Fintech platform MobiKwik has announced the launch of an instant loan of Rs 5,000 on its app, in partnership with non banking finance company Bajaj Finserv. The amount credited can be utilised by the app users for bill payments, cab bills, as well as payments to offline and online merchants. The Bengaluru based startup said the instant disbursal of credit happens in a matter of 10 seconds, by following three simple steps on its app. Upasana Taku, co-founder and director, MobiKwik, said, “Instant credits for small ticket amounts is an untapped opportunity. The smartphone user base is expected to grow by about 16% this year and the online transacting user base by over 30% year-on-year. “We have already pre-approved Rs 3,500 crore of loans for millions of customers across the country.”
Bajaj is an anchor partner for MobiKwik. MobiKwik and Bajaj Finserv entered into a strategic partnership last year and had set a target to digitise credit for an amount of Rs 1 lakh crore in the next 12 months. As a part of this partnership, MobiKwik and Bajaj Finserv, through its lending arm Bajaj Finance, had launched the mobile application ‘Bajaj Finserv Wallet’ in October last year.
The Bajaj Finserv Wallet comes pre-loaded with Digital EMI card. It offers security against any fraudulent transaction and makes it easy to block or unblock the card, increasing the ease of transaction.