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One Mobikwik Systems announced a strategic partnership with Piramal Capital & Housing Finance herein referred to as Piramal Finance. This partnership aims to provide personal loans to MobiKwik customers, enhancing access to affordable credit solutions.
Through this partnership, MobiKwik users will now be able to apply for and access personal loans seamlessly via the platform. The offering is designed to cater to the diverse financial needs of individuals, whether it's managing expenses such as funding education, medical expenses, travel expenses, and other consumption purposes.
This ease of access to credit is available for all MobiKwik app users pan India with the loan amount for ZIP EMI ranging from INR 50,000 to INR 2,00,000. Eligibility criteria for these loans are income exceeding INR 25,000 and between the ages of 23 and 55. The minimum tenure is 6 months and goes up to 24 months.
Piramal Capital & Housing Finance, a wholly owned subsidiary of Piramal Enterprises (PEL), today announced that it had surpassed the milestone of Rs 50,000 crore in AUM of Retail Loans.
Speaking about the milestone achievement, Jairam Sridharan, Managing Director, Piramal Capital & Housing Finance, said, gWe are delighted and humbled to have reached INR 50,000 crore in retail AUM. This scale demonstrates the massive business opportunity that exists in small]town Bharat markets. Since the acquisition of DHFL in 2021, our goal has been to build on its strong customer franchise in smaller towns. It is gratifying to see us regain our position as a leading financial services company in the affordable housing space. Our business will continue to be focused on MSMEs and small salaried individuals across Bharat, providing more people access to formal credit.'
Piramal Enterprises aims for Retail Lending to constitute 75% of the loan book. As of 31 March 2024, the total AUM stands at Rs 68,845 crore, with the retail book accounting for 70%. PEL envisions growing its AUM to Rs 1.5 lakh crore by FY28
For the full year,net loss reported to Rs 1975.28 crore in the year ended March 2024 as against net loss of Rs 7401.36 crore during the previous year ended March 2023. Sales declined 2.05% to Rs 6470.72 crore in the year ended March 2024 as against Rs 6606.31 crore during the previous year ended March 2023.