Mobikwik, which offers a wide range of payment and financial products, announced a strategic partnership with Poonawalla Fincorp to provide instant personal loans. The collaboration aims to promote fast access to millions of Indians through Mobikwik’s Zip EMI product.
This partnership makes Mobikwik app users accessible to users across India ₹50,000 to ₹15,00,000 by Zip EMI. Loans are designed to meet a variety of financial needs, including funding education, medical expenses, travel expenses and other personal expenses. Users can choose from a flexible repayment option of 6 to 36 months.
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With the minimum requirements and a quick approval process for documentation requirements, the loan is available at any time of the day, further improving the convenience and speed of the Mobikwik service logo.
The program marks an important step forward in adopting a distribution model and expanding services to a wider audience. Another advantage of this product is that it can help users improve their credit score. By repaying the loan promptly, the borrower can establish or improve his credit history and qualify for a higher loan amount.
“Our partnership with Poonawalla Fincorp represents a critical step in the credit access to democratize millions of India. We are committed to providing financial services for people of all classes and demographics,” said Ankur Jaipuria Mobikwik, CEO of the Loan Business.
Regarding Partnerships, Vikas Pandey, Chief Business Officer of Consumer Finance and Digital Marketing, said: “We are delighted to work with Mobikwik to expand our reach and provide accessible credit solutions to a wider audience through our risk-first approach. This collaboration increasingly integrates our scope with our scope of loans within India. We leverage Mobik’s deep penetration on tier 2, tier 3 cities and beyond to further strengthen our commitment to responsible lending and boosting economic growth in India.”
Through this partnership, Mobikwik will provide loans to borrowers across tier 2, tier 3 cities and beyond through its application. Poonawalla Fincorp will act as a lender, while Mobikwik will act as a facilitator of lending products and use its technology platform to connect borrowers to much-needed credit.
Disclaimer: MINT provides credit cooperation with FinTech and if you apply, you need to share your information. These collaborations do not affect our editorial content. This article is intended only to educate and disseminate awareness of credit needs such as loans, credit cards and credit scores. Mint does not promote or encourage access to credit because it carries a range of risks such as high interest rates, hidden fees, etc. We recommend that investors discuss with certified experts before obtaining any credit.
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