MobiKwik and Poonawalla Fincorp join hands to offer instant personal loans

MobiKwik, which offers a wide range of payments and financial products to both consumers and merchants, today announced a strategic partnership with Poonawalla Fincorp, a Cyrus Poonawalla Group-promoted NBFC arm focused on Consumers and MSME, to offer instant personal loans. This collaboration aims to democratize quick access to credit for millions of Indians through MobiKwik’s ZIP EMI product.

The partnership enables MobiKwik app users pan India to access instant personal loans ranging from INR 50,000 to INR 15,00,000 through ZIP EMI. The loans are designed to meet various financial needs, such as funding education, medical expenses, travel expenses, and other consumption purposes. Users can choose flexible repayment options ranging from 6 to 36 months.

With minimal documentation requirements and a rapid approval process, the loan is available at any time of the day. Another advantage of this offering is that it helps users enhance their credit scores. By making timely loan repayments, borrowers can establish or improve their credit history and become eligible for higher loan amounts.

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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.”