Previously, electronic loans were available only to natural persons with accounts in banks and financial institutions where salary, professional and business income was deposited.
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Now, micro, small and medium enterprises (MSMEs) will also be able to take loans through digital (electronic) means.
The Payment Department of the National Bank has revised the guidelines on digital lending and added the facility of digital loans for micro, small and medium enterprises.
Earlier, electronic loans were provided only to natural persons with accounts in which salary and professional and business income are deposited in banks and financial institutions. Now, the said loans have been provided to micro, small and medium enterprises. Nischal Adhikari, Head of the Payment Department of the National Bank, said that the existing procedure has been amended to provide digital loan facilities to micro, small and medium enterprises.
According to him, now micro, small and medium enterprises will get 2 types of digital loans. According to which, the maximum short-term working capital loan is 5 lakhs and the maximum long-term working capital loan is 1 million. The concerned bank may specify the repayment period for short-term loans as per its policy.
Similarly, earlier, banks and financial institutions were providing electronic loans up to 5 lakhs and 2 lakhs rupees to natural persons having accounts in which salary and professional and business income are deposited.
If banks and financial institutions provide loans to merchants affiliated with payment service providers subject to the loan limit mentioned in this guideline, the facility is mentioned that the payment service provider may provide the necessary details related to the merchant's business and transactions to the banks and financial institutions for the purpose of loan analysis with the consent of the merchant.
Banks and financial institutions may collaborate with other technology providers (TSPs) to support electronic loan analysis.
‘Banks and financial institutions may obtain necessary details related to the business and transactions of customers who wish to avail loans through the organization providing the system and technology, with the consent of the customer, for the purpose of electronic loan analysis,’ the directive states, ‘The risk inherent in the loans provided in this way will remain with the concerned bank and financial institution.’
