ONDC enters credit space, launches paperless 6-minute loan service

State-backed network Open Network for Digital Commerce (ONDC) has bolstered its fintech play with the launch of credit offerings. The platform on Thursday launched a credit facility that enables customers to access fully digital and paperless loans in just six minutes. ONDC, however, plans to launch insurance and mutual fund offerings in the next two months.

For the credit facility, ONDC has integrated nine buyer applications (also known as lending service providers) and three lenders. These buyer applications include Easypay, Paisabazaar, Tata Digital, Invoicepe, Cliniq360, Zyapaar, Indipe, Tyreplex, and Paynearby. The lenders include Aditya Birla Finance, DMI Finance, and Karnataka Bank.