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Digital financial services platform Mobikwik today announced the launch of an instant loan of Rs. 5000 on its app, in partnership with Bajaj Finserv.
This product is designed to target millions of new to credit (NTC) customers as well as small business owners in the country and the amount credited can be utilized by the app users for a variety of payments, including bill payments, cab bills, as well as payments to offline and online merchants.
"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," Upasana Taku, Co-Founder, and Director, MobiKwik, said.
Upasana said: "Instant credits for small ticket amounts is a huge untapped opportunity. With the smartphone user base expected to grow by about 16 percent this year and the online transacting user base growing by over 30 percent 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."
According to the company, there is very high demand for small credit products which can cater to immediate requirements of payments for clearing bills, paying offline merchants for daily transactions like food, grocery, as well as making other payments.
Furthermore as a part of this partnership, MobiKwik and Bajaj Finserv, through its lending arm Bajaj Finance Ltd, had launched the mobile application 'Bajaj Finserv Wallet' in October last year.
The Bajaj Finserv Wallet comes pre-loaded with Digital EMI card which means that the customers no longer need to carry a physical card. It offers security against any fraudulent transaction and makes it easy to block or unblock the card, increasing the ease of transaction.
To recall, MobiKwik and Bajaj Finserv entered into a strategic partnership last year and had set a target to digitize credit for an amount of Rs. 1 lakh crores in next 12 months.