Empowering Financial Inclusion: ADBL Introduces Instant Digital Loans

Sun, Apr 7, 2024 8:53 AM on Latest, Corporate,

Agricultural Development Bank Limited (ADBL) has introduced a new loan facility on the ADBL Smart Plus App to meet the rising demand for digital services and enhance financial access and inclusion. This facility allows eligible customers with salary accounts in the bank to access instant loans of up to Rs. 2 lakhs directly through their mobile banking app, without requiring collateral, paperwork, or visiting the bank.

The loan repayment period can be selected as 3, 6, 9, or 12 months on an EMI basis, with pre-payment options available. Additionally, eligible customers can utilize the Buy Now, Pay Later (BNPL) facility for credit payments at Fonepay merchants via QR codes, enabling them to make purchases and pay in monthly instalments.

Furthermore, customers can opt for the "Convert to EMI" feature to convert large transactions into loans payable in instalments. Registration for the service is simple through the mobile banking app, and loan eligibility is determined based on various parameters. Agricultural Development Bank aims to enhance customer convenience by offering digital loans through the Foneloan service, becoming the first government bank to do so.

Sagar Sharma, CEO of Foneloan, emphasizes the goal of providing maximum convenience to customers, while Govinda Gurung, CEO of Agricultural Development Bank, highlights the bank's commitment to providing convenient facilities and expanding digital banking services. Agricultural Development Bank, operating through numerous branches and ATMs across the country, serves various sectors, including agriculture and personal loans, and offers comprehensive digital banking services.