumari bank has brought EMI loans through the Foneloan service. In the initial phase, the bank’s customers can get microloans from its mobile banking app. In the next phase, they can buy the goods or services from merchants on credit and pay later. This is named as “Buy Now Pay Later” plan where the customers can scan QR codes in the merchant’s outlet and enjoy the buy goods and services on credit.

Now it will be much easier to shop on credit. You can replace your credit card with Foneloan service. Here, you just need to scan the QR code through your mobile banking app and get an instant loan. You can then pay in equal monthly installments (EMI) or pay the whole loan amount at once.

Regarding this new service, Deputy CEO of the bank, Mr. Ramchandra Khanal shares,

Now it will be much easier for making petty and emergency expenses. Sincde we are providing this loan through our mobile banking app, this will surely ease our customers in getting micro credits.”

You can Buy Now and Pay Later under this service by Foneloan

Apart from that, the next service under this plan is that you can use this service in merchant outlets as well. There, you just need to scan the merchant’s QR while buying any product and get an instant loan. Such loans can be paid in installments too.

Kumari Bank’s Chief Digital Banking Officer Mr. Anish Tamrakar said that the bank would expand and update the services under Foneloan in the near future. For now, you can get small loans up to the maximum of NRs 200,000 directly from your mobile banking app.

This facility is made available by Fonepay, which is an NRB licensed PSO of F1 Soft International. On the same note, Mr. Subash Sharma, CEO of F1 Soft International Pvt. Ltd. shared,

“The banking customers can utilize this service soon in various merchant outlets under the FonePay network. They can get credits in the purchase of goods and services in just a QR code scan. This technology would add new heights to the digital payment scenario in Nepal. Buy Now Pay Later plan will become popular in Nepal too, as it is in the international market. “

Also read: Buy Now Pay Later (BNPL) Plans; How can Nepali E-commerce adopt this for better profitability?

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