MobiKwik Gets NBFC Licence
MobiKwik has received an NBFC licence from RBI, allowing it to lend money directly to customers instead of relying on partner banks. This means the popular payments app can now offer its own personal loans and credit products. For everyday users, this could mean faster loan approvals, more credit options, and a smoother borrowing experience through an app millions already use.
Over 120 million Indians use digital wallets like MobiKwik for everything from paying electricity bills to splitting chai money — and soon, many of these same users could get a personal loan approved in minutes without ever visiting a bank branch.
If you already use MobiKwik for payments, you may soon be able to access personal loans, buy-now-pay-later options, and credit lines directly within the app — without being redirected to a third-party lender.
Key Takeaways
Compare loan offers carefully before accepting any credit from fintech NBFCs — use platforms like GoCredit to benchmark interest rates against traditional banks and other lenders before you sign up.
Check the NBFC's RBI registration before borrowing — any legitimate lender must be listed on the RBI's official NBFC registry at rbi.org.in. Never borrow from an unregistered app, no matter how convenient it looks.
Watch your CIBIL score now — as more fintech players enter lending, competition will increase and better scores (750+) will unlock lower interest rates. Pull your free credit report today and fix any errors before you apply for a loan.
MobiKwik, one of India's older digital payments players, has just crossed a major milestone — it has secured a Non-Banking Financial Company (NBFC) licence from the Reserve Bank of India. This is a big deal, and not just for the company. For millions of ordinary Indians who use fintech apps daily, this signals a broader shift in how personal credit will work in the coming years.
Until now, MobiKwik acted as a distributor — it showed you loan offers, but the actual money came from partner banks or registered NBFCs. With its own licence, MobiKwik can now underwrite loans directly. That means it controls the interest rate, the repayment terms, the approval speed, and the overall experience. In theory, this should lead to faster approvals, more tailored products, and potentially lower costs — because one middleman is removed from the chain.
For borrowers, the rise of fintech NBFCs creates genuine competition in the personal loan market. More lenders fighting for your business generally means better rates and more flexible terms. But it also means more noise — and more chances to make a hasty borrowing decision. A slick app interface and a two-minute approval should never replace the habit of reading the fine print on interest rates, processing fees, and prepayment penalties.
This is where tools like GoCredit become genuinely useful. Rather than accepting the first loan offer that pops up in your payments app, you can compare rates across banks, traditional NBFCs, and fintech lenders in one place — and make an informed choice rather than a convenient one.
Pro tip: Before applying for any loan through a fintech app, always verify the lender's NBFC registration on the RBI website and calculate the total cost of borrowing — not just the monthly EMI — using an online loan calculator. A lower EMI with a longer tenure often costs you significantly more in the long run.
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