Kathmandu. Banks and financial institutions can now apply for loans online and take loans online. Nepal Rastra Bank has made such an arrangement as a matter of policy.

As per the guidelines, a person who has a salary account in the concerned bank will get such loan facility of Rs. 500,000 through electronic medium. For those who do not have a salary account, up to Rs. 200,000 can be disbursed.

1. When applying for a loan from a customer, the bank and financial institution will have to arrange for a separate portal for the flow of electronic loans and apply for the application. Banks and financial institutions will also be able to receive such loan applications through their mobile app.

2. After receiving the application, information and data related to the bank and financial customer should be obtained from various sources through electronic means.

3. The customer applying for the loan should make an adequate analysis of whether he / she is eligible to get the loan and inform the eligible applicant that the loan has been approved electronically.

4. When the approved loan amount is disbursed, the customer will have to be informed about it by depositing it in the account of the concerned customer.

5. Arrangements should be made to keep loan related documents securely through electronic medium.

6. Adequate information will have to be provided through electronic medium regarding loan flow process, duties and responsibilities of customers, banks and financial institutions, issues related to customer protection, hearing of loan related grievances.