Wallet apps are part of the latest technology trends. Though there are many apps, but not every app meets with success the way PayTm has done. In order to attract more users, these other players keep trying new strategies and the recent being MobiKwik.
MobiKwik, the wallet app has launched an instant loan disbursal system which can lend the user up to Rs 60,000 in less than 5 minutes. The system is named as Boost. MobiKwik has tied up with several NBFCs for this.
The loan will be sanctioned in 30 seconds on a risk scoring model named Mobiscore which will use AI and data analytics.
The repayment options are either through the MobiKwik app of by auto debit from the user’s linked bank account. It can be repaid in a span on 6-9 months.
As per MobiKwik, this is the first ever loan disbursal system, which sends money directly to a person’s wallet with an option to transfer it to the bank. One can spend this money on either offline or online purchases and has no limits and restrictions.
PAN card details and other KYC details need to be entered in order to check the eligibility of the loan. Then through the automated process, the loan could either be accepted or rejected. But as per claims, if the loan application is accepted, the amount will be credited to the wallet in less than 5 minutes.
Just recently MobiJwik had launched small instant loans of Rs 5000 in association with Bajaj Finserv. For this particular loan, no credit score was required and their target was to attract new customers and small business owners. It also added the credit card bill payment option feature on the app.
MobiKwik claims to have crossed 100,100 loan providers on Boost already. It also claims to have 3 million direct merchants and 107 million active users on the app.
So are you applying for BOOST?