MobiKwik
launches ‘Boost’: Offers instant loan within 90 seconds
~ Offers instant loans upto Rs 60,000 for its users
without any paperwork~
~First wallet player to disburse loan amount in a
mobile wallet~
~ Product designed to boost customer capability to meet his
aspirations and needs~
Chennai, October 3, 2018: MobiKwik, one of India’s largest digital financial
services platforms, today announced the launch of its breakthrough product
called ‘Boost’, that offers instant loan approval and disbursal to
MobiKwik users. This is the first-of-its-kind of credit disbursal product,
wherein loans of upto Rs. 60,000 are sanctioned as well as disbursed in a
matter of 90 seconds. MobiKwik has partnered with a number of NBFCs to offer
this service to its users. MobiKwik is the first wallet player to disburse loan
amount in the user’s mobile wallet.
‘Boost’
offers loans without any hassles of submission of paperwork or collaterals. The
loan sanction decision will be taken in 30 seconds, on the basis of an
innovative risk scoring model called ‘Mobiscore’, developed by MobiKwik. The
real time underwriting has been possible only because of artificial
intelligence and data analytics capabilities used in the entire loan journey.
Users
can apply for loans ranging from Rs. 5,000 upto Rs 60,000 through MobiKwik app.
MobiKwik users who avail loans via the app will have the option to transfer
their loan amount to their bank account. The amount credited can be utilized by
the app users across a range of use cases including urgent purchases, marriage
expenses, travel plans, hotel bookings, medical emergency, as well as payments
to offline and online merchants.
The
loan process includes 4 simple steps:
1. Select Boost on the MobiKwik App
2. Activate Boost for instant loan
3. Insert PAN and other Kyc details to view
loan offer
4. Accept loan offer and get instant
disbursal
Speaking
on the announcement, Ms Upasana Taku, Co-founder
and Director, MobiKwik said “Our objective is to provide easy access to
credit to each and every Indian, irrespective of his location. This is first of
its kind of product that will totally revolutionize the way India avails
credit. Our path-breaking product will enable Indians, located anywhere in
India, to avail instant loans, whenever they require, within 90 seconds, via
the MobiKwik app. In the initial months of piloting the offering, we have
already crossed 100 thousand loan providers. We will be rolling out new
products in the lending portfolio so as to cater to diverse credit requirements
of customers. We are confident that lending will be a game changer and will
establish us as clear leaders in the digital financial services domain in the
country.”
The
loan amount is payable in easy instalments of 6 and 9 months. They can either
payback from the MobiKwik app or can enable MobiKwik’s partner to auto-debit
the monthly EMI from their bank account. MobiKwik users are required to update
their KYC with PAN card and other Kyc details to avail the loan benefit.
About
MobiKwik:
MobiKwik is India’s leading digital financial services
platform, a mobile wallet major and a leading payment gateway. MobiKwik app is
a leading mobile payment platform with a network of over 3 million direct
merchants and over 107 million plus users. Founded in 2009 by Bipin Preet Singh
and Upasana Taku, the company has raised four rounds of funding from Sequoia
Capital, American Express, Tree Line Asia, MediaTek, GMO Payment Gateway, Cisco
Investments Net1 and Bajaj Finance. The company has offices in New Delhi,
Mumbai, Bangalore, Pune and Kolkata. It aspires to be the largest source of
digital transactions in India and has a vision of enabling a billion Indians
with one tap access to digital payments, loans, insurance and investments, by
2022.
MobiKwik
believes in the ‘power of partnerships’ and has forged a string of smart
partnerships with leading renowned brands such as BSNL, Bajaj Finserv Ltd and
IndusInd Bank in the year 2017. In August 2017, BSNL went digital by launching
a bespoke mobile wallet developed and issued by MobiKwik. Bajaj
Finserv-MobiKwik have partnered to launch India’s first credit wallet, an EMI
wallet through which customers can avail credits and loans. MobiKwik has also
developed India’s first auto-load wallet for IndusInd Bank’s 10 million plus
customers. The company has also signed a pact with IDFC bank for the launch of
virtual cards.
For further details, please contact:
Akanksha Jain
Head- PR and Communications
MobiKwik
Mobile: 9871900447
Email:
akanksha.jain@mobikwik.com
