NEW DELHI: India based wallet firm MobiKwik has launched ‘Boost’ an instant loan disbursal wherein the user can take loan up to Rs 60,000 which is disbursed in 90 seconds.
The company has partnered with a number of NBFCs to offer this service to its users. ‘Mobiscore’, a scoring model developed by the company will decide the loan sanctions.
It will use artificial intelligence and data analytics for the loan disbursal. Users can apply loans ranging from Rs 5000 up to Rs 60,000 through the app.
“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 the 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,” said Upasana Taku, co-founder and director, MobiKwik.
The loan amount is payable in easy installments of 6 to 9 months.