MobiKwik, which offers a wide range of payments and financial products, has announced a strategic partnership with Poonawalla Fincorp to offer instant personal loans. This collaboration aims to promote quick access to credit for millions of Indians through MobiKwik’s ZIP EMI product.
The partnership enables MobiKwik app users across India to access instant personal loans ranging from ₹50,000 to ₹15,00,000 through ZIP EMI. The loans are designed to meet various financial needs, including funding education, medical bills, travel expenses, and other personal expenditures. Users can choose flexible repayment options ranging from 6 to 36 months.
Round-the-clock
With minimal documentation requirements and a rapid approval process, the loan is available at any time of the day, further enhancing the convenience and speed that have been hallmarks of MobiKwik’s services.
This initiative marks a significant step towards adopting a distribution model and expanding services to a wider audience. Another advantage of this offering is that it helps users enhance their credit scores. By making timely loan repayments, borrowers can establish or improve their credit history and become eligible for higher loan amounts.
Ankur Jaipuria, CEO of Lending Business, MobiKwik, said, “Our partnership with Poonawalla Fincorp represents a pivotal step in democratizing credit access for millions across India. We’re committed to providing financial services that reach people across all strata and demographics.”
On the partnership, Vikas Pandey, Chief Business Officer, Consumer Finance and Head Digital Marketing, Poonawalla Fincorp, said, “We are delighted to partner with MobiKwik to expand our reach and provide accessible credit solutions to a wider audience through our risk-first approach. This collaboration aligns perfectly with our mission to provide individuals across India with seamless and convenient financial services. By integrating our loan origination and servicing process with MobiKwik’s extensive digital platform. This partnership enables us to leverage MobiKwik’s deep penetration in Tier 2, Tier 3 cities, and beyond. This strategic alignment further strengthens our commitment to responsible lending and fostering economic growth across India.”
Through this partnership, MobiKwik will offer loans via its app to borrowers across diverse income segments in Tier 2, Tier 3 cities, and beyond. Poonawalla Fincorp will serve as the lender, while MobiKwik will act as the facilitator of the loan product, leveraging its tech platform to connect borrowers with much-needed credit.
Disclaimer: Mint has a tie-up with fintechs for providing credit, you will need to share your information if you apply. These tie-ups do not influence our editorial content. This article only intends to educate and spread awareness about credit needs like loans, credit cards and credit score. Mint does not promote or encourage taking credit as it comes with a set of risks such as high interest rates, hidden charges, etc. We advise investors to discuss with certified experts before taking any credit.
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