As part of the partnership, users of the MobiKwik app will be able to avail personal loans ranging from Rs 50,000 to Rs 15 lakh, with flexible repayment tenures between 6 to 36 months. The loans are designed to serve a variety of financial needs, including education, medical expenses, travel, and other personal consumption requirements.

The loan offers minimal documentation requirements and a rapid approval process, the loan is available at any time of the day, further enhancing the convenience and speed that have been hallmarks of MobiKwik's services. This initiative marks a significant step towards adopting a distribution model and expanding services to a wider audience.

Through this partnership, MobiKwik will offer loans via its app to borrowers across diverse income segments in Tier 2, Tier 3 cities and beyond. Poonawalla Fincorp will serve as the lender, while MobiKwik will act as the facilitator of the loan product, leveraging its tech platform to connect borrowers with much-needed credit.

Ankur Jaipuria, CEO of lending business MobiKwik, said, “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.”

Vikas Pandey, chief business officer for 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.”

One MobiKwik Systems (MobiKwik) is India’s largest digital wallet that offers a wide range of payments.

Poonawalla Fincorp is a non-deposit-taking systemically important non-banking finance company (ND-SI-NBFC) registered with the Reserve Bank of India (RBI). It offers pre-owned car finance, personal loans, loans for professionals, business loans, loans against property, machinery loans, education loans, commercial vehicle loans, and shopkeeper loans.

Shares of Poonawalla Fincorp rose 0.90% to Rs 388.50 on the BSE.