Wallet users to be offered loans by Mobikwik

Wallet users to be offered loans by Mobikwik

Wallet users to be offered loans by Mobikwik.

Mumbai | By Pratik Bhakta, ET Bureau | Feb 19, 2016, 7.21 AM IST.

End of the month and salary account already in red? There is nothing to worry if an express payment checkout gets stuck due to insufficient funds in the mobile wallet. MobiKwik is all set to add credit to the wallet instantly. Come March 31, MobiKwik wallet users on the basis of heir spending patterns will be eligible for instantloans ranging from Rs 500 to Rs 5000.

“Currently, the project is in the pilot stage, we have tied up with three private banks and one non-banking financial company to facilitate easy and instant credit o our regular users, the amount needs to be paid back within a stipulated period of 14 to 30 days depending on the sum borrowed, along with a fixed charge depending on the amount,” said Bipin Preet Singh, cofounder, MobiKwik.

“For a Rs 1000 credit the fee charged would be Rs 20.”

MobiKwik which has a user base of 25 million and processes 20 million transactions daily is deciding on the credit worthiness of its users by churning the data they have on their spending patters. By racking all the online payments made, the company would fix a credit amount that he is eligible for.