This government company will provide loan in just 6 minutes

 ONDC Instant Personal Loan: Hello Friends, Do you need money but tired of frequent bank visits? Now to save you from trouble a government company (ONDC) is claiming to provide loan in just 6 minutes. The name of this company is Open Network for Digital Commerce.

This government company will provide loan in just 6 minutes – ONDC Instant Personal Loan

Personal Loan: Now there is no need to visit banks for loans. A government company has launched a facility to approve your loan and deposit money into your account in just 6 minutes. This means that the loan money will be in your account by the time you finish drinking a cup of tea. The state-owned company says that this is just the beginning, further we will also start offering mutual funds, insurance products, credit cards and loans to farmers on our platform.

Who will get the loan?

• ONDC has launched credit card, insurance products, mutual fund, credit card as well as online loan facility for farmers and students.

Why is the loan process faster?

The reason behind the fast loan process is the completely online and paperless process. Applicants can complete the entire process from their home without any physical documents. This system significantly reduces the time required for loan processing.

When was ONDC started?

Let us tell you the complete information about Open Network, it was launched on December 31, 2021 and let us tell you that till now 1000 cities and towns of the country are connected to this platform. All banks and financiers will enter this digital platform. ONDC launched the loan disbursement facility on Thursday itself, it will be completely digital and paperless application and your loan will be approved in 6 minutes.

Companies registered with ONDC

So far nine companies have registered with ONDC. These include Aditya Birla Finance, Tyreplex, Clinic360, Karnataka Bank, DMI Finance, Tata Digital, EasyPay, IndiPay and InvoicePay. Apart from this many banking finance companies are in talks to join this initiative. These include IDFC First Bank, MobiKwik, RupeeBoss, Tata Capital, Kotak Mahindra Bank, Central Bank of India and Axis Finance.

Documents required for application – Important Document For Personal Loan

To take a Personal Loan, the applicant must have some important documents and information.

• Aadhaar Card
• PAN Card
• Bank Statements: Bank statements for the last 3-6 months
• Business Registration Certificate (if any): If you are taking a business loan, your business registration certificate is required.
• Proof of Income: If employed, your recent pay slips or other proof of income.
• Address proof: Aadhaar card, electricity bill, ration card, or other address proof, which shows your permanent address.
• Professional license (such as GST registration): If you are a professional, your license or GST registration that proves your professional identity.

How to apply? – How to Apply for Personal Loan

Follow the steps given below to apply online for Personal Loan.

• Signup on ONDC Platform: First, you have to create an account on ONDC Platform. This can be done through its website or mobile application.
• Submit your loan demand: Once you log in, go to the loan section and fill the loan application form. You have to provide some basic information about yourself and your financial need.
• Instant Verification: The platform verifies your details instantly using advanced algorithms and AI. This ensures that only eligible applicants proceed with the process.
• Loan approval in 6 minutes: In just 6 minutes, you get information about the status of the loan application. If approved, the money is directly deposited into your bank account.
• Utilization of Funds: Once the money is in your account, you can use it for whatever you need, such as for expanding your business, for calamities or for any other financial need.