Mobikwik launches instant loans on its app

Digital financial services platform Mobikwik today announced the launch of an instant loan of Rs. 5000 on its app, in partnership with Bajaj Finserv.Designed to target new to credit (NTC) customers as well as small business owners in the country, the amount credited can be utilised by the app users for 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.It also offers security against any fraudulent transaction and makes it very easy to access the card.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 crore in next 12 months.

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.