MobiKwik to clock 70,000 digital loans in May 2019
MobiKwik, India’s leading FinTech Company, today announced that it will clock 70,000 fully-digital loans in May 2019.
MobiKwik has disbursed over 5 lakh loans since it started digital lending on its app last year and approximately 55,000 loans in April 2019 alone. MobiKwik’s Digital Lending business is amongst the fastest growing in the industry with over 25 per cent MoM growth in 2019.
As a Payments platform, the company has the unique opportunity to distribute affordable loan products to millions of its users and SMEs using their payments and profile data for credit underwriting. Each month about 1 million users apply for a digital loan on the MobiKwik Android and iOS apps.
MobiKwik’s loan products are delivered end-to-end on its mobile app, including the entire user targeting, loan journey, and money disbursal. The company offers an extensive portfolio of loans including Boost Term Loan, Boost Credit Line, and Shopping Loan to cater to diverse customer requirements.
These loans are made available to users at competitive interest rates in partnership with 5 leading NBFCs. MobiKwik was the first Consumer Payments company to launch Digital Lending and is also the first in the industry to disburse loans in the customer’s mobile wallet.
MobiKwik recently partnered with a select set of its merchants to roll out ‘MobiKwik Money Solutions‘ which empowers small and medium merchants to instantly facilitate digital loans to the thousands of walk-in customers in his/her store.
This unique approach allows MobiKwik to extend the distribution of its ‘Boost’ loan to customers who are not on its app while at the same time creating a new revenue stream for its merchants and boosting their income.
“Digital Lending has been our top performing business line since its roll out in March 2018 and is the largest contributor to our growth story. We started out with the objective of providing affordable and accessible financial services to billions of Indians. Over the last one year, our loan products have been well received by customers across tier-1, 2 and 3 towns and cities. With our simple products, easy user journeys and robust payments ecosystem, we have made it possible for lacs of Indians to get access to digital credit in their mobile app in 90 seconds. This is hugely rewarding and motivating for us as an organization. We hope to impact millions of lives in a similar fashion with our innovative loan, insurance and investment products in the coming years“, said Upasana Taku, Co-Founder and Chief Operating Officer, MobiKwik.
“Lending in India is a trillion-dollar opportunity and this early success is only the tip of the iceberg. We are in the process of rolling out several new loan products for both consumers and SMEs and are confident of a 5X growth in FY20“, added Taku.
Last year, MobiKwik revolutionized the digital lending industry with the roll out of its 90-second personal loan product ‘Boost’- that offers instant loan disbursal to MobiKwik users.
‘Boost’ loan does not require any security, is processed digitally and makes it possible for users to get the money in their mobile wallet in 90 seconds. MobiKwik disburses instant loans of as low as Rs 1000 ticket size to as high as Rs 100,000.
MobiKwik has created its own proprietary credit score called MobiScore, which is used to decide the loan eligibility for the user. The loan availed, can be used by the user across a range of use cases including urgent purchases, marriage expenses, travel plans, hotel bookings, medical emergencies, as well as payments to offline and online merchants.
The loan amount is payable in easy monthly instalments. The customers can either payback from the MobiKwik app or can enable MobiKwik’s NBFC partner to auto-debit the monthly EMI from their bank account.
This story is provided by BusinessWire India. ANI will not be responsible in any way for the content of this article. (ANI/BusinessWire India)
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