Kumari Smart Makes Credit Even More Flexible With The Latest Foneloan Update

In 2020, Foneloan was introduced as a completely new way for mobile banking users of a select group of banks to access loans and credit. It made borrowing a simpler and faster experience, allowing them to apply for a loan directly from their mobile banking app. By requiring no paperwork, bank visits or even a long approval process, Foneloan made access to credit convenient for eligible users.

Building on the accessibility, flexibility and availability that Kumari Foneloan brought for Kumari Bank customers, the Foneloan team has been working on making credit and liquidity even more accessible. With the latest version of the Kumari Smart app, users can now take multiple loans from their eligible Foneloan limit whenever they need them. The feature is designed to give borrowers greater freedom in managing their funds according to their needs.

With this feature, customers can withdraw only the amount they require while keeping the remaining limit available for future use. Interest is charged only on the portion used, not on the total approved limit, helping customers manage their finances more efficiently. 

For example, if an unexpected medical expense comes up, a user can quickly get the required amount of loan from their Foneloan limit to cover it. Later in the month, they might use another portion for a Buy Now, Pay Later purchase, such as buying a new phone or replacing an aging appliance. And if a small home repair cost arises, they can cover costs again with their remaining loan limit.

Kumari Smart’s latest update supports multiple loan types including one-month loans, EMI loans, and Buy Now Pay Later all within a borrower’s approved limit. Whether it’s for everyday expenses, unexpected needs, or planned purchases, Multi-Disbursal ensures our customers have the financial freedom they need, exactly when they need it.