Mobikwik gains on partnering with Poonawalla Fincorp for offering instant personal loans

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.

The partnership enables MobiKwik app users pan India to access instant personal loans ranging from Rs 50,000 to Rs 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.

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.'

One MobiKwik Systems (MobiKwik) is India's largest digital wallet that offers a wide range of payments and financial products to both consumers and merchants. The company offers various payment products such as MobiKwik Wallet, UPI, Pocket UPI, and Zaakpay (payment gateway) serving 172 million-plus registered users and 4.5 million-plus merchants. The company has expanded into the distribution of financial products ranging from credit (MobiKwik ZIP, ZIP EMI), savings & investment (fixed deposits, mutual funds, digital gold, Lens.AI), and insurance products on its platform.