MobiKwik Loan
Get an instant loan ranging from ₹10,000 to ₹5 Lakh in 2 minutes with MobiKwik. The MobiKwik Loan comes at attractive interest rates starting from just 0.8% per month, and the repayment tenure ranges from 3 months to 2 years. On approval, the money is transferred directly to your bank account in under 30 seconds.
MobiKwik Personal Loan Details
Below are the key details of the MobiKwik personal loan:
| Loan Amount | ₹10,000 to ₹5 Lakhs |
|---|---|
| Interest Rate | From 0.8% per month |
| APR | 17.99% to 35.99% p.a. |
| Tenure | 3 to 24 months |
| Processing Fee | Up to 5% of loan amount + taxes |
| Disbursal TAT | Within 30 seconds of approval |
Features & Benefits of MobiKwik Loan
The main attractions of a personal loan availed through the MobiKwik Loan App are as follows:
- MobiKwik ZIP EMI offers instant loans from ₹10,000 to ₹5 Lakhs.
- These loans are available to salaried and self-employed individuals.
- The approved money is transferred directly to your bank account in under 30 seconds.
- You can choose EMI options ranging from 3 months to 24 months.
- You can set up auto-pay or make a payment through UPI, Net Banking, or Debit Card.
- Completely digital process with zero paperwork required.
- Get money in your bank account at a minimal rate of interest, or buy your favourite products from merchants at no down payment and zero rate of interest.
- ZIP EMI is a credit line of up to ₹5 lakhs offered by MobiKwik’s lending partners, where you can withdraw the amount to your bank account.
- Option to decrease your EMI by up to 50% with a down payment.
MobiKwik Personal Loan Interest Rates & Charges
The following are the interest rate and other charges associated with the MobiKwik personal loan:
- Interest rate: 0.8% p.m. onwards.
- APR: ranges from 17.99% to 35.99% p.a.
- Processing fee: Up to 5% of the sanctioned loan amount + applicable taxes.
- Load money to wallet/payments to merchants/recharges & bill payments: Up to 2.65% + GST.
- Wallet maintenance charges for not performing any successful wallet transaction within the notice period: ₹153.40 to ₹495.60.
Compare MobiKwik Loan App with Other Loan Apps
Below is a comparison of the MobiKwik loan app with other loan apps:
| App | Loan Amount | Rate of Interest | Tenure |
|---|---|---|---|
| MobiKwik | ₹10,000 - ₹5 Lakhs | 17.99% - 35.99% p.a. | 3 to 24 months |
| PhonePe | ₹5,000 - ₹5 Lakhs | 13.00% - 20.00% p.a. | Up to 5 years |
| Paytm | ₹10,000 - ₹5 Lakhs | 12.99% - 20.00% p.a. | Up to 5 years |
| Google Pay | ₹10,000 - ₹9 Lakhs | 12.00% - 27.90% p.a. | Up to 4 years |
| CRED | ₹3,000 - ₹5 Lakhs | 13.99% - 20.00% p.a. | Up to 5 years |
MobiKwik Loan Eligibility Criteria
You must meet the following eligibility criteria to apply for the MobiKwik personal loan:
- Age: 20 to 55 years, depending on the specific loan partner.
- Citizenship: Must be an Indian resident.
- Income: Minimum income must exceed ₹25,000 per month.
- Employment: Salaried and self-employed individuals are eligible.
- Credit profile: A satisfactory CIBIL/ credit score is required to determine your loan limit and interest rates.
Documents Required for MobiKwik Personal Loan
Here is the list of documents required to apply for the MobiKwik personal loan:
- PAN Card
- Aadhaar Number
- A mobile number linked with your Aadhaar/ Central KYC registry. Make sre you use the same mobile number for signup
- Selfie as a photo proof on a clean/ white background
Steps to Apply for a MobiKwik Loan Online
- Sign up on the MobiKwik app with your mobile number (linked to your Aadhaar/ Central KYC registry).
- Complete your verification by mentioning your PAN, Aadhaar, and video KYC.
- Check and confirm the offered loan amount.
- Verify the details of your bank account where you will receive the loan money.
- Set up mandatory EMI auto-debit through NACH.
- You can withdraw your loan amount.
FAQs
Yes, if you meet the required eligibility criteria, you can take a loan from MobiKwik.
Yes, MobiKwik is safe to use. It is a legitimate financial platform with a Non-Banking Financial Company (NBFC) license from the RBI.
MobiKwik Group has approval from the Reserve Bank of India (RBI) for its NBFC application.
Not paying your MobiKwik loan leads to severe consequences, including aggressive collection calls, high late fees, a lowered CIBIL/ credit score, and permanent blocking of your MobiKwik account.
The interest rate of the MobiKwik loan starts from 0.8% per month.
You have to set up mandatory EMI auto-debit through NACH for MobiKwik loan EMI payment. You can also pay the bill via the MobiKwik app or website.
Reshma Rawat is a passionate writer with a decade of experience in writing for a variety of domains (finance, technology, lifestyle, e-commerce, real estate, etc.). Currently, she is working as Assistant Manager - Content @MyMoneyMantra and writes blogs & webpages on financial products (loans, credit cards, insurance, government financial policies, mutual funds, etc.).
Director- MyMoneyMantra FinTech| A senior retail and commercial banking professional, adept at handling Business Development, Sales Planning & Growth, Product Strategy, Marketing Operations and Client advisory services phygitally.