Loan in 6 Minutes: If you are also tired of visiting banks for loans, then now sit comfortably at home and the bank will come to you. Government company ONDC has started the facility of passing the loan in 6 minutes and putting the money in the account. People living in remote areas will also benefit from this.
New Delhi. Now there is no need to go to banks for a loan. A government company has started the facility of passing your loan in just 6 minutes and depositing money in the account. This means that by the time you finish drinking a cup of tea, the loan amount will reach your account. This government company says that this is just the beginning, in future we will also start giving mutual funds, insurance products, credit cards and loans to farmers on our platform.
Actually, we are talking about the Open Network for Digital Commerce (ONDC) platform. It was launched on 31 December 2021 and till now 1000 cities and towns of the country have been connected to this platform. This digital platform is now going to enter the fintech business as well. ONDC has started the facility of distributing loans on Thursday itself. Completely digital and paperless application will be given on this platform and your loan will be approved in 6 minutes.
Facility of many banks in one place
ONDC says that many NBFCs, banks and fintech companies want to join our platform to distribute loans. So far 9 applications have been received, which include fintechs like Easypay, Paisabazaar, Tata Digital, Invoicepe, Cliniq360, Zyapaar, Indipe, Tyreplex and Paynearby. Apart from this, big institutions like Aditya Birla Finance, DMI Finance and Karnataka Bank also want to join this platform.
Mutual funds and insurance will also be available in 2 months
ONDC MD and CEO T Koshi says that after starting the loan facility, our aim is to make products like insurance and mutual funds available on this platform. It will be started in the next 2 months. He said that more companies and banks want to join this loan distribution facility. So far 9 applications have been received. Apart from this, Mobikwik, Rupeeboss, Samridh.ai, and HDFC Bank, IDFC First Bank, Faircent, Pahal Finance, Fibe, Tata Capital, Kotak Mahindra Bank, Axis Finance, FTCash and Central Bank of India have also expressed their desire to join the platform.
Loan will be available on GST invoice
ONDC CEO says that after starting the personal loan facility, we are planning to distribute loans on the basis of GST invoice. We will start this facility by the end of September. This will also benefit small businessmen. Not only this, the facility of providing loans to farmers and credit card will also be started in the coming time. With the addition of these facilities, the number of transactions on our platform can reach one crore per day. By the way, there is every possibility of reaching 4 crore transactions every month by the end of the current financial year.
Documents required for application
To avail the loan facility in 6 minutes, the applicant must have some necessary documents and information. This will include account aggregator data, DigiLocker or Aadhaar for KYC, account connection with e-NACH for loan payment, Aadhaar e-signature for making the agreement. Its purpose is to provide loan facility in remote areas as well.
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