MobiKwik (One MobiKwik Systems Ltd.), a leading digital wallet and financial services platform in India, has announced a strategic partnership with Poonawalla Fincorp, a non-banking financial company (NBFC) backed by the Cyrus Poonawalla Group. This collaboration aims to provide instant personal loans to users across the country through MobiKwik’s ZIP EMI product.
Through this partnership, MobiKwik users can now access personal loans ranging from ₹50,000 to ₹15,00,000 directly via the app. The loans are designed to address diverse financial needs including education, medical expenses, travel, and general consumption requirements. Repayment tenures are flexible, ranging from 6 to 36 months.
The process is designed to be fully digital with minimal documentation and a quick approval mechanism, allowing borrowers to apply for and receive credit 24/7. The offering targets users from various income segments, especially in Tier 2 and Tier 3 cities, helping extend access to formal credit across a wider user base.
Ankur Jaipuria, CEO of Lending Business at MobiKwik, commented on the development: “Our partnership with Poonawalla Fincorp represents a pivotal step in democratizing credit access for millions across India. We’re committed to providing financial services that reach people across all strata and demography.”
MobiKwik will facilitate the loan product through its digital platform, while Poonawalla Fincorp will serve as the official lender. In addition to providing fast credit access, the initiative can also support users in building or improving their credit scores by encouraging timely repayments.
The ZIP EMI product continues MobiKwik’s push toward offering accessible, technology-driven financial solutions for everyday needs.
