Mega foneLoan
Mega foneLoan is a
digital financing service introduced by Mega Bank to provide small short term
loans up to NPR 200K to salaried individuals instantly through Bank’s mobile
banking application. These
pre-approved loans are available to banking customers deemed eligible by an
automated analytics system as per the criteria set by the Bank. Customers
eligible for the Mega foneLoan can directly register and apply for the loan
from Mega Smart Banking app. Customers can avail Mega foneLoan for cash
emergencies including medical expenses, purchases, travel and education
expenses.
Features of Mega foneLoan
Loan Amount |
Minimum: NPR 3K |
Maximum: NPR 200K |
|
Maximum Loan Period |
30 days |
Credit Limit Generation |
As per Decision Analytics Tool |
Collateral Required |
No |
Multiple Application |
Allowed after settlement of previous Loan Amount |
Application Tool |
Mega Smart Banking App |
Why Mega foneLoan?
How to apply Mega foneLoan?
Step 1: Login to Mega Smart Banking app
Step 2: Register
·
Once
logged in, you will see the Mega foneLoan icon on the main dashboard. Please
note that the icon is only visible to customers who are eligible for Mega
foneLoan.
·
Tap
on ‘Register Now’ and enter the required information.
·
You
will receive an email from the bank containing a link. Click on the link to
verify your email address and complete the registration process.
Step 3: Apply
·
Once
registered, the Mega foneLoan icon on your Mega Smart Banking dashboard will
show the ‘Apply Now’ button.
·
Tap
on ‘Apply Now’ and enter the loan amount and the payback date.
· If the loan amount is within your
pre-approved limit and payback date is valid, the system will display the loan
details (interest, charges, payable amount, etc.) along with the Terms &
Conditions of the loan.
· Check on ‘I Agree’ and tap on ‘Proceed’.
·
You
will receive a 4 digit CVV number as OTP code via SMS on your mobile phone.
Enter the code and tap on ‘Confirm’.
Step 4: Disbursement
·
Once
the OTP is verified by the system, the requested loan amount is deposited into
your account maintained at Bank instantly.
Step 5: Loan
Settlement
·
On
the set date for loan maturity, the system automatically deducts the total
payable amount (including principal and interest) from your account maintained
at Bank and the loan is settled. Please
be mindful to maintain the required balance in your Bank account on the
maturity date.
·
In
case there is insufficient balance available in your Bank account than total
payable amount on maturity date, your Bank account shall be debited by all
available balance on maturity date and every day thereafter until remaining
payable amount is recovered in full.
Daily interest amount and late fees will be applicable for late days
after maturity date as determined by the Bank.
· Once the loan is settled, you may again use Mega foneLoan to apply for a new loan and fulfill another of your requirements, instantly with convenience.
Frequently Asked Questions
What is Mega foneLoan?
Mega
foneLoan is a digital financing product to provide small short term loans up to
NPR 200K to salaried individuals instantly through Bank’s mobile banking
platform. These pre-approved loans are available to banking customers deemed
eligible by an automated analytics system as per the criteria set by the Bank.
Customers eligible for the Mega foneLoan can directly register and apply for
the loan from Mega Smart Banking app. Customers do not need to go through
physical documentation or processes to get this loan sanctioned. The loan shall
be available for a total duration of 30 days with the option to pay back the
full loan at the end of the stated duration.
Who is
eligible for Mega foneLoan?
Currently Bank is offering this service exclusively to individual customers who have payroll/ salary account in the Bank along with other criteria defined in analytic software. Hence, this service is not applicable to all customers of the Bank.
Are all
payroll/salary account holders eligible for Mega foneLoan?
No. Mega foneLoan uses an intelligent analytical system which studies the
transaction history and other relevant factors of customers’ accounts in the Bank
and generates individual scores based on its analysis. Only those customers
meeting the threshold score set by the Bank will be eligible to apply for Mega
foneLoan.
What are the
factors considered to determine a customer’s eligibility for Mega foneLoan?
Among others, the main factors considered by the analytical system are Average
monthly salary/ income Average monthly withdrawals, Average monthly balance,
Continuity of Salary/ Income, Variance in Salary/ income, Status of existing
loans, History of previous loans etc.
Can an
ineligible customer become eligible for Mega foneLoan in the future?
Yes. The intelligent analytics system continuously scans all accounts
categorized by the Bank to be considered for Mega foneLoan. Over a time period,
if a customer’s banking transactions and other factors change positively based
on the factors set by the Bank, his/her score can improve and thus become
eligible for Mega foneLoan.
How do I
know if I am eligible for Mega foneLoan?
Mega foneLoan is available to customers through Mega Smart Banking. Once logged
in to Mega Smart Banking app, an eligible customer will see the Mega foneLoan
icon/banner on the dashboard.
Do I need to
have a mobile banking subscription to avail Mega foneLoan?
Yes. Mega foneLoan is a service available only through Mega Smart Banking app. If
you have a bank account but not registered for mobile banking service, then you
will have to download the Mega Bank’s mobile banking application “Mega Smart”
from Google Play Store or Apple App Store and self -register.
What are the charges involved with Mega foneLoan?
To avail Mega FoneLoan Service, customer will have to pay following charges to
the Bank:
·
Processing
Fee
·
Interest
on principal amount till maturity date
·
Daily
interest on remaining amount after maturity date till loan is settled in full
· Late fee charges in case of overdue loans
How is the
loan settled?
On loan maturity date (payback date), the principal amount plus applicable
interest amount is automatically debited from the customer’s account and the
loan is settled. Customers need to
maintain the required balance in their account to settle the outstanding
payable amount, otherwise the loan will go into overdue status. Daily interest
and late fees may be applicable for loan amounts that are overdue.
What is the
minimum/maximum amount available?
Currently, the minimum
amount is NPR 3,000/- and the maximum amount is NPR 200,000/-
What is the
loan tenure?
Generally, the loan tenure ranges from 1 day to a maximum of 30 days.
Do I need to
pledge a collateral at the Bank to avail Mega foneLoan Service?
No. Mega foneLoan is a collateral free, paperless and automated loan. The
intelligent analytics system determines eligible customers and the credit limit
available to each eligible customer.
Do I need to
submit any document to avail Mega FoneLoan Service?
No. If you already have an account in Mega Bank, then you will not have to submit any additional document to avail Mega FoneLoan Service. It’s a paper free lending service. However, if you don’t have an account in Mega Bank or have dormant account, you will have to submit necessary documents to the Bank for the same.
Do I need to
present my source of income or salary certificate to avail Mega FoneLoan
Service?
No. For Mega FoneLoan, credit assessment of your account is done by Decision Analytics software, which studies the transaction history of your salary account. Hence, an additional document for source of income like salary certificate is not required.
Is
prepayment of the loan allowed?
No. Customers set their own maturity date (payback date) while availing the
loan. Prepayment of Mega foneLoan before the maturity date (payback date) is
not allowed.
Can I apply
for another foneLoan, while my existing Mega foneLoan is still in not settled?
No. You will have to completely settle your existing foneLoan first to apply
for another Mega foneLoan.