In today’s fast-changing dynamic world, where each country, economy, and individual rapidly grows day by day, the need for financial assistance also increases for fulfilling that need. There are many banks or financial institutions available for providing financial support like lending loans, credit cards, debit cards, online money transfers, investments, and many more.
One of them is Fino Payment Bank. It is a significant bank in the Indian banking landscape because this bank is widespread and provides financial support to underserved and rural people. Fino Payment Bank Loans are generally known for their digital banking and small amount of saving services, but Fino Payment Bank Loans now gain the attention and trust of financing solutions that are available for many individuals and small businesses.
What is Fino Payment Bank Loans?
Fino is a payment bank, but not like other traditional banks; it does not directly lend loans to borrowers, but Fino Payment Bank Loan acts as a facilitator and offers loans through partnerships with NBFCs and other financial institutions. In that way, Fino Payment Bank Loans can offer a large number of financial products and loans, like personal loans, business loans, gold loans, and better-featured credit or debit cards, due to connections with different financial institutions that provide different financial products and loans.
Types of Loans Available in Fino Payment Bank Loans
| Loan Type | Loan Amount | Repayment Duration |
| Personal Loan | ₹10,000 – ₹2 Lakh | 6 Months – 24 Months |
| Business Loan | ₹50,000 – ₹5 Lakh | 12 Months – 36 Months |
| Gold Loan | ₹10,000 – ₹3 Lakh | 3 Months – 12 Months |
| MSME Loan | ₹1 Lakh – ₹10 Lakh | 12 Months – 48 Months |
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Eligibility Criteria For
✅ Age: 21 Year to 58 Year (Salary Person) and 65 years (Self Employed) Old
✅ Monthly Income: ₹10,000 Minimum
✅ Employment Type: Salary Person with at least 6 Months of Employment History and Self Employed Individuals with at least 1 Year of Business Continuity
✅ Credit Score: 650 or above preferred
✅ Location: Serviceable Area of Fino Payment Bank Loans and Lending NBFCs
Document Required For Fino Payment Bank Loans
- Identity Proof: Aadhaar Card, PAN Card, Voter ID
- Address Proof: Aadhaar Card, Utility Bills
- Income Proof: Salary Slip (Salary Person), ITR or Business Income Statement (Self-Employed Individuals), Bank statements of Last 3 to 6 Months
- Photographs: 2 to 4 Passport-Sized Photo
Conclusion
In conclusion, the Fino Payment Bank Loan is the most helpful solution for individuals seeking a small loan or one with minimal hassle. Even though Fino Payment Bank Loan does not provide loans directly, its association with RBI-approved NBFCs and other financial institutions makes it a reliable and trustworthy option for individuals, including salaried persons who need urgent funds or self-employed persons seeking loans for their small businesses.
Still, the Fino Payment Bank Loan is beneficial, especially for the rural population, as it is challenging to obtain a loan or other financial aid in rural areas due to unreliability and trust issues. Still, Fino Payment Bank Loan is a facilitator with many NBFCs and other financial institutions, creating a wide range of financial product options with varying loan requirements.
Frequently Asked Questions
Is Fino Payment Bank directly providing personal loans?
No, Fino Payment Bank Loans does not lend loans directly; instead, they facilitate the loans from RBI-approved NBFC partners. Borrowers can apply for personal loans from Fino Payment Bank Loans or local Fino Mitra centers, but still the personal loans will be processed by partner NBFCs.
How much time is taken for personal loan approval from Fino Payment Bank Loans?
The personal loan approval completely depends on the NBFC’s partner and documentation, but on average it takes 1 to 3 days for a personal loan after successfully submitting all documents required.
