MobiKwik Partners With Poonawalla Fincorp To Offer Instant Personal Loans Up to Rs 15 Lakh
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MobiKwik partners with Poonawalla Fincorp to offer instant personal loans via ZIP EMI, ranging from Rs 50,000 to Rs 15,00,000, enhancing credit access in India.
MobiKwik (One MobiKwik Systems Ltd.) has announced a strategic partnership with Poonawalla Fincorp, a non-banking financial company (NBFC) promoted by the Cyrus Poonawalla Group, to offer instant personal loans. This collaboration aims to provide quick access to credit for millions of Indians through MobiKwik's ZIP EMI product.
The partnership allows MobiKwik app users across India to obtain instant personal loans ranging from Rs 50,000 to Rs 15,00,000 through ZIP EMI. These loans can be used for various financial needs such as education, medical expenses, travel, and other personal expenses. Users can select flexible repayment options ranging from 6 to 36 months.
With minimal documentation and a swift approval process, the loans are available at any time of the day, enhancing the convenience and speed that MobiKwik is known for. This initiative marks a significant move towards adopting a distribution model and expanding services to a broader audience.
An additional benefit of this offering is the potential to improve users' credit scores. By making timely repayments, borrowers can establish or enhance their credit history, making them eligible for higher loan amounts in the future.
Commenting on the partnership, Ankur Jaipuria, CEO of Lending Business at MobiKwik, stated, 'Our collaboration with Poonawalla Fincorp is a pivotal step in democratizing credit access for millions across India. We're committed to providing financial services that reach people from all walks of life."
Vikas Pandey, Chief Business Officer – Consumer Finance and Head of Digital Marketing at Poonawalla Fincorp, expressed his delight in partnering with MobiKwik. He noted that this collaboration aligns with their mission to provide seamless and convenient financial services across India.
By integrating their loan origination and servicing process with MobiKwik's extensive digital platform, Poonawalla Fincorp aims to leverage MobiKwik's deep penetration in Tier 2, Tier 3 cities, and beyond. This strategic alignment further strengthens their commitment to responsible lending and fostering economic growth in 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, with Poonawalla Fincorp serving as the lender. MobiKwik will facilitate the loan product, using its tech platform to connect borrowers with the needed credit.
First Published:
April 21, 2025, 11:44 IST
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