Mobikwik reinvested P2P lenders' money without their consent

[iampqq]

sirf 10% diya hutiyo ne

 

[codenerd]

sirf 10% diya hutiyo ne

Like they say in SUITS-
10% of something is way better than 100% of nothing!

 

[iampqq]

Like they say in SUITS-
10% of something is way better than 100% of nothing!

bc haram ka paisa nhi tha

 

[codenerd]

bc haram ka paisa nhi tha

Abh yehi hai jo hai. Kya kar sakte hai. Mere khud ke L lage hue hai.

Shukar manao ki tehy didnt stretch this to 3 years.

 

[Thoseanu91]

I have already filled a complaint with rbi ombudsman beacsue of this.

Any update on your complaint ?

 

[mrbanker]

If you want to give them an ipo scare, escalate this to the social handles of Upasana Taku and Bipin Preet Singh.

 

[Sahil_07]

If you want to give them an ipo scare, escalate this to the social handles of Upasana Taku and Bipin Preet Singh.

Nothing will happen bro.
At this moment, everyone is looking for withdrawing the money.
If they made full or even 50% money available for withdrawal,their system would collapse.
Even banks like Sbi,Hdfc will collapse too if all of their customers want to withdraw half of their deposit at once.
1 year timeframe is not that bad, provided they return 10%+ every month

 

[tamizhventhan]

Today 12th..i reclaimed part of my money..please do now if don't want to continue

 

[Shinigami]

Any update on your complaint ?

No yaar. Still waiting.

 

[mrbanker]

Nothing will happen bro.
At this moment, everyone is looking for withdrawing the money.
If they made full or even 50% money available for withdrawal,their system would collapse.
Even banks like Sbi,Hdfc will collapse too if all of their customers want to withdraw half of their deposit at once.
1 year timeframe is not that bad, provided they return 10%+ every month

They are just the channel partners of Lendbox which means they are a middle man earning some commission. They did not have the right to reinvest without consent and should be exposed for their cheap tactics for a small commission income. When this intention gets out in the broader public, a potential HNI/FII ipo investor will keep this into perspective while researching the promoters.

 

[Sahil_07]

They are just the channel partners of Lendbox which means they are a middle man earning some commission. They did not have the right to reinvest without consent and should be exposed for their cheap tactics for a small commission income. When this intention gets out in the broader public, a potential HNI/FII ipo investor will keep this into perspective while researching the promoters.

Actually they have not reinvested our money. They have invested our money a long ago, not in this Sept. They were giving us daily interest and collecting those from the borrowers later on. Also they were capable of giving instant withdrawal only because of there was significant deposit too( just like how a bank runs). But rn hardly will anyone invest their money in their platform at least for now, so the options left for them is the repayment of the borrowers or giving it from their pocket which is not sustainable

 

[mrbanker]

Actually they have not reinvested our money. They have invested our money a long ago, not in this Sept. They were giving us daily interest and collecting those from the borrowers later on. Also they were capable of giving instant withdrawal only because of there was significant deposit too( just like how a bank runs). But rn hardly will anyone invest their money in their platform at least for now, so the options left from them is the repayment of the borrowers or giving it from their pocket which is not sustainable

If you remember the time when they were calling the curtains on the Flexi scheme, they sent out the message in advance to existing investors. Till that time they were also providing the borrower names and amount report. So why would they not provide the borrower list now and why did they keep mum before implementing the changes this time?

 

[iampqq]

Bhai maine ek bande ka dekha tha 3.1l investment usko 60k ka repayment mila tha

So it depends on loan only

Pehle jab month ka option nhi tha felxi tha , uss time show krta tha ki kitna kitna lenders ki diya hai
So it was like between 500-10000

So chances Kam hai but lets see

In this case mobi won't give money from their side to because if lenders diya vo denge else nhi denge

 

[codenerd]

Bhai maine ek bande ka dekha tha 3.1l investment usko 60k ka repayment mila tha

So it depends on loan only

Pehle jab month ka option nhi tha felxi tha , uss time show krta tha ki kitna kitna lenders ki diya hai
So it was like between 500-10000

So chances Kam hai but lets see

In this case mobi won't give money from their side to because if lenders diya vo denge else nhi denge

You mean one of your friend got 60K repayment from 3.1 L investment? We all got 10.1% only. How did he alone get such high percentage prinicpal repayment. Pls check with him if that 60K repayment included massive amount of previous interest earning which he never withdrew ya fir he actually got 60k out of 3L.

Maybe uss 60K me uska woh paisa bhi refund aa gaya hoga which was uninvested by MB after recent rule changes.

If possible pls share screenshot.

 

[iampqq]

You mean one of your friend got 60K repayment from 3.1 L investment? We all got 10.1% only. How did he alone get such high percentage prinicpal repayment. Pls check with him if that 60K repayment included massive amount of previous interest earning which he never withdrew ya fir he actually got 60k out of 3L.

Maybe uss 60K me uska woh paisa bhi refund aa gaya hoga which was uninvested by MB after recent rule changes.

If possible pls share screenshot.

. . .

 

[tharun]

You mean one of your friend got 60K repayment from 3.1 L investment? We all got 10.1% only. How did he alone get such high percentage prinicpal repayment. Pls check with him if that 60K repayment included massive amount of previous interest earning which he never withdrew ya fir he actually got 60k out of 3L.

Maybe uss 60K me uska woh paisa bhi refund aa gaya hoga which was uninvested by MB after recent rule changes.

If possible pls share screenshot.

. . .

Iam thinking He/she could have got more than 10percent of principal if the borrower(the person who took loan)prepaid the loan

 

[codenerd]

. . .

Bhai iska breakup kaise dikhega to be sure?

