Kumari Bank introduces QR-based Loan Service to boost small businesses and enhance Financial Literacy

Kumari Bank will offer loans using QR transactions as collateral to support and encourage entrepreneurship. The bank is also running a financial literacy program called ‘Deshaibhari Varshaibhari’ that focuses on entrepreneurs.

The bank has announced a QR Merchant Phone Loan service, using QR transactions as collateral to support small entrepreneurs. Under this scheme, entrepreneurs can open business accounts at local Kumari Bank branches and access this service through QR codes.

To qualify, businesses must have at least two transactions per week for four weeks, totaling at least 10,000 rupees monthly in their bank account. Entrepreneurs who meet these criteria can easily get up to two lakh rupees in loans through Kumari Bank’s mobile app, without needing any additional documents or collateral.

The method of repayment for the loan taken in this manner can also be checked through the app. The bank expects this service to draw small entrepreneurs to formal financial systems and boost their entrepreneurial efforts.