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Mobikwik reinvested P2P lenders' money without their consent

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codenerd said:
Yeah that was weird for me also :ROFLMAO: 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.
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codenerd said:
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:
MonthInitial InvestmentPrincipal ReturnedRemaining PrincipalAmount Repaid (10% Return)Amount Repaid (12% Return)
1427,631.5843,135.84384,495.7443,135.8443,135.84
2384,495.7438,836.38345,659.3682,584.2182,768.91
3345,659.3634,832.55310,826.81124,708.04125,521.95
4310,826.8131,412.23279,414.58168,218.92170,572.80
5279,414.5828,182.59251,232.00213,149.63217,074.32
6251,232.0025,350.43225,881.57259,539.36265,626.63
7225,881.5722,835.19203,046.38307,406.82316,579.26
8203,046.3820,508.35182,538.03356,783.46370,362.67
9182,538.0318,356.64164,181.39407,723.78427,470.70
10164,181.3916,368.57147,812.82460,413.71488,306.05
11147,812.8214,536.71133,276.11515,902.63553,417.76
12133,276.1112,853.41120,422.71573,280.71623,297.58
13120,422.7112,165.29108,257.42633,445.35698,171.98
14108,257.4210,926.3197,331.11696,575.64779,479.81
1597,331.119,830.6987,500.42762,406.82867,834.37
1687,500.428,843.4078,657.02831,901.57963,911.77
1778,657.027,944.2470,712.78905,037.931,068,448.18
1870,712.787,137.9563,574.83981,806.101,182,261.35
1963,574.836,413.7257,161.111,062,286.821,306,227.31
2057,161.115,758.0951,403.021,146,560.271,441,255.22
2151,403.025,157.8446,245.181,234,708.991,588,325.46
2246,245.184,622.4141,622.771,326,814.741,748,493.47
2341,622.774,124.5237,498.251,422,861.541,923,899.92
2437,498.253,694.4633,803.791,522,934.002,114,713.04
2533,803.793,295.9830,507.811,627,118.722,321,156.29
2630,507.812,930.2727,577.541,735,524.432,554,589.34
2727,577.542,645.2124,932.331,848,272.262,804,340.48
2824,932.332,354.7022,577.631,965,497.353,070,809.29
2922,577.632,103.3120,474.322,087,360.653,354,412.57
3020,474.321,892.4718,581.852,214,951.223,655,643.94
3118,581.851,725.9516,855.902,347,582.163,975,065.86
3216,855.901,593.1915,262.712,485,406.354,313,297.54
3315,262.711,493.7613,768.952,628,727.644,671,048.98
3413,768.951,422.9612,346.002,777,780.365,049,189.41
3512,346.001,378.9010,967.102,932,732.515,448,489.20
3610,967.101,328.769,638.343,093,735.405,869,815.56

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.
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It's not just plain wrong it's disastrous for the company if it's follows chatgpt returns😂😂😂
 
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I think they will return min 11%,so it will take 9 months for the whole amount to withdraw.
They are still not showing the borrowers whom they have distributed the money.So I think it's Mobikwik/Lendbox'w responsibility to return us the money,and they are giving min 11%.
For new users ,they have the opportunity to select the borrowers,so it will be their responsibility and risk whether they will get the money back from the repayment.
For us wait 9 month for full amount.
This is my understanding
 
Yeah, based on some calculations, I was also thinking we will get the money back in 9-10 months max considering they equally divided the initial investment into 10 parts.. Only then it make sense to repay 10% monthly.. TBH, i dont think they have any logic in their calculation if we look at the principal and interest they repaid.

So, 9-10 months it is. HOPEFULLY! :)

Bhaand me gaya interest earning. Bas principal wapas chhaiye.

I will consider the lost 10-14% interest as Cost of Knowledge acquired to stay away from these unregulated fintech startups. Def not worth the stress and anxiety. I would rather bet on Paytm/Vodafone shares (both which are disastrous) than to reinvest in P2P such as Mobikwik :ROFLMAO:
Sahil_07 said:
I think they will return min 11%,so it will take 9 months for the whole amount to withdraw.
They are still not showing the borrowers whom they have distributed the money.So I think it's Mobikwik/Lendbox'w responsibility to return us the money,and they are giving min 11%.
For new users ,they have the opportunity to select the borrowers,so it will be their responsibility and risk whether they will get the money back from the repayment.
For us wait 9 month for full amount.
This is my understanding
Click to expand...
 
tharun said:
It's not just plain wrong it's disastrous for the company if it's follows chatgpt returns😂😂😂
Click to expand...
I deleted my chatgpt post as I realized the flaw in the calculation.

As per chatgpt's calculation the principal amount to be repaid was considered to be 10% on reducing baalance as compared to previous month's investment. This is actually wrong as prinicipal will be most likely be split into 10-12 equal parts.

Only interest calculation will follow that rule where it will be calculated on 10% less of previous months investment.
 
codenerd said:
View attachment 68838You 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.
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codenerd said:
I deleted my chatgpt post as I realized the flaw in the calculation.

As per chatgpt's calculation the principal amount to be repaid was considered to be 10% on reducing baalance as compared to previous month's investment. This is actually wrong as prinicipal will be most likely be split into 10-12 equal parts.

Only interest calculation will follow that rule where it will be calculated on 10% less of previous months investment.
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Use annuity ezzy
 
iampqq said:
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
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TnC bahut clear hai.. jiska jo loan emi hai qoh milega.. so amounts may be different..
 
codenerd said:
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.
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why.. if u get interest.. whats the worry..?
 
codenerd said:
Coz while investment, no one in his sane mind would let a company lock in their money for 36 months for 12% interest that too whichy is not fixed now, with full default probability. Short term parking money is fine.
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Agree.. however don't assume default.. its not doom and gloom for now.. 36 Mnths 12% is gd
 
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