Synopsis: MobiKwik has partnered with NBFC giant Poonawalla Fincorp to offer instant personal loans ranging from ?50,000 to ?15 lakh through its ZIP EMI feature. The move aims to expand credit access across India, especially in Tier 2 and Tier 3 cities.
MobiKwik, a leading digital financial services platform, has joined forces with Poonawalla Fincorp, a non-banking financial company under the Cyrus Poonawalla Group, to launch instant personal loans through the MobiKwik app. The collaboration is designed to provide quick and easy credit access to millions of users via the ZIP EMI feature.
Under this partnership, users can now borrow amounts between ?50,000 and ?15 lakh for personal needs like medical emergencies, education, travel, or other lifestyle expenses. Borrowers can choose flexible repayment terms ranging from 6 to 36 months, making it easier to manage their financial commitments.
What sets this offering apart is its minimal documentation, round-the-clock availability, and fast approval process—all accessible through the MobiKwik app. This effort is a part of MobiKwik’s broader strategy to embrace a distribution model that delivers inclusive credit services, even in Tier 2 and Tier 3 cities.
Beyond offering quick financial support, the new loan feature is also a step towards credit inclusion. By repaying loans on time, users can build or improve their credit scores, unlocking access to larger loan amounts in the future.
Speaking on the partnership, Ankur Jaipuria, CEO of Lending Business at MobiKwik, said,
“Our collaboration with Poonawalla Fincorp is a pivotal step in democratizing credit access for millions across India. We’re committed to providing financial services that reach people from all walks of life.”
Echoing the sentiment, Vikas Pandey, Chief Business Officer – Consumer Finance at Poonawalla Fincorp, added,
“We’re excited to integrate with MobiKwik’s digital infrastructure. This collaboration aligns with our mission to offer seamless, tech-enabled lending solutions that reach every corner of India.”
The partnership will empower MobiKwik to cater to diverse income groups, especially in smaller towns, using its digital infrastructure while Poonawalla Fincorp acts as the lender. This marks a major step towards financial inclusion and responsible lending in the country.
Disclaimer: This article is for informational purposes only and does not constitute financial advice. Readers are advised to assess their own financial situation and consult with a certified financial advisor before taking any loan or investment decisions.
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