Current Affairs - Technology - Discussion

MobiKwik launched an instant loan approval and disbursal product called 'Boost'. As per the offer, loans of upto Rs 60,000 can be sanctioned as well as disbursed in a matter of 90 seconds. The approval time for the loan would be 30 seconds based on an innovative risk scoring model called 'Mobiscore'. The minimum amount of loans that can be approved is for Rs. 5000 and the users will have the option to transfer the amount in their bank accounts. They can pay the loan in easy monthly installments of 6-9 months. It is the first-of-its-kind of credit disbursal product that disburses loan amount in the user's mobile wallet.