Now you will get a loan in minutes.
If you need a loan and are tired of visiting banks, you don’t have to worry anymore. This government company gives you a loan in just 6 minutes. We are talking about the Open Network for Digital Commerce (ONDC) company that started giving loans in just 6 minutes since Thursday.
Its process will be completely paperless and you will be able to apply online. The company also plans to start mutual funds, insurance products, credit cards and the possibility of providing loans to students and farmers.
How to apply
To apply for a loan, you will need to apply online. For this, you need to have some important documents and information like account aggregator details, DigiLocker or Aadhaar for KYC, account linkage to e-Nach for making loan repayment and Aadhaar e-signature will be required to enter into the agreement. If you have all these documents, you will be able to apply for a loan from any corner of the country from your home.
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There will be many options
You can apply for loans from Aditya Birla Finance, DMI Finance and Karnataka Bank from platforms like Easypay, Paisabazaar, Tata Digital, Invoicepay, Clinic360, Zyapar, Indipay, Tireplex and PayNearby. So far, these 9 companies have applied for registration with ONDC.
Apart from this, talks are on with MobiKwik, RupeeBoss, Samridh.ai, HDFC Bank, IDFC First Bank, Faircent, Pahal Finance, Fibe, Tata Capital, Kotak Mahindra Bank, Axis Finance, FTCash and Central Bank of India to join the platform. The company says that after personal loans, it plans to enter the mutual funds and insurance sector, which could be launched in the next two months.
Plan to grant a loan through a GST invoice
The company plans to provide loans against GST bills by the end of September, which will benefit small business owners. The company also plans to offer loans to farmers and manufacture credit cards. The CEO of the company said that after the addition of these facilities, the number of daily transactions on our platform will reach 1 crore. It is expected to reach the figure of 4 crore transactions every month by the end of this financial year.
