Wallet provider MobiKwik has started offering short-term loans for one-time festive buying and users can opt to pay the amount in equated monthly instalments or EMIs.
MobiKwik is the first mobile wallet company to launch personal loans.
“The loan approval will be done within 30 minutes. To begin with, loans or EMIs up to Rs 50,000 will be available for MobiKwik users.”
Upasana Taku, Co-founder, MobiKwik said, “Only 1% of Indians have access to credit, this presents a great opportunity for us and we wish to pioneer the space by being able to provide personal loans to the rest of the population. We are excited to venture into the consumer loan segment as it aligns with our end goal of providing fin-tech services to all.”
MobiKwik claims to be India’s largest independent mobile wallet. It said it has over 35 million users and 1 lakh merchants.
Founded in 2009 by Bipin Preet Singh and Upasana Taku, the company has raised three rounds of funding from Sequoia Capital, American Express, Tree Line Asia, MediaTek, Net1, GMO Payment Gateway and Cisco Investments.
One of the leading digital payments platforms for online and offline merchants, MobiKwik is powering payments for IRCTC, Uber, Meru Cabs, Big Bazaar, OYO Rooms, Zomato, PVR, Archies, WHSmith India, BookMyShow, Grofers, and MakeMyTrip.