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Mobikwik launches loans on its app

Mobikwik has launched instant loan of Rs. 5000 on its app, in partnership with Bajaj Finserv.

, ET Bureau|
Jul 11, 2018, 05.39 PM IST
MobiKwik said that it strives to address problem of lack of access to easy credit with the launch of this product.
BENGALURU: Designed to target new to credit (NTC) customers as well as small business owners in the country the amount credited can be utilised by the app users for bill payments, cab bills, as well as payments to offline and online merchants.

MobiKwik said that it strives to address problem of lack of access to easy credit with the launch of this product, that offers a seamless experience and enables instant disbursal in a matter of 10 seconds.

“Instant credits for small ticket amounts is a huge untapped opportunity. With the smartphone user base expected to grow by about 16% this year 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," said Upasana Taku, Co-Founder and Director, MobiKwik.

Taku said that the company has already pre-approved Rs. 3500 crore of loans for millions of customers across the country.

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 crore 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.

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