Poonawalla Fincorp, a leading NBFC backed by the Cyrus Poonawalla Group, has joined forces with MobiKwik to launch instant personal loans through the fintech platform’s ZIP EMI service. This partnership enables users across India, including Tier 2 and Tier 3 cities, to access loans ranging from ₹50,000 to ₹15 lakh, significantly expanding MobiKwik’s previous loan limits of up to ₹2 lakh offered via other NBFC partnerships.
The collaboration integrates Poonawalla Fincorp’s lending expertise with MobiKwik’s digital reach, allowing borrowers to secure funds within minutes through a fully digital process. Users can select flexible repayment tenures spanning 6 to 36 months, a notable extension from MobiKwik’s earlier 3–24-month options. The initiative targets diverse financial needs, including education, healthcare, and travel, while promoting credit score improvement through timely repayments.
MobiKwik’s ZIP EMI product, previously associated with lenders like Piramal Finance and SMFG India Credit, now leverages Poonawalla Fincorp’s robust infrastructure to offer higher loan amounts. The platform’s algorithm assesses creditworthiness using factors such as transaction history and repayment behaviour, eliminating the need for physical documentation. Vikas Pandey, Chief Business Officer at MobiKwik, emphasised the partnership’s focus on financial inclusion, particularly for underserved regions.
Interest rates for these loans remain competitive, aligning with industry standards of 17.99% to 35.99% per annum, depending on the borrower’s profile. MobiKwik’s app facilitates seamless EMI management, offering auto-debit mandates, UPI payments, and net banking options. The platform also allows users to convert purchases into EMIs at partnered merchants, though the Poonawalla-linked loans are directly disbursed to bank accounts for broader usage.
This move follows MobiKwik’s recent collaborations, including a January 2025 tie-up with Piramal Finance, which offered loans up to ₹2 lakh. The Poonawalla partnership marks a strategic shift toward larger-ticket lending, capitalising on India’s growing demand for digital credit. With over 140 million users, MobiKwik aims to bridge the gap between traditional finance and fintech innovation, while Poonawalla Fincorp strengthens its digital footprint in consumer lending.
The partnership arrives amid rising competition in India’s digital lending space, where platforms like Buddy Loan and Lendbox vie for market share. By combining MobiKwik’s user-friendly interface with Poonawalla’s regulatory compliance and risk management frameworks, the collaboration seeks to set a benchmark for speed, transparency, and accessibility in personal loans.
Experts highlight the significance of such alliances in addressing India’s $250 billion retail credit gap, particularly for small businesses and self-employed individuals. The initiative also aligns with RBI’s vision of promoting responsible lending through technology-driven solutions. As digital adoption surges, partnerships like these are poised to redefine financial inclusion, offering tailored products that cater to India’s diverse economic landscape.
