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Mobikwik Xtra discontinues Flexi & Plus. Withdrawal also paused.

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simplewarrior

simplewarrior

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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.

Screenshot_20240903-134217_MobiKwik.webp

Mobikwik reinvested P2P lenders' money without their consent:
TechnoFino

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

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...
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simplewarrior said:
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.

View attachment 67224
Click to expand...
Hi all,
I also invested in mobikwik both flexi and xtra plus. I contacted mobikwik customer care. They said that , they updated tnc according to RBI norms. & I askd about withdrawals too . They assured me that Funds can be withdrawn completely or can be re invested for 1 year ( standard lock in period after rbi update) for those who are invested in flexi and xtra plus ( who had maturity before September 12 ) . For those who are invested in xtra plus with certain lockin period ( ie., maturity after September 12) will receive monthly interest, funds can be withdrawn/ re invested if they have maturity on or before 12th of every month.. this is as per customer care statment. Hope for the best. If anyone is have , new information/update regarding this, keep us updated. Thank you .
 
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simplewarrior said:
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
Click to expand...
Hi all,
I also invested in mobikwik both flexi and xtra plus. I contacted mobikwik customer care. They said that , they updated tnc according to RBI norms. & I askd about withdrawals too . They assured me that Funds can be withdrawn completely or can be re invested for 1 year ( standard lock in period after rbi update) for those who are invested in flexi and xtra plus ( who had maturity before September 12 ) . For those who are invested in xtra plus with certain lockin period ( ie., maturity after September 12) will receive monthly interest, funds can be withdrawn/ re invested if they have maturity on or before 12th of every month.. this is as per customer care statment. Hope for the best. If anyone is have , new information/update regarding this, keep us updated. Thank you .
 
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iampqq said:
Tuje compensation ki padi hai
Jo dala hai vo tho ajane de
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if rbi instruct them to compensate, obviously they will ask them to return the money if customer demand, they may grant some fixed time, as our money has already been distributed to multiple users,but atleast we should get principal + fixed 12 % as was the case before
 
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simplewarrior said:
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.

View attachment 67224
Click to expand...
Don't click on I understand
It is trap, as per RBI guidelines lenders should give explicit consent regarding understanding of new terms.
Xtra and Lendbox violating RBI guidelines and I raised this issue with RBI. Now Lendbox replied to me that they are going to update system in 2-3 days with repayment options.
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Never invested any money into mobidick because their ethics and management is questionable. Reaslised this while using the app (so many dark patterns & annoying popups) & paying bills a few years ago.
 
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