MobiKwik introduces instant loan of Rs 5000 on its app

NEW DELHI: Digital financial services platform MobiKwik announced the launch of instant loan of Rs.5000 on its app, in partnership with Bajaj Finserv, a statement said here on Wednesday.

"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," said Upasana Taku, Co-Founder and Director, MobiKwik.

"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," she added.

"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," the release stated.