MobiKwik has today announced a strategic partnership with Bajaj Finserv to offer instant loans to its customers. MobiKwik users will get an instant loan of Rs 5,000 on its application.
The company says that the loan amount credited can be utilized by the app users for a variety of payments, including bill payments, cab bills, as well as payments to offline and online merchants. The brand ensures that users will get the loan in 10 seconds by following three simple steps on its app.
“Instant credits for small ticket amounts is a huge untapped opportunity. With the smartphone user base expected to grow by about 16% this year and the online transacting user base growing by over 30% YoY, we believe that Insta Credit will enable us to reach out to a new set of customers who did not have access to credit till date. We have already pre-approved Rs. 3500 crores of loans for millions of customers across the country. Credit is a billion-dollar opportunity and we are working on rolling out similar products to cater to the low ticket instant credit requirements, across a wide range of individual and business users,” said Upasana Taku, Co-Founder and Director, MobiKwik.
Bajaj is an anchor partner for MobiKwik. MobiKwik and Bajaj Finserv entered into a strategic partnership last year and had set a target to digitize credit for an amount of Rs. 1 lakh crores in next 12 months. As a part of this partnership, MobiKwik and Bajaj Finserv, through its lending arm Bajaj Finance Ltd, had launched the mobile application ‘Bajaj Finserv Wallet’ in October last year.