MobiKwik introduces instant loan of Rs 5,000 on its app

MobiKwik, a digital financial services platform, has announced the launch of instant loans of Rs 5,000 on its app in partnership with Bajaj Finserv, a diversified NBFC. This credit disbursal product is 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 and small business owners in the country. The amount credited can be utilised by app users for a variety of payments including bill payments, cab bills, as well as payments to offline and online merchants.

Upasana Taku, Co-Founder and Director, MobiKwik, said, “Instant credit for small ticket amounts is a huge untapped opportunity. With the smartphone user-base expected to grow by about 16 per cent this year and the online transacting user-base growing by over 30 per cent 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,” she said.

MobiKwik has already pre-approved Rs 3,500 crore 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 low-ticket instant credit requirements across a range of individual and business users,” she said.

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

It may be recalled that MobiKwik and Bajaj Finserv had last year entered into a strategic partnership and had set a target to digitise credit for an amount of Rs 1 lakh crore in the next 12 months.

Srivats.kr@thehindu.co.in