MobiKwik is a leading digital wallet and financial services platform that provides instant personal loans with competitive interest rates and transparent terms. You can avoid the trouble of paperwork, long approval process, and high interest rates by choosing MobiKwik for your personal loan needs. In this MobiKwik review, you will learn all about ZIP EMI, MobiKwik’s personal loan product, and how to apply for it in minutes.
What is Mobikwik Personal Loan? (Mobikwik Zip)
MobiKwik ZIP EMI is a credit facility of up to Rs.2 lakh from MobiKwik’s lending partners. You can use the amount to buy your favourite products at merchants or transfer it to your bank account at zero or low interest rate. You can pay back the loan in easy EMIs from 3 months to 24 months.
You can also opt for a down payment to lower your EMI by up to 50%. MobiKwik ZIP EMI is a fully digital and paperless process that needs minimal paperwork and verification. You can receive money in your bank account in less than 30 seconds after approval.
Features of MobiKwik Loan App
Some of the features of MobiKwik loan app are:
- Flexible tenure: You can choose EMI options from 3 months to 24 months as per your convenience.
- Easy repayment options: You can set up auto pay, or pay via UPI, net banking, or debit card. Additionally, there are no penalties for early repayment or loan foreclosure.
- Zero or minimal interest rate: You can get money in your bank account at a minimal rate of interest, or purchase your favourite products at merchants at zero rate of interest.
- Zero down payment: You can make purchases at no down payment, or decrease your EMI by up to 50% with down payment.
- No collateral or guarantor required: You don’t need to provide any security or guarantor to avail the loan.
- High credit limit: You can get a loan of up to Rs.2 lakh depending on your eligibility and credit history.
Apply Now for 10 lakh Personal loan
Interest Rate of MobiKwik Personal Loan
The interest rate of MobiKwik personal loan can go from 12% to 36% per annum. Interest rates depend on the loan amount, tenure, and your credit profile. The interest rate is determined on a reducing balance method, which means you pay interest only on the left-over principal amount. You can also lower interest by making a down payment or settling your loan ahead of time. The interest rate is clearly specified in the loan offer letter with other terms and conditions.
How Much Personal Loan Can I Get from MobiKwik App?
The loan amount that you can get from MobiKwik app depends on your eligibility and credit history. You can check your eligibility by completing the verification process on the app. You will need to provide your PAN, Aadhaar, and video KYC.
You will also need to verify your bank account details and set up a mandatory EMI auto-debit via NACH. After completing the verification process, you will see the offered loan amount on the app. You can accept, withdraw, or reject the offer as per your preference.
MobiKwik App Loan is Real or Fake?
MobiKwik app loan is real and not a scam. MobiKwik is a legitimate and registered company that has been operating since 2009. It is one of the largest digital wallet and financial services platforms in India with over 50 million app downloads and 7500 crore loan disbursed.
MobiKwik has partnered with various RBI-regulated NBFCs and banks to offer instant personal loans to its customers. MobiKwik follows strict data security and privacy policies to protect the personal and financial information of its customers. MobiKwik also has a dedicated customer care team that is available to assist you with any queries or concerns.
MobiKwik Personal Loan App Pros and Cons
Like any other product, MobiKwik personal loan app has its own pros and cons. Here are some of them:
Pros:
- Fast and easy application process
- Instant approval and disbursal
- Flexible tenure and repayment options
- Zero or minimal interest rate
- Zero down payment
- No collateral or guarantor required
- High credit limit
Cons:
- High interest rate for some customers
- Low customer satisfaction ratings
- Negative reviews and complaints
- Risk of default and late payment charges
MobiKwik Personal Loan App Google Review
MobiKwik personal loan app has received mixed reviews from its customers on Google Play Store. The app has a rating of 3.9 stars out of 5 based on over 2.5 lakh reviews.
Some of the positive reviews are:
- “Best app for instant loan. I got 2 lakh loan in just 2 minutes. Very easy process and low interest rate. Thank you MobiKwik.”
- “Very good app for personal loan. I got loan of 1 lakh within 30 seconds. No paperwork, no hassle. Just complete KYC and get money in bank account.”
- “Awesome app for emergency needs. I got loan of 50k in just few minutes. Very simple and fast process. Highly recommended.”
Check – Best Instant Personal Loan Apps in India
Some of the negative reviews are:
- “Worst app ever. They charge very high interest rate and hidden charges. They also harass and abuse your contacts if you miss a payment. Stay away from this app.”
- “Fraud app. They deducted money from my account without my consent. They also leaked my personal information to third parties. Do not trust this app.”
- “Pathetic app and customer service. They rejected my loan application without any reason. They also do not respond to any queries or complaints. Waste of time and data.”
Mobikwik Personal Loan Eligibility
To be eligible for MobiKwik personal loan, you need to meet the following criteria:
- Indian CItizen can be apply
- Age above 18+ is eligible to apply
- Need a valid PAN and Aadhaar card
- A running bank account registered with mobile number
- regular source of income (salaried or self-employed)
- Good CIBIL score required. Check your Cibil Score here.
