If you have planned for extensive festive shopping but are worried about having less money, then there is some good news for you. Now, you can get Rs 60,000 instantly in your mobile wallet! You can transfer the amount to your bank account as well.

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MobiKwik, the digital financial services platforms, has announced today the launch of its credit providing product ‘Boost’. It offers instant loan approval and disbursal to MobiKwik users, the company said. 

"This is the first-of-its-kind of credit disbursal product, wherein loans of up to Rs 60,000 are sanctioned as well as disbursed in a matter of 90 seconds. MobiKwik has partnered with a number of NBFCs to offer this service to its users. MobiKwik is the first wallet player to disburse loan amount in the user’s mobile wallet," it said in a statement. 

It added that no paperwork will be required for the same.

"'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," said the company. 

Users can apply for loans ranging from Rs 5,000 up to Rs 60,000 through the 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," said the MobiKwik.

How to get the loan: 

1. Select Boost on the MobiKwik App

2. Activate Boost for instant loan

3. Insert PAN and other Kyc details to view loan offer

4. Accept loan offer and get instant disbursal

The loan amount is payable in easy installments of 6 and 9 months. They can either payback from the MobiKwik app or can enable MobiKwik’s partner to auto-debit the monthly EMI from their bank account. MobiKwik users are required to update their KYC with PAN card and other Kyc details to avail the loan benefit.

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“Our objective is to provide easy access to credit to each and every Indian, irrespective of his location. This is first of its kind of product that will totally revolutionize the way India avails credit. Boost will enable Indians, located anywhere in India, to avail instant loans, whenever they require, within 90 seconds, via the MobiKwik app. In the initial months of piloting the offering, we have already crossed 100 thousand loan providers,” said Upasana Taku, Co-founder and Director, MobiKwik. 

MobiKwik is one of India's leading digital financial services platform, a mobile wallet major and a leading payment gateway.