India’s digital wallet, MobiKwik that offers a wide range of payments and financial products to both consumers and merchants, has announced a partnership with Piramal Capital & Housing Finance Ltd. The collaboration is aimed to offer personal loans to its customers. The initiative also aims to enhance the accessibility and affordability of loans while promoting responsible borrowing, as personal loans often come with higher interest rates and associated risks.

Through this strategic partnership, MobiKwik users can now apply for personal loans directly through the MobiKwik app. Customers can select a loan tailored to their specific needs, whether for medical emergencies, travel, education, or other personal expenses.

Who Can Raise Loan Request Through MobiKwik

This new feature is designed to make personal loans more accessible and affordable for consumers across both urban and rural India. MobiKwik app users pan India will have access to with the loan amount for ZIP EMI ranging from Rs 50,000 to 2 lakh. The repayment period can range between six months to 24 months. The loan can be availed by the persons between the age group of 23 to 55, who earns at least Rs 25,000 per month.

Bipin Preet Singh, Co-Founder and MD of MobiKwik, said, “At MobiKwik, we have always strived to empower our customers with innovative financial products. Our partnership with Piramal Finance marks a significant step towards addressing the credit needs of millions of Indians. By combining Piramal Finance’s expertise in financial services with MobiKwik’s digital platform, we are confident of creating a seamless experience for our users. This collaboration aligns with MobiKwik’s vision of driving financial inclusion by leveraging digital innovation. Along with our partners, we aim to make credit more accessible and affordable for customers across India by introducing new and innovative products to the market.”

Before Piramal Finance, MobiKwik had eight partnerships in place to offer personal loans.

At the same time, borrowers need to remember that personal loans aren’t a one-size-fits-all solution for financial challenges. These loans often come with higher interest rates and, in some cases, hidden fees that can increase the total repayment amount. If not managed carefully, they might even lead to a heavier debt burden.