Is it safe to invest in 12% club?

[msivanandareddy]

Hello Everyone.
Can someone throw light on 12% club?
Is it safe to invest?
Can someone share their experiences who are already investing through this

 

[Deleted member 7241]

First of all 12% is not guaranteed...

They used term Upto 12% and It also subject to their policy.

Bank FD is Way Better Option than this

 

[msivanandareddy]

Completely agree with you that 12% is not guaranteed. But they claim their default rate is 3-4%. So it’s possible to deliver 12%. Thats why I wanted to have the opinion of the users who are investing on this platform.
Thank you

 

[Lakshya Mahani]

Just to try, I invested 10k in December as i was don't want to take much risk for a higher amount, they are giving 3.29Rs on a daily basis which means 1200Rs P.a.(12%). It's been a month only since i have started using this app. Not sure about the future.

 

[kkk]

I have been using 12%(since a year. invested amount - 6 lakhs) and Mobikwik Xtra(since 4-5 months. invested amount - 10 lakhs) and have not faced any issue.

 

[shashifed]

I have been investing for the past 1 year or so ... As of now I have been getting 12 % for now with any fail

 

[Chaitanya-a]

Hello Everyone.
Can someone throw light on 12% club?
Is it safe to invest?
Can someone share their experiences who are already investing through this

It is highly risky type of investment. Only invest that amount which you can afford to lose (in worst case scenario).

 

[kumudjain]

It is highly risky type of investment. Only invest that amount which you can afford to lose (in worst case scenario).

Exactly, Its p2p lending.
What's the point of earning 12% if there is even a slight chance of your capital itself eroding.

 

[Chaitanya-a]

Exactly, Its p2p lending.
What's the point of earning 12% if there is even a slight chance of your capital itself eroding.

Yeah. One can just gamble with small amount like we do in crypto. Can't be considered investment tool though.

 

[SiddharthR]

Mobikwik Xtra(since 4-5 months. invested amount - 10 lakhs) and have not faced any issue.

Bro, unbelievable to see that you invested this much in Mobikwik..
Unhone to mera sirf ₹918 rs ka Flipkart Grocery Refund 4 months baad wallet me credit Kiya tha

 

[Chaitanya-a]

Bro, unbelievable to see that you invested this much in Mobikwik..
Unhone to mera sirf ₹918 rs ka Flipkart Grocery Refund 4 months baad wallet me credit Kiya tha

Even 20rs ka Cashback dene me 1 month lag jata hai MobiKwik ko😂 tab tak insaan khud bhul jayega ki ye kis transaction ka cashback aaya

 

[kkk]

Bro, unbelievable to see that you invested this much in Mobikwik..
Unhone to mera sirf ₹918 rs ka Flipkart Grocery Refund 4 months baad wallet me credit Kiya tha

Mobikwik wallet and Mobikwik Xtra+ are different. I rarely use Mobikwik wallet for any shopping. For Mobikwik Xtra+, I have withdrawn full principal once. I placed a request at 11am and received amount at around 6pm.
I couldn't find a better place to keep ideal money currently(Stock market is filled with uncertainty so thinking to wait). Debt fund gives 4-5%, FD gives 7-8%. It's not that all my ideal amount is in P2P. I am keeping 5lakhs in Saving account, 2-3 lakhs in FD. So until I figure what to do next with this amount keeping it in P2P. And it's not full principal will vanish. They don't put lend all your money to singlr borrower. They split your amount into chunks of 100 and lend it. And it's RBI backed. But yeah risk is there(riskier than Mutual Fund/stock market).

