Traditionally, obtaining a loan has been a time-consuming process, often involving significant paperwork. However, with the Open Network for Digital Commerce (ONDC), you can secure a loan in just 6 minutes, without the need for any physical documents.
This revolutionary service, launched on August 22, is designed to provide swift financial assistance to those in urgent need.
ONDC, a government agency, has digitally connected with 1000 cities and towns across the country. All banks and financiers now have access to this efficient platform.
The loan process is entirely digital and paperless, eliminating the need for physical documents and significantly reducing processing time.
When applying for a loan through ONDC, you’ll need to provide certain documents online. These include your Aadhaar Card or DigiLocker for KYC verification, and an e-signature for account linking with e-NACH.
Nine companies have registered with ONDC, including Aditya Birla Finance, Tyreplex, Clinic360, Karnataka Bank, DMI Finance, Tata Digital, EasyPay, IndiPay, and InvoicePay. Additionally, many banking finance companies are in talks about joining this scheme.
Looking ahead, ONDC is set to introduce a GST invoice credit facility by the end of September. This innovative initiative will empower small entrepreneurs to access quick loans when they need them.
It’s a game-changer that is expected to benefit many individuals and businesses from various sectors by simplifying the loan acquisition process.