MobiKwik partners with Poonawalla Fincorp to offer instant personal loans

By Gloria Methri

Indian digital wallet provider MobiKwik has entered into a strategic partnership with Poonawalla Fincorp to launch instant personal loans, aiming to expand credit access nationwide. The collaboration leverages MobiKwik’s ZIP EMI platform to facilitate loan distribution, with Poonawalla Fincorp acting as the official lender.

The initiative is designed to offer quick and accessible financing solutions to a broad range of users, particularly in Tier 2 and Tier 3 cities. Loans ranging from ₹50,000 to ₹15 lakh will be made available to eligible users through the MobiKwik mobile application. These personal loans are designed to meet a range of financial needs, including education expenses, medical emergencies, travel costs, and everyday living expenses.

Repayment terms are flexible, allowing users to choose tenures ranging from six to 36 months. The application process requires minimal documentation and can be completed entirely online, with loan approval available around the clock, adding to the appeal for users seeking fast and convenient borrowing options.

One of the key features of the offering is the potential to help borrowers improve their credit scores. Timely repayment of these loans will contribute to building a positive credit history, potentially enabling users to qualify for higher loan amounts in the future.

Speaking on the occasion, Ankur Jaipuria, CEO of Lending Business, MobiKwik, said, “Our partnership with Poonawalla Fincorp represents a pivotal step in democratising credit access for millions across India. We’re committed to providing financial services that reach people across all strata and demography.”

On the partnership, Vikas Pandey, Chief Business Officer – Consumer Finance and Head Digital Marketing, said, “We are delighted to partner with MobiKwik to expand our reach and provide accessible credit solutions to a wider audience through our risk-first approach. This collaboration aligns perfectly with our mission to provide individuals across India with seamless and convenient financial services by integrating our loan origination and servicing process with MobiKwik’s extensive digital platform. This partnership enables us to leverage MobiKwik’s deep penetration in Tier 2, Tier 3 cities, and beyond. This strategic alignment further strengthens our commitment to responsible lending and fostering economic growth across India.”

The collaboration marks a significant step for both firms in expanding access to formal credit channels for underserved segments, especially in non-metro regions. MobiKwik will operate as the loan facilitator, using its digital infrastructure to connect users to credit, while Poonawalla Fincorp will manage the disbursals and loan servicing.

This move aligns with the growing demand for embedded finance in India’s FinTech landscape, as more consumers turn to digital platforms for essential financial services.