ONDC Launches Fully Digital, Paperless Instant Loans

New Delhi: The Open Network for Digital Commerce (ONDC) has introduced fully digital, paperless loans, accessible in just 6 minutes. This breakthrough in digital lending is integrated with nine buyer applications, including Easypay, Paisabazaar, and Tata Digital, along with three lenders— Aditya Birla Finance, DMI Finance, and Karnataka Bank.

This initiative is designed to extend credit to remote and underserved areas, aligning with ONDC’s vision of financial inclusion. The loans, currently offering unsecured credit to both salaried and self-employed individuals, utilize key Digital Public Goods like Account Aggregator, Digilocker, eNACH, and Aadhaar eSign to streamline the process.

This innovation aims to enhance financial inclusion, particularly in remote and underserved areas of India, by simplifying and expanding access to credit. ONDC plans to expand this digital credit model and introduce new products, including GST invoice financing loans by September 2024.

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