MobiKwik and Poonawalla Fincorp join hands to offer instant personal loans

MobiKwik (One MobiKwik Systems Ltd.), India's largest digital wallet that offers a wide range of payments and financial products to both consumers & merchants, today announced a strategic partnership with Poonawalla Fincorp, a Cyrus Poonawalla Group promoted NBFC arm focused on Consumer & MSME to offer instant personal loans. This collaboration aims to democratize quick access to credit for millions of Indians through MobiKwik's ZIP EMI product.

The partnership enables MobiKwik app users pan India to access instant personal loans ranging from INR 50,000 to INR 15,00,000 through ZIP EMI. The loans are designed to meet various financial needs such as funding education, medical expenses, travel expenses, and other consumption purposes. Users can choose flexible repayment options ranging from 6 to 36 months.

With minimal documentation requirements and a rapid approval process, the loan is available at any time of the day, further enhancing the convenience and speed that have been hallmarks of MobiKwik's services. This initiative marks a significant step towards adopting a distribution model and expanding services to a wider audience.

Another advantage of this offering is that it helps users enhance their credit scores. By making timely loan repayments, borrowers can establish or improve their credit history and become eligible for higher loan amounts.

Speaking on the occasion, Ankur Jaipuria, CEO of Lending Business, MobiKwik, said, "Our partnership with Poonawalla Fincorp represents a pivotal step in democratizing credit access for millions across India. We're committed to providing financial services that reach people across all strata and demography."

On the partnership, Vikas Pandey, Chief Business Officer - Consumer Finance and Head Digital Marketing, said, "We are delighted to partner with MobiKwik to expand our reach and provide accessible credit solutions to a wider audience through our risk-first approach. This collaboration aligns perfectly with our mission to provide individuals across India with seamless and convenient financial services. By integrating our loan origination and servicing process with MobiKwik's extensive digital platform. This partnership enables us to leverage MobiKwik's deep penetration in Tier 2, Tier 3 cities, and beyond. This strategic alignment further strengthens our commitment to responsible lending and fostering economic growth across India."

Through this partnership, MobiKwik will offer loans via its app to borrowers across diverse income segments in Tier 2, Tier 3 cities, and beyond. Poonawalla Fincorp will serve as the lender, while MobiKwik will act as the facilitator of the loan product, leveraging its tech platform to connect borrowers with much needed credit.

Shares of Poonawalla Fincorp Limited was last trading in BSE at Rs. 396.55 as compared to the previous close of Rs. 385.05. The total number of shares traded during the day was 222140 in over 4787 trades.

The stock hit an intraday high of Rs. 399.70 and intraday low of 384.00. The net turnover during the day was Rs. 87265993.00.

Source : Equity Bulls

Keywords

OneMobiKwikSystems Partnerhsip PoonawallaFincorp INE511C01022 NBFC InstantPersonalLoans