 

[wolfdalalstreet]

Mobikwik wallet and Mobikwik Xtra+ are different. I rarely use Mobikwik wallet for any shopping. For Mobikwik Xtra+, I have withdrawn full principal once. I placed a request at 11am and received amount at around 6pm.
I couldn't find a better place to keep ideal money currently(Stock market is filled with uncertainty so thinking to wait). Debt fund gives 4-5%, FD gives 7-8%. It's not that all my ideal amount is in P2P. I am keeping 5lakhs in Saving account, 2-3 lakhs in FD. So until I figure what to do next with this amount keeping it in P2P. And it's not full principal will vanish. They don't put lend all your money to singlr borrower. They split your amount into chunks of 100 and lend it. And it's RBI backed. But yeah risk is there(riskier than Mutual Fund/stock market).

Completely second what all @kkk has mentioned. I have some additional funds that I have kept in 12% Club (since a year now) and in Mobikwik Xtra since two months now. I initially kept very small amounts. Tried withdrawal a few times just to check what is their frequency. After that, it has been mostly stable. The interest gets credited daily and I have as of now never required to contact their customer care.

My two cents are:
1) It is risky, so put money only if you have appetite for risk. Many banks are giving 8% FD, so if you don't want a risky bet, FD is the way to go.
2) If you invest, make sure you add a nominee and also, write down all the stuff in a piece of paper and give it to your near ones. In case of the investor's demise, the withdrawal happens either by app or by reaching out to their team offline.

 

[luckymurari]

I have invested 10 lac in 12% club and been in it for an year now. Haven't seen any defaults so far. They are reliable but capital risk/interest risk is always there.

 

[SiddharthR]

Mobikwik wallet and Mobikwik Xtra+ are different. I rarely use Mobikwik wallet for any shopping. For Mobikwik Xtra+, I have withdrawn full principal once. I placed a request at 11am and received amount at around 6pm.

Bro, yeh hai to ek hi entity, if that has different cs then it's ok otherwise Mobikwik wallet's cs is worst.

And it's RBI backed.

I think it doesn't matter, I Invest, I Lose, RBI won't interfere...

I couldn't find a better place to keep ideal money currently(Stock market is filled with uncertainty so thinking to wait). Debt fund gives 4-5%, FD gives 7-8%. It's not that all my ideal amount is in P2P. I am keeping 5lakhs in Saving account, 2-3 lakhs in FD. So until I figure what to do next with this amount keeping it in P2P. And it's not full principal will vanish. They don't put lend all your money to singlr borrower. They split your amount into chunks of 100 and lend it. But yeah risk is there(riskier than Mutual Fund/stock market).

I am not opposing it, just the point is that I don't wanna take this much risk with Mobikwik and I am happy with Auto Sweep..

Also I had already lost the hope of getting that 918rs back as their cs is also one of the worst.

 

[luckymurari]

I have been using 12%(since a year. invested amount - 6 lakhs) and Mobikwik Xtra(since 4-5 months. invested amount - 10 lakhs) and have not faced any issue.

How are you able to use more than 10lac? IT mentions that we can put more than 10 lac in P2P lending across accounts no?

 

[SiddharthR]

How are you able to use more than 10lac? IT mentions that we can put more than 10 lac in P2P lending across accounts no?

The maximum amount per lender is capped (in the aggregate) across all P2P platforms at Rs 50,00,000.

 

[luckymurari]

The maximum amount per lender is capped (in the aggregate) across all P2P platforms at Rs 50,00,000.

Weird. 12% club says it is 10 lac only across platforms:

 

[kkk]

Weird. 12% club says it is 10 lac only across platforms:

View attachment 9199

I have kept 10 lacs on Mobikwik Xtra+ on my mother's name(to save tax as I come under 30%) and 12% club is in my name. But I was not aware of this limitation. Thanks for pointing out, will this in my mind.

 

[luckymurari]

Just search on google

Thank you - Googling got me here: https://cleartax.in/s/peer-peer-p2p-lending-india

The amount lent can be a minimum amount of Rs 500-750. The maximum amount per lender is capped (in the aggregate) across all P2P platforms at Rs 50,00,000. However, if a lender lends above Rs 10,00,000, a certificate from a practising Chartered Accountant certifying minimum net-worth of Rs 50,00,000.

So above 10 lac is difficult but not impossible!