ONDC launched 6-minute, digitally integrated unsecured loans for salaried and self-employed individuals, with plans to expand financial services.

Government-backed Open Network for Digital Commerce (ONDC) introduced fully-digital, 6-minute unsecured loans for salaried and self-employed individuals, integrated with nine buyer applications and three lenders. ONDC plans to extend its financial services to include GST invoice financing, purchase financing for individuals and sole proprietors, and working capital lines for partnerships and private limited companies. The platform utilizes digital public goods like Account Aggregator, Digilocker/Aadhaar, eNACH/eMandate, and Aadhaar eSign for loans' data, KYC, repayment, and agreement signing, aiming to enhance credit accessibility in remote and underserved areas.

August 22, 2024
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