ADBL Introduces Digital Loan Facility on ADBL Smart Plus App to Enhance Financial Inclusion


The Agricultural Development Bank Limited (ADBL) has launched a novel loan facility via the ADBL Smart Plus App, responding to the increasing demand for digital services and aiming to bolster financial access and inclusivity. This initiative enables eligible customers holding salary accounts with the bank to access instant loans of up to Rs. 2 lakhs directly through their mobile banking application, devoid of the necessity for collateral, paperwork, or physical visits to the bank.

The repayment tenure for these loans can be selected as 3, 6, 9, or 12 months, structured on an Equated Monthly Installment (EMI) basis, with provisions for pre-payment. Additionally, eligible customers can avail themselves of the Buy Now, Pay Later (BNPL) feature for credit payments at Fonepay merchants via QR codes, facilitating purchases with the flexibility to pay in monthly installments.

Moreover, customers have the option to utilize the “Convert to EMI” functionality to transform significant transactions into loans payable through installments. The registration process for this service is straightforward through the mobile banking app, and loan eligibility is determined based on a variety of criteria. Agricultural Development Bank aims to enhance customer convenience by introducing digital loans through the Foneloan service, marking itself as the first government bank to do so.

Sagar Sharma, the CEO of Foneloan, underscores the objective of maximizing customer convenience, while Govinda Gurung, the CEO of Agricultural Development Bank, emphasizes the bank’s dedication to providing convenient facilities and expanding its array of digital banking services. Agricultural Development Bank operates via numerous branches and ATMs nationwide, catering to various sectors, including agriculture and personal loans, and offers comprehensive digital banking services.

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