 

[percolate]

My initial investment: 427,631.58
Used ChatGPT to compute the assumed repayment schedule with 2 columns for probable interest rate (10% and 12%).
As per this it shows that the repayment could span upto 36 months for sure if they follow the trend of paying just 10% of the remaining principal.

My confusion: I am thinking theres something wrong with this calculation/my understanding since MK is accepting new investments with 1 year lock in.
Now if thats the case, how can they repay in 36 months as per the below assumed schedule which is as per the 10% principal repayment which they did in September.
OR
Should we assume that 10% principal was repaid only in 1st month (September) and that from next month we should wait and see what actual calculation/repayment schedule they will follow?

================================================================================================
ChatGPT Output:

To generate a table showing how the principal reduces each month until it becomes zero, with a 10.1% monthly repayment based on the remaining principal, and including the impact of annual returns of 10% and 12%, we need to update the calculations accordingly.
Here’s a detailed step-by-step table:

1. Initial Investment: INR 427,631.58
2. Monthly Repayment Rate: 10.1% of the remaining principal each month
3. Monthly Return Rates: Approximate 0.833% for 10% annual return, and 1% for 12% annual return

Calculation Process:​

1. Principal Returned: 10.1% of the remaining principal.
2. Remaining Principal: Updated each month after repayment.
3. Amount Repaid: Includes the principal repaid and interest accrued.

Here is the table until the principal becomes 0:

Month	Initial Investment	Principal Returned	Remaining Principal	Amount Repaid (10% Return)	Amount Repaid (12% Return)
1	427,631.58	43,135.84	384,495.74	43,135.84	43,135.84
2	384,495.74	38,836.38	345,659.36	82,584.21	82,768.91
3	345,659.36	34,832.55	310,826.81	124,708.04	125,521.95
4	310,826.81	31,412.23	279,414.58	168,218.92	170,572.80
5	279,414.58	28,182.59	251,232.00	213,149.63	217,074.32
6	251,232.00	25,350.43	225,881.57	259,539.36	265,626.63
7	225,881.57	22,835.19	203,046.38	307,406.82	316,579.26
8	203,046.38	20,508.35	182,538.03	356,783.46	370,362.67
9	182,538.03	18,356.64	164,181.39	407,723.78	427,470.70
10	164,181.39	16,368.57	147,812.82	460,413.71	488,306.05
11	147,812.82	14,536.71	133,276.11	515,902.63	553,417.76
12	133,276.11	12,853.41	120,422.71	573,280.71	623,297.58
13	120,422.71	12,165.29	108,257.42	633,445.35	698,171.98
14	108,257.42	10,926.31	97,331.11	696,575.64	779,479.81
15	97,331.11	9,830.69	87,500.42	762,406.82	867,834.37
16	87,500.42	8,843.40	78,657.02	831,901.57	963,911.77
17	78,657.02	7,944.24	70,712.78	905,037.93	1,068,448.18
18	70,712.78	7,137.95	63,574.83	981,806.10	1,182,261.35
19	63,574.83	6,413.72	57,161.11	1,062,286.82	1,306,227.31
20	57,161.11	5,758.09	51,403.02	1,146,560.27	1,441,255.22
21	51,403.02	5,157.84	46,245.18	1,234,708.99	1,588,325.46
22	46,245.18	4,622.41	41,622.77	1,326,814.74	1,748,493.47
23	41,622.77	4,124.52	37,498.25	1,422,861.54	1,923,899.92
24	37,498.25	3,694.46	33,803.79	1,522,934.00	2,114,713.04
25	33,803.79	3,295.98	30,507.81	1,627,118.72	2,321,156.29
26	30,507.81	2,930.27	27,577.54	1,735,524.43	2,554,589.34
27	27,577.54	2,645.21	24,932.33	1,848,272.26	2,804,340.48
28	24,932.33	2,354.70	22,577.63	1,965,497.35	3,070,809.29
29	22,577.63	2,103.31	20,474.32	2,087,360.65	3,354,412.57
30	20,474.32	1,892.47	18,581.85	2,214,951.22	3,655,643.94
31	18,581.85	1,725.95	16,855.90	2,347,582.16	3,975,065.86
32	16,855.90	1,593.19	15,262.71	2,485,406.35	4,313,297.54
33	15,262.71	1,493.76	13,768.95	2,628,727.64	4,671,048.98
34	13,768.95	1,422.96	12,346.00	2,777,780.36	5,049,189.41
35	12,346.00	1,378.90	10,967.10	2,932,732.51	5,448,489.20
36	10,967.10	1,328.76	9,638.34	3,093,735.40	5,869,815.56

Explanation:​

• Initial Investment: The starting amount of investment for the month.
• Principal Returned: 10.1% of the remaining principal each month.
• Remaining Principal: Principal remaining after each month’s repayment.
• Amount Repaid (10% Return): Cumulative amount repaid with a 10% annual return.
• Amount Repaid (12% Return): Cumulative amount repaid with a 12% annual return.

Don't believe in the ChatGPT output. As per this you will get 30L for 4L investment.

 

[codenerd]

Iam thinking He/she could have got more than 10percent of principal if the borrower(the person who took loan)prepaid the loan

Yes you're right. But i am thinking how come all of us just got 10.1% fixed based on what logic god knows.. But only 1 person so far broke that rule and got more than 10%.

As long as they dont fix a strict monthly percentage of repayment, i guess we are all lucky to withdraw out full principal without even waiting for a year.

Let's hope for the best. Coz if they actually drag it to 35 months, we are dead.

 

[codenerd]

Don't believe in the ChatGPT output. As per this you will get 30L for 4L investment.

Yeah that was weird for me also 🤣 ButI was too confused to calculate the repayment schedule for myself based on 10% return of principal invested monthly. Tried couple of things in excel, but I guess my logic was wrong.