Fibe has earned the distinct recognition to be one of the first fintechs to be onboarded in the financial services-credit category of Open Network for Digital Commerce (ONDC). Thanks to its upgraded infrastructure, Fibe is ready to enhance the experience of users in need of credit on the ONDC Network.
Young salaried professionals and other consumers can now avail of hassle-free loans ranging from ₹20,000 to ₹5 lakhs on this network. By expanding credit services to the country’s underserved regions vis ONDC, Fibe intends to support the dreams and aspirations of potential borrowers.
With an efficient digital application process, consumers can now get access to a loan in just 6-7 minutes. This way, consumers can eliminate traditionally time-consuming processes and avoid cumbersome paperwork.
ONDC, or the Open Network for Digital Commerce, is a Government of India initiative aimed at enhancing online shopping. Fibe’s decision to onboard with it is in recognition of its user-friendly platform, which creates a more transparent, convenient, and innovative digital commerce experience.
ONDC brings together a wide array of e-commerce sellers, offering a diverse range of products and services. This increased competition often leads to better pricing, providing consumers with a plethora of options and exciting deals to explore.
Supported by the Department for Promotion of Industry and Internal Trade (DPIIT) of the Government of India, ONDC offers safety and transparency. This backing ensures the platform’s legitimacy and compliance with government regulations.
ONDC consistently offers lower prices compared to other apps. This affordability is a boon for budget-conscious users, helping them save on their orders. Consumers can also benefit from special promotions and discounts on select products and services from various brands.
ONDC provides dedicated customer support through the app, assisting users with payment issues, order tracking, or general inquiries. This ensures a smooth and reliable shopping experience.
ONDC supports small businesses and local vendors by providing them with a platform to expand their customer base. In addition, it allows users to find special products and services not typically available on mainstream e-commerce sites.
The recent launch of financial services on the ONDC Network includes limited categories, such as insurance, personal loans and GST data-powered MSME Seller Financing. Since its aim is to democratise financial services in India, Fibe made strides to join the network to offer fast and easy access to funds.
Fibe’s mission is to simplify the borrowing experience and empower consumers across India to benefit from faster processing times and quicker digital applications.
Akshay Mehrotra, co-founder & CEO of Fibe, said, “We remain dedicated to empowering the youth, especially the salaried class, in their journey to fulfilling their aspirations. This initiative aligns well with our mission. Together with ONDC Network, we will continue to foster an ecosystem wherein every person has the necessary tools and support to thrive financially, thereby deepening our impact across the country.”
With ONDC, Fibe’s loan application process will be even more streamlined and transparent, allowing consumers to secure loans safely and conveniently.
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