Axis Bank Ltd.

Axis Bank in association with Suvidhaa Infoserve, a payments/remittance firm, has launched ‘Nano Credit’, a pre-approved, instant and unsecured loans for the urban low-income customer segment.

Credit of up to Rs 15,000 can be availed by all existing customers of Suvidhaa by simply walking into any of the 22,000 Suvidhaa outlets across India and following an instant check of their loan eligibility by the respective outlet agent. This is possible because the customer's details such as address proof, etc are already captured in Suvidhaa’s database and e-KYC is done using Aadhaar number.

The loan is disbursed in the form of a pre-paid card, which can be used at ATMs or point-of-sales. The interest rate is 14% onwards and repayment term is 18 months. The bank is also offering overdraft facility where the repayment is one year.