Fri. Mar 29th, 2024
mobikwik

The digital lending scene in India has just got a new competitor, with Mobikwik announcing its latest venture. The digital payment app has started to offer a loan to app users instantly. The loan disbursal will be a result of its partnership with Bajaj Finserv.

The users can avail a loan of upto ₹5000 instantly from the app. Also, for a period of upto 3 months, there is no interest charged. However, the users will have to pay an upfront fee of ₹349 at the time of applying for the loan.

Ms. Upasana Taku, Co-Founder and Director, MobiKwik, said on the development, “Instant credits for small ticket amounts is a huge untapped opportunity. With the smartphone user base expected to grow by about 16% this year and the online transacting user base growing by over 30% YoY, we believe that Insta Credit will enable us to reach out to a new set of customers who did not have access to credit till date. We have already pre-approved Rs. 3500 crores of loans for millions of customers across the country. Credit is a billion-dollar opportunity and we are working on rolling out similar products to cater to the low ticket instant credit requirements, across a wide range of individual and business users.”

Off late, there has been an increased interest from the eCommerce and digital payment companies to offer digital lending solutions to customers. Flipkart has recently applied for an NBFC license and Monexo Fintech got a P2P lending license. IndiaLends, another consumer lending startup has just raised ₹69 Crores ($10 Million).

By Varun

Startups | Books | Ideas

Leave a Reply

Your email address will not be published. Required fields are marked *