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MobiKwik, one of the leading digital financial services platforms, has announced the launch of “Boost”, a product that offers instant loan approval and disbursement to MobiKwik users.
This is the first credit disbursement product of its kind, in which loans of up to Rs 60,000 are sanctioned and disbursed in 90 seconds.
MobiKwik has partnered with a number of NBFCs to provide this service to its users. MobiKwik is the first wallet reader to disburse the loan amount into the user’s mobile wallet. For starters, this feature will only be available on Android phones.
“Boost” offers loans without any problem with submitting documents or guarantees. The decision to sanction the loan will be taken in 30 seconds, based on an innovative risk rating model called “Mobiscore”, developed by MobiKwik.
Users can apply for loans ranging from Rs 5,000 to Rs 60,000 through the MobiKwik app. MobiKwik users who receive loans through the app will have the option to transfer their loan amount to their bank account.
Upasana Taku, Co-Founder and Director, MobiKwik said, “Our goal is to provide easy access to credit to every Indian, regardless of their location. This is a one-of-a-kind product that will totally revolutionize the way India uses credit ”.
The credited amount can be used by app users for a variety of use cases, including urgent purchases, wedding expenses, travel plans, hotel reservations, medical emergencies, as well as payments to offline and online traders.
Real-time underwriting was only possible thanks to artificial intelligence and data analysis capabilities used throughout the loan journey, she said.
