Last Updated on August 22, 2024
Online payment giant eSewa has launched its in-app loan facility becoming Nepal’s first digital wallet to do so. The service lets users get up to a maximum of Rs 2 lakh in loans instantly without any collateral and paperwork. This service is brought in collaboration with Kumari Bank, Foneloan, and is called “Easy Loan”. Find out the steps to apply, eligibility, interest, charging fees, etc.
The service arriving in phases will be available to eSewa agents at first. However, the company’s Chief Executive Officer (CEO) Jagdish Khadka states that the service will soon be available to other users such as regular smartphone users and merchants in the near future.
He also extended gratitude to all the users, merchants, and agents for their continuous support and assured them that the company will continue to bring more innovative facilities and services in the coming days.
Check out: How to take loan in Ntc? | Sapati Process
Being the first of the digital wallets to launch a digital loan service, eSewa has now made another step forward in cementing its place as an innovative payment gateway. Likewise, this gives users another solid reason to use the popular online payment app.
Check out: Limit of digital wallet, mobile banking transaction in Nepal | Latest 2024
Eligibility
eSewa has established a set of criteria for its in-app loan service which are as follows:
- The user must be already verified.
- Must have a valid PAN and a business registration certificate.
- Must be active on eSewa for at least the past six months.
- Must regularly use the Send Money feature for sending and receiving amounts.
- Must have used the load money and bank transfer features.
- Must also have participated in international and domestic ticket booking.
- Having a record of regular use of services such as top-up.
NOTE: Timely repayment improves future eligibility for loanees.
Evaluation process
Upon application, eSewa evaluates loan applicants on the following basis:
- Once you apply for a loan, eSewa evaluates you on the following basis:
- Your income based on your transaction count and the money transacted.
- Income contribution from a group of customers.
- Number of transactions
How to apply for a loan on eSewa?
You can apply and get the loan on the eSewa app. Here are the steps to apply for a loan on eSewa:
- Launch the eSewa app
- Select easyloan you find in Financial Services
- Select easyloan
Fees
According to eSewa, agents can apply for a minimum loan amount of Rs 50,000 and a maximum of Rs 2,00,000 with a maximum interest of 18% per year. Likewise, there is a penal interest of 2%. To apply for a loan, it will charge a 0.75% processing fee which is calculated against the amount to be applied for.
| eSewa loan | Interest (per year) | Penal interest | Processing fee |
| Rs 50,000 minimum | 18% | 2% | 0.75% |
| Rs 2,00,000 maximum | 18% | 2% | 0.75% |
Recently, eSewa reached 10 million downloads on Google Play. It marks a major milestone for the company which has over 10 million registered users across 77 districts.
Although popular as a payment service provider (PSP), the company has made a name for providing various types of innovative services. With its mobile loan service, the company has announced a #BeyondPayments campaign.
Tell us what you think of the eSewa loan service. Do you find it beneficial to get an instant loan on a digital wallet? You can share your opinion in our comment section below.
