In a groundbreaking move that redefines the financial landscape of Nepal, eSewa, the nation’s pioneering digital wallet, has taken a significant leap forward. Introducing EasyLoan, the first-ever loan service provided by a digital wallet in Nepal, eSewa is setting a new benchmark in financial technology, offering quick and hassle-free loans directly through its app.
Simplifying Access to Funds
Imagine needing extra funds urgently—whether it’s to add inventory or cover unexpected expenses. Traditionally, taking out a loan from a financial institution involves lengthy procedures, extensive paperwork, and waiting periods that can hinder immediate needs. But what if this process was simplified to just a few taps on your smartphone?
With the launch of EasyLoan, eSewa has done just that. Small business owners and eSewa agents can now apply for and receive loans quickly and effortlessly through the eSewa app. This revolutionary feature not only saves time but also eliminates the cumbersome procedures traditionally associated with securing loans.
Who Can Benefit from EasyLoan?
EasyLoan is designed with small business owners in mind, particularly eSewa agents who need fast access to funds. However, there are specific eligibility criteria that must be met to access this service:
- KYC Verification: The user must be KYC verified within the eSewa app.
- Valid Documents: A valid PAN and business registration certificate are required.
- Active Usage: The user must have been active on eSewa for at least six months, regularly using the ‘Send Money’ feature, and actively participating in both international and domestic ticketing.
- Transaction History: Consistent use of utility services, such as top-ups and load money, as well as a good transaction history, are also essential.
Transparent and Fair Assessment
The assessment for loan approval is based on several factors to ensure a fair and transparent process:
- Income is evaluated based on the number of transactions.
- The total transaction volume and the concentration of the customer base are considered.
- A consistent and timely loan repayment history is crucial for future loan eligibility.
How to Apply for EasyLoan
Securing an EasyLoan is simple and straightforward:
- Login to your eSewa app.
- Select easyloan from the Financial Services section.
- Follow the steps to complete your loan application.
Competitive Loan Terms
eSewa offers EasyLoan with competitive terms designed to meet the needs of small business owners:
- Minimum Loan Amount: Rs. 50,000
- Maximum Loan Amount: Rs. 2,00,000
- Interest Rate: Up to 18% per annum
- Penal Interest: 2% for late payments
- Processing Fee: 0.75%
A Financial Superpower at Your Fingertips
EasyLoan is more than just a loan service—it’s a financial superpower that eSewa agents can access instantly, providing the flexibility needed to manage cash flow, stock up on inventory, expand business operations, and seize new opportunities. This service is fast, reliable, secure, and transparent, with an easy application process and no hidden fees.
By introducing EasyLoan, eSewa continues to empower its agents and small business owners across Nepal, helping them achieve their business goals and grow alongside the country’s leading digital wallet. This innovative service underscores eSewa’s commitment to supporting its users and expanding their professional horizons, making it easier than ever to access the financial support needed to succeed.
