New Delhi: The Open Network for Digital Commerce, the government’s flagship plug-and-play e-commerce platform, is set to revolutionise lending by rolling out 6-minute loans. On Thursday, August 22, 3034, the platform introduced digital and paperless loans for salaried and self-employed ONDC users.
Companies offering loans on ONDC
The apps of these lenders and financial institutions have been integrated into ONDC to offer seamless loan processing. The following companies are 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 and lenders are expected to be onboarded soon to ONDC:
S. No.
In pipeline
1
MobiKwik
2
Rupeeboss
3
Samridh.ai
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
FTCash
13
Central Bank of India
What are the other financial services offered on ONDC?
ONDC is planning to roll out services such as insurance and mutual funds on the platform. Insurance products such as auto, health and even marine are likely to be rolled out on the platform, according to ONDC chairman Thampy Koshy. ONDC insurance disbursal trial runs have been conducted in advance, the Mint reported citing Koshy.
The platform is expected to roll out life insurance by December 2024, the Mint reported, citing a person familiar with the matter. Mutual fund products may be rolled out by September, according to the person cited above. ONDC aims to gradually expand into the domain of loans for enterprises. The purchase financing option will be useful for sole proprietors, among other categories.
What is the concept of ONDC?
ONDC or the Open Network for Digital Commerce is an open protocol network backed by the government which seeks to enable local companies to sell online. Services offered include food delivery, mobility, grocery, travel and now financial services. On this platform, a seller can contract a logistics company to fulfil their order delivery to a customer in real-time.
ONDC has rolled out paperless loans that can be disbursed on the platform by partner institutions in just 6 minutes. Biz News Business News – Personal Finance News, Share Market News, BSE/NSE News, Stock Exchange News Today
