MobiKwik Introduces Instant Loan of Rs 5000 on Its App

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Customers can return the money in 3 months. They can also foreclose the loan by paying full amount after 1st month EMI payment. For loan processing, a fee amount of Rs 349 is charged and no other interest rate is there.

MobiKwik, a digital financial services platform, today announced the launch of instant loan of Rs. 5000 on its app, in partnership with Bajaj Finserv, an Indian NBFC. This is the first-of-its-kind of credit disbursal product, in line with MobiKwik’s objective of providing easy and instant credit to millions of Indians. This product is designed to target millions of new to credit (NTC) customers as well as small business owners in the country. The amount credited can be utilized by the app users for a variety of payments, including bill payments, cab bills, as well as payments to offline and online merchants.

Customers can return the money in 3 months. They can also foreclose the loan by paying full amount after 1st month EMI payment. For loan processing, a fee amount of Rs 349 is charged and no other interest rate is there.

There is very high demand for small credit products which can cater to immediate requirements of payments for clearing bills, paying offline merchants for daily transactions like food, grocery, as well as making other payments. MobiKwik strives to address this problem with the launch of this breakthrough product, that offers a seamless experience and enables instant disbursal of credit, in a matter of 10 seconds, by following 3 simple steps on its app.

Speaking on the announcement, Ms. Upasana Taku, Co-Founder and Director, MobiKwik, said, “Instant credits for small ticket amounts is a huge untapped opportunity. With the smartphone user base expected to grow by about 16% this year and the online transacting user base growing by over 30% YoY, we believe that Insta Credit will enable us to reach out to a new set of customers who did not have access to credit till date. We have already pre-approved Rs. 3500 crores of loans for millions of customers across the country. Credit is a billion-dollar opportunity and we are working on rolling out similar products to cater to the low ticket instant credit requirements, across a wide range of individual and business users.”

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Bajaj is an anchor partner for MobiKwik. MobiKwik and Bajaj Finserv entered into a strategic partnership last year and had set a target to digitize credit for an amount of Rs. 1 lakh crores in next 12 months. As a part of this partnership, MobiKwik and Bajaj Finserv, through its lending arm Bajaj Finance Ltd, had launched the mobile application ‘Bajaj Finserv Wallet’ in October last year. The Bajaj Finserv Wallet comes pre-loaded with Digital EMI card which means that the customers no longer need to carry a physical card. It offers security against any fraudulent transaction and makes it easy to block or unblock the card, increasing the ease of transaction.

Source: BW Disrupt

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