जनभावना टाइम्स ਇੰਡੀਆ ਡੇਲੀ ਪੰਜਾਬੀ इंडिया डेली लाइव

Govt offers up to Rs 10 lakh loan in six-minutes, here's how to get it

The Open Network for Digital Commerce (ONDC) is expanding its platform to offer a range of financial services, including insurance and mutual funds, to provide users with a one-stop shop for their financial needs.

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Edited By: Top Indian News Desk
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Govt offers up to Rs 10 lakh loan in six-minutes

Govt offers up to Rs 10 lakh loan in six-minutes (X/ondc4bharat)

New Delhi: The government's innovative e-commerce platform, the Open Network for Digital Commerce, is launching a groundbreaking lending feature that allows users to access loans of up to Rs 10 lakh in just six minutes, marking a significant shift in the way people borrow money. As of August 22, 2024, the platform has introduced a seamless and paperless loan process for both salaried and self-employed individuals who use ONDC, making it easier and faster for them to secure the funds they need.

The Open Network for Digital Commerce (ONDC) is expanding its platform to offer a range of financial services, including insurance and mutual funds, to provide users with a one-stop shop for their financial needs.

Companies offering loans on ONDC
S.No Institution
1. Easypay
2. Paisabazaar
3. Tata Digital
4. Invoicepe
5. Cliniq360
6. Zyapaar
7. Indipe
8. Tyreplex
9. Paynearby
10. Aditya Birla Finance
11.  DMI Finance
12.  Karnataka Bank

 

 

 

 

 

 

 

 

 

 

 

 

 

The following financial institutions are expected to be onboarded soon to ONDC
S.No  Institution
1. In pipeline
2. MobiKwik
3. Rupeeboss
4. HDFC Bank
5. IDFC First Bank
6. Faircent
7. Pahal Finance
8. Fibe
9. Tata Capital
10. Kotak Mahindra Bank
11. Axis Finance
12. Central Bank of India

 

 

 

 

 

 

 

 

 

 

 

 

 

What additional financial services can users expect from ONDC? 

According to ONDC Chairman Thampy Koshy, the platform is set to introduce various insurance products, such as auto, health, and marine insurance, to cater to diverse user requirements. Furthermore, ONDC has already conducted trial runs for insurance disbursal in preparation for the rollout, as reported by The Mint, quoting Koshy.

The Open Network for Digital Commerce (ONDC) platform is poised to significantly enhance its financial services portfolio by introducing life insurance by December 2024, as reported by The Mint citing a knowledgeable source and mutual fund products by September 2024, according to the same source, while also aiming to gradually expand into the domain of enterprise loans, including a purchase financing option that will be particularly beneficial for sole proprietors and similar categories, thereby empowering them to access essential funds for their business requirements.

What is the concept of ONDC? 

The Open Network for Digital Commerce (ONDC) is a groundbreaking government-backed initiative that provides a comprehensive platform for local businesses to transition into the digital realm, offering an array of services spanning food delivery, mobility, grocery shopping, travel bookings and financial services, while also streamlining logistics operations by enabling sellers to instantly partner with delivery companies, thereby ensuring prompt and efficient order fulfillment for customers. 

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