MobiKwik forays into consumer loan segment

The leading mobile wallet company MobiKwik has announced its foray into the consumer loan segment to enable customers to avail short-term credit for one-time festive buying or register for EMIs from their account.

MobiKwik is the first mobile wallet company to launch personal loans. The loan approval will be done within 30 minutes. To begin with, loans or EMIs up to Rs. 50,000 will be available for MobiKwik users.

"Only one percent of Indians have access to credit, this presents a great opportunity for us and we wish to pioneer the space by being able to provide personal loans to the rest of the population. We are excited to venture into the consumer loan segment as it aligns with our end goal of providing fin-tech services to all," said Co-founder MobiKwik, Upasana Taku.

MobiKwik is India's largest independent mobile wallet and a leading fintech company with over 35 million users and 100000 merchants. The company has many firsts to its credit, including the Nearby service, by which users can locate outlets near them where MobiKwik is accepted within the app and cash loading for mobile wallet, through both cash pick up and cash deposit.