In order to provide immediate personal loans, the listed fintech company MobiKwik (One MobiKwik Systems Ltd.) in Gurugram has formed a strategic alliance with Poonawalla Fincorp, an NBFC arm supported by the Cyrus Poonawalla Group that focuses on consumers and SMEs.
With MobiKwik's ZIP EMI product, the partnership seeks to democratize rapid credit access for millions of Indians.
Users of the MobiKwik app throughout India may now obtain quick personal loans through ZIP EMI, with amounts ranging from Rs. 50,000 to Rs. 15,00,000.
According to the company, the loans are intended to cover a range of necessities, such as paying for personal consumption, travel, medical bills, and education. Repayment terms that are variable and range from six to thirty-six months are available to users.
Speaking on the occasion, 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 demographics."
On the partnership, Vikas Pandey, Chief Business Officer - Consumer Finance and Head Digital Marketing, said, “We are delighted to partner with MobiKwik to expand our reach and provide accessible credit solutions to a wider audience through our risk-first approach. This collaboration aligns perfectly with our mission to provide individuals across India with seamless and convenient financial services. By integrating our loan origination and servicing process with MobiKwik’s extensive digital platform."
"This partnership enables us to leverage MobiKwik’s deep penetration in Tier 2, Tier 3 cities, and beyond. This strategic alignment further strengthens our commitment to responsible lending and fostering economic growth across India," Pandey added.
MobiKwik will provide loans through its app to borrowers in Tier 2 and Tier 3 cities and beyond, catering to a wide range of income brackets.
MobiKwik was founded in 2009 by Bipin Preet Singh and Upasana Taku. It provides a range of payment products, such as MobiKwik Wallet, UPI, Pocket UPI, and a payment gateway called Zaakpay. According to the corporation, it serves 4.5 million merchants and more than 172 million registered users.
On its platform, it now distributes a wider range of financial goods, including insurance, mutual funds, fixed deposits, digital gold, Lens.ai, and credit (MobiKwik ZIP, ZIP EMI).
