In cooperation with Bajaj Finserv, a diversified NBFC, MobiKwik, a digital financial services platform, has announced the provision of fast loans of Rs 5,000 on its app. MobiKwik's goal of offering easy and instant credit to millions of Indians is being met with this credit disbursal solution.
This product is aimed at the country's millions of new-to-credit (NTC) customers as well as small business owners. App users can use the funds to pay for a range of things, including bill payments, cab bills, and payments to both offline and online shops.
"Instant credit for small ticket amounts is a major untapped opportunity," stated Upasana Taku, Co-Founder and Director of MobiKwik. We believe that Insta Credit will enable us to reach out to a new set of clients who did not have access to credit until now, with the smartphone user-base forecast to rise by roughly 16 percent this year and the online transacting user-base expanding by over 30 percent YoY," she said.
MobiKwik has already pre-approved loans worth Rs 3,500 crore for millions of clients across India. "Credit is a multibillion-dollar market," she added, "and we're working on similar products to cater to low-ticket immediate credit needs across a spectrum of consumer and business users."
Small credit products are in high demand, since they can meet the immediate need for paying bills, paying offline merchants for daily transactions such as food and groceries, and making other payments. With the debut of this product, MobiKwik aims to address this issue by providing a seamless experience and enabling immediate credit disbursement in only 10 seconds by following three simple steps on its app.
It may be remembered that MobiKwik and Bajaj Finserv formed a strategic collaboration last year with the goal of digitising credit worth Rs 1 lakh crore in the next 12 months.
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