Mobikwik Xtra discontinues Flexi & Plus. Withdrawal also paused.

[simplewarrior]

Mobikwik has stopped withdrawals for its both plans Flexi & Plus, Full withdrawal of invested amount also stopped.

From now on, repayments will be in installments.



Mobikwik reinvested P2P lenders' money without their consent:

Thread 'Mobikwik reinvested P2P lenders' money without their consent'

Sep 8, 2024

Mobikwik Xtra is a peer-to-peer (P2P) lending platform that partners with Lendbox to facilitate P2P lending across the country. However, Mobikwik and similar platforms were somewhat misleading their customers by advertising these platforms as offering a 12% fixed income opportunity with the ability to withdraw money anytime. As a result, the RBI had to step in and introduce a new set of guidelines for such companies and their customers, effective from August 16, 2024.

According to the "Master Direction - Non-Banking Financial Company – Peer to Peer Lending Platform," dated August 16...

• TechnoFino
• mobikwik mobikwik p2p scam mobikwik scam mobikwik xtra p2p p2p
• Replies: 256
• Forum: Banking Complaint

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[HumorSimpson]

Means, only when the borrower returns, it gets available?

 

[drsel]

Never lend your money to unsecured people and strangers!
remember beggars don't return money

Someone Who needs money now in order to survive will need even more money in future with inflation
where is the question of returning your money?

 

[simplewarrior]

Means, only when the borrower returns, it gets available?

Yes, you will receive amount only if borrower paid its installment

 

[HumorSimpson]

Lets say if I have 10K deposited in the account few months ago, every 12th of the month I get an option to withdraw principle + interest at that point or nothing or partials ?

 

[simplewarrior]

Lets say if I have 10K deposited in the account few months ago, every 12th of the month I get an option to withdraw principle + interest at that point or nothing or partials ?

You will get option to withdraw a part of principal amount and complete interest accrued for that month. Basically they have converted this as loan repayments, so just like we pay bank the loan amount on each installment (principal +interest). This is what P2P was supposed to be according to RBI guidelines.

 

[Rohith_Kumar_Sp]

Chutiya Mobikwik, I need to delete thier account. Literally no use having thier app.

 

[rextg]

Glad I have removed funds after learning about new rules.

 

[HumorSimpson]

Chutiya Mobikwik, I need to delete thier account. Literally no use having thier app. View attachment 67233

Nothing serious , all they said is your amount+interest can be withdrawn, if you don't do it won't go to auto renewal for further interest.

 

[HumorSimpson]

You will get option to withdraw a part of principal amount and complete interest accrued for that month. Basically they have converted this as loan repayments, so just like we pay bank the loan amount on each installment (principal +interest). This is what P2P was supposed to be according to RBI guidelines.

View attachment 67228

so , if the repayment received is full, they will allow full withdrawal ?

 

[simplewarrior]

so , if the repayment received is full, they will allow full withdrawal ?

Yes, you should be able to withdraw that full repayment amount. But, your amount invested is lent to multiple borrowers, so even if one of them repaid in full (which I doubt will happen), there will not be a full withdrawal of your invested amount.

 

[HumorSimpson]

Yes, you should be able to withdraw that full repayment amount. But, your amount invested is lent to multiple borrowers, so even if one of them NOT repaid in full (which I doubt will happen), there will not be a full withdrawal of your invested amount.

I guess you left NOT in
???

 

[codenerd]

Sabka band bajega abh😑😑😑
Just waiting for 12th of this month to withdraw as much money as I can. 😑😑😑

 

[codenerd]

Sabka band bajega abh😑😑😑
Just waiting for 12th of this month to withdraw as much money as I can. 😑😑😑

Mobikwik shud have informed the customers before locking the withdrawal even if it wasn't as per RBI norms. This is preposterous.

 

[drsel]

Mobikwik shud have informed the customers before locking the withdrawal even if it wasn't as per RBI norms. This is preposterous.

If they are giving you 12% they are lending at 18%.

now who in his right mind will borrow money at 18 percent?
only someone who is really desperate

 

[drsel]

Also these are unsecured loans, so there is no asset to seize when the borrower defaults and runs away

 

[codenerd]

If they are giving you 12% they are lending at 18%.

now who in his right mind will borrow money at 18 percent?
only someone who is really desperate

You're right but still people do borrow. Currently I am. Not even concerned about that. I just want to withdraw whole money😂

 

[tanujsheoran]

even 12 percent club NBFC are also under radar of RBI which take action last month, P2P is not safe

 

[Rohith_Kumar_Sp]

Nothing serious , all they said is your amount+interest can be withdrawn, if you don't do it won't go to auto renewal for further interest.

I pressed withdraw but there's literally no where in the app to see the transaction details. And I don't know how to track it.

 

[Aryan Raj]

Guys i start Spread Message against mobikwik ... this is my twitter link, please spread this Message link , if you want your money back Or You want safe your money...