MobiKwik, a digital financial services platform, today announced the launch of its breakthrough product called ‘Boost’, that offers instant loan approval and disbursal to MobiKwik users. This is the first-of-its-kind of credit disbursal product, wherein loans of upto Rs. 60,000 are sanctioned as well as disbursed in a matter of 90 seconds. MobiKwik has partnered with a number of NBFCs to offer this service to its users. MobiKwik is the first wallet player to disburse loan amount in the user’s mobile wallet.
‘Boost’ offers loans without any hassles of submission of paperwork or collaterals. The loan sanction decision will be taken in 30 seconds, on the basis of an innovative risk scoring model called ‘Mobiscore’, developed by MobiKwik. The real time underwriting has been possible only because of artificial intelligence and data analytics capabilities used in the entire loan journey.
Users can apply for loans ranging from Rs. 5,000 upto Rs 60,000 through MobiKwik app. MobiKwik users who avail loans via the app will have the option to transfer their loan amount to their bank account. The amount credited can be utilized by the app users across a range of use cases including urgent purchases, marriage expenses, travel plans, hotel bookings, medical emergency, as well as payments to offline and online merchants.
The loan process includes 4 simple steps:
1. Select Boost on the MobiKwik App
2. Activate Boost for instant loan
3. Insert PAN and other Kyc details to view loan offer
4. Accept loan offer and get instant disbursal
Speaking on the announcement, Upasana Taku, Co-founder and Director, MobiKwik said, “Our objective is to provide easy access to credit to each and every Indian, irrespective of his location. This is first of its kind of product that will totally revolutionize the way India avails credit. Our path-breaking product will enable Indians, located anywhere in India, to avail instant loans, whenever they require, within 90 seconds, via the MobiKwik app. In the initial months of piloting the offering, we have already crossed 100 thousand loan providers. We will be rolling out new products in the lending portfolio so as to cater to diverse credit requirements of customers. We are confident that lending will be a game changer and will establish us as clear leaders in the digital financial services domain in the country.”
The loan amount is payable in easy instalments of 6 and 9 months. They can either payback from the MobiKwik app or can enable MobiKwik’s partner to auto-debit the monthly EMI from their bank account. MobiKwik users are required to update their KYC with PAN card and other Kyc details to avail the loan benefit.