Documents Required for Mobikwik Loan
The documents required for MobiKwik personal loan are:
- PAN card
- Aadhaar card
- Bank account details
- Video KYC
- NACH mandate
You don’t need to submit any other documents such as salary slips, income tax returns, or proof of address. Everything is done digitally and without using paper.
How to Apply for Mobikwik Personal Loan
The application process of MobiKwik personal loan is very simple and quick. You only need to do the following actions:
- Download the MobiKwik app from Google Play Store or App Store and sign up with your mobile number.
- Go to ZIP EMI from the home screen and complete the verification process by entering your PAN, Aadhaar, and video KYC.
- Check and confirm the offered loan amount and accept the loan offer letter with the interest rate, tenure, and other terms and conditions.
- Verify your bank account details where you will receive the money and set up a mandatory EMI auto-debit via NACH.
- Get money in your bank account in under 30 seconds or use it to purchase your favourite products at merchants.
Apply Now for 50,000 Personal loan
What is the Minimum Salary for MobiKwik Personal Loan?
There is no minimum salary requirement for MobiKwik personal loan. However, your income is one of the factors that determines your eligibility and loan amount. The higher your income, the higher your chances of getting a higher loan amount and a lower interest rate. You can get a loan of up to Rs. 2 lakh depending on your income and credit profile.
Apply Now for 2 lakh Personal loan
How Long Does It Take to Get a MobiKwik Loan?
It takes very little time to get a MobiKwik loan. You can complete the application process in minutes and get money in your bank account in under 30 seconds after approval. The approval process is instant and automated based on your verification and credit history. You don’t need to wait for days or weeks to get a loan from MobiKwik.
How Do I Repay My MobiKwik Personal Loan?
You can repay your MobiKwik personal loan in easy EMIs ranging from 3 months to 24 months. You can choose the EMI option that suits your budget and convenience. You can also make a down payment to reduce your EMI by up to 50%. You can repay your loan through the following modes:
- Auto pay: The app takes EMI from your bank every month. This is easy and no trouble. You must also allow EMI auto-debit when you verify.
- UPI: You can pay EMI with UPI from any app or bank. Use your loan ID as UPI ID and EMI as amount. Find loan ID on app or letter.
- Net banking: You can pay EMI with net banking from your bank. Add MobiKwik as beneficiary with loan ID as account number and IFSC code as KKBK0000958. Transfer EMI to MobiKwik.
- Debit card: You can pay EMI with a debit card from any bank. Enter card details and EMI on the app or website. Save card for later.
- Prepay or foreclose: You can pay all loan or end loans early with no extra cost. Pay the remaining amount on app or website. Call customer care to ask for prepay or foreclose.
How Do I Close My MobiKwik Loan Account?
You can close your MobiKwik loan account by repaying the entire loan amount and clearing any dues or charges. You can do this by using any of the repayment modes mentioned above. Once you repay the loan, you will receive a loan closure confirmation from MobiKwik and your loan account will be closed. You can also check your loan status on the app or the website.
Check – Personal loan for salaried Employee
MobiKwik Customer Care Number
If you have any queries or concerns regarding MobiKwik loan, you can contact the mobikwik customer care no: 080-69808320. The customer care team is available from Monday to Saturday from 9:00 am to 8:00 pm. You can also write to them at or reach out to them through their social media handles @MobiKwikSWAT or the MobiKwik Facebook Page.
Apply Now for Personal loan in Delhi
Conclusion
MobiKwik ZIP EMI enables you to get a personal loan quickly and easily for your urgent needs. You can either get the money in your bank account in less than a minute or use it to purchase your favourite products from merchants with little or no interest.
You can pay back the loan in easy instalments from 3 to 24 months. You can also reduce your instalment by up to 50% by making a down payment. MobiKwik ZIP EMI is a fully online and paperless process that needs only a few documents and verification.
You should also be aware of the high interest rate for some customers, and the low customer satisfaction ratings. There are also many mobikwik complaint and poor reviews. You should also read the loan offer letter well and know the terms and conditions before taking the loan.
You should also pay the loan on time to avoid any penalty and extra charges. MobiKwik ZIP EMI is a handy and flexible way to get a personal loan.
FAQs
Q.1 Is mobikwik safe?
MobiKwik is a secure digital payments platform certified by RBI. It uses multiple layers of security and anti-fraud codes. But it faced a data leak claim in 2021, which it refuted. Users should protect their personal and financial data while using any online service.
Q.2 What is Mobikwik Customer Care No Delhi
MobiKwik’s Delhi customer care number is 011-3090-8686. You can also reach MobiKwik via email, social media, or their website. MobiKwik offers round-the-clock customer support for any issues or feedback.
Q.3 Is MobiKwik RBI approved?
Zaakpay, MobiKwik’s payment gateway arm, got RBI’s approval to work as a PA in 2023. This will let Zaakpay add new merchants for online payments. Before, Zaakpay’s application was turned down by RBI for low net worth.
Q.4 What is CIBIL score in MobiKwik?
CIBIL score shows your creditworthiness based on your loan and credit card payments. It goes from 300 to 900, with higher scores meaning better credit risk. MobiKwik gives personal loans and BNPL services based on your CIBIL score. MobiKwik also gives tips to boost your CIBIL score, like paying on time, managing your credit use, and keeping a good mix of loans.
Last Updated on 8 months
