MobiKwik, a leading digital financial services platform, has announced the launch of ‘Boost’, a product that offers instant loan approval and disbursal to MobiKwik users.
This is the first-of-its-kind credit disbursal product, wherein loans of up to Rs 60,000 are sanctioned as well as disbursed in a matter of 90 seconds.
MobiKwik has partnered with a number of NBFCs to offer this service to its users. MobiKwik is the first wallet player to disburse the loan amount in the user’s mobile wallet. To begin with, this facility will be available only on Android phones.
‘Boost’ offers loans without any hassles of submission of paperwork or collaterals. The loan sanction decision will be taken in 30 seconds, on the basis of an innovative risk scoring model called ‘Mobiscore’, developed by MobiKwik.
Users can apply for loans ranging from Rs 5,000 up to Rs 60,000 through the MobiKwik app. MobiKwik users who avail of loans via the app will have the option of transferring their loan amount to their bank account.
Upasana Taku, Co-founder and Director, MobiKwik said: “Our objective is to provide easy access to credit to each and every Indian, irrespective of his location. This is a first-of-its-kind product that will totally revolutionise the way India avails credit”.
The amount credited can be utilised by the app users across a range of use cases, including urgent purchases, marriage expenses, travel plans, hotel bookings, medical emergency, as well as payments to offline and online merchants.
The real-time underwriting has been possible only because of artificial intelligence and data analytics capabilities used in the entire loan journey, she said.
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