MobiKwik, a digital financial services platforms on Thursday announced the launch of Boost, that offers instant loan approval and disbursal to MobiKwik users. This is the first-of-its-kind of credit disbursal product, wherein loans of upto Rs 60,000 are sanctioned as well as disbursed quikly. MobiKwik has partnered with a number of NBFCs to offer this service to its users. ‘Boost’ offers loans without any hassles of submission of paperwork or collaterals. The loan sanction decision will be taken in 30 seconds, on the basis of an innovative risk scoring model called ‘Mobiscore’, developed by MobiKwik. The real time underwriting has been possible only because of artificial intelligence and data analytics capabilities used in the entire loan journey.
Users can apply for loans ranging from Rs 5,000 upto Rs 60,000 through MobiKwik app. MobiKwik users who avail loans via the app will have the option to transfer their loan amount to their bank account.
The amount credited can be utilized by the app users across a range of use cases including urgent purchases, marriage expenses, travel plans, hotel bookings, medical emergency, as well as payments to offline and online merchants.