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.