Easypaisa, a project of Telenor Pakistan and Telenor Microfinance Bank(once called Tameer Bank) has decided to launch country’s first-ever credit/loan service by a branchless banking sector known as “EasyPaisa Nano Loan”.
“With the Easypaisa Loan, we have established instant digital lending in Pakistan to meet the demand for easily accessible nano loans,” said Shahid Mustafa, President & CEO, Telenor Microfinance Bank.
Easypaisa loan provides small, short-term credit to people who do not have a formal financial record. EasyPaisa customers have the facility to gain easy loans instantly right from their mobile phones. It takes just 2 minutes to process a loan, and the amount is deposited directly into a user’s account.
Who has access to Easypaisa Loan?
- A customer should be a Telenor subscriber.
- Both prepaid and postpaid customers can avail the loan.
Hidden eligibility criteria
- Reasonable GSM usage (including internet, and talk time)
- Reasonable EasyPaisa account usage.
Unfortunately, Telenor has not disclosed the exact figures of the reasonable usages, which creates ambiguity at the customer’s end. However, we tried to get details from Telenor Bank officials who refrained from giving detailed answers to our queries regarding the criteria of selection, so it turns out the more, the merrier.
- The loan amount is available from Rs. 850 to Rs. 10,000.
- The credit amount depends upon your usage of Telenor services.
- By the early settlement of loan amount, you could get a higher loan offer next time.
Charges for EasyPaisa Loan
The charges of the loan offer are:
- For 7 days: 10%-25% of the amount taken as loan
- For 14 days: 12%-35% of the amount taken as loan
- If the loan is returned after a due date, a 2.5 % penalty charges will have to be paid by the borrower.
How to avail loan
- No documents required.
- The whole process will take just 5 minutes.
- Dial *786*7#
- If a loan is rejected by Telenor, you will receive a text message containing an apology.
- If approved, you will receive a text message containing details of the loan amount, service fees, due date, late payment fees, interest fees and total repayment amount.
- You may accept or decline to take up a loan from the Telenor Bank by following the instructions provided in the application menu on your mobile phone.
- Provide Father/Husband name, marital status & Occupation type.
- You will receive loan amount directly into your Easypaisa mobile account.
How to repay the loan amount
- Telenor automatically deducts the loan amount after the due date.
- If the amount is less than what was borrowed from the bank, then any additional amount deposited to the Easypaisa account will be deducted as a payment of the borrowed amount.
- You may also choose to pay the “Repayment amount” directly by using the repayment option on the loan menu.
Just 12% of the population in Pakistan have bank accounts and access to the conventional financial services, making them ineligible for the bank loans and credit cards.
This impediment has given rise to the Branchless Banking (BB), as it seems that conventional banks are just for the riches. BB is on a stride in Pakistan as the numbers of accounts have reached 33 million by the end of September 2017, the average transaction amount is Rs. 4,466 and the average number of daily transactions sum up to Rs. 1.8 million, according to the latest report by SBP.
There were no credit services in the BB earlier, and the answer to this is given by EasyPaisa, who had also pioneered the mobile accounts trend in Pakistan, but we hope that Telenor lowers its interest rate and provide details of the hidden criteria to make it accessible for all.