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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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Sahil_07 said:
rbi said to stop giving daily interest. Rbi never said to change terms of all the existing plans. The change should be applied to new investment only as they have the option to select or reject the borrower based on their profile.
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nah
rbi said ki invester ke paiso sa loan do and loan ka paisa wapas aye tho usko wapas do.
they probably don't have any new investments and agar purane sabko paisa denge tho kaha sa ayega paisa? paisa tho as a loan diya hai.
mera bhi 19k hai and i already knew aisa kuch ho saktha hai tho soch smj kr dala tha.
 
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iampqq said:
nah
rbi said ki invester ke paiso sa loan do and loan ka paisa wapas aye tho usko wapas do.
they probably don't have any new investments and agar purane sabko paisa denge tho kaha sa ayega paisa? paisa tho as a loan diya hai.
mera bhi 19k hai and i already knew aisa kuch ho saktha hai tho soch smj kr dala tha.
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but how can they change terms and conditions in the middle of the plan? we had not invested our money seeing these tcs. We were promised we can withdraw our money any time. If you open a fixed deposit in a bank for 1 year and bank change their tc and tells you, you only get your money when the borrowers repay you, will you accept that?
 
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Sahil_07 said:
but how can they change terms and conditions in the middle of the plan? we had not invested our money seeing these tcs. We were promised we can withdraw our money any time. If you open a fixed deposit in a bank for 1 year and bank change their tc and tells you, you only get your money when the borrowers repay you, will you accept that?
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They didn't changed
Rbi forced to change
And this isn't bank (double intrest rate mil raha so there double risk)
 
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drsel said:
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
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Or, someone who is a regular defaulter.

Good quality borrowers go to Banks - with all dox and good standings.

Thr rest, go to such lenders/Apps. Least bothered about the higher Rates. Recovery/legal recourse is extremely difficult n a long drawn process - even if it enforceable in the first place - as legal system needs properly stamped n executed dox.

As I told earlier (in other related threads on such high-interest lendings), the tough times have started for the lenders.
 
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Sahil_07 said:
but how can they change terms and conditions in the middle of the plan? we had not invested our money seeing these tcs. We were promised we can withdraw our money any time. If you open a fixed deposit in a bank for 1 year and bank change their tc and tells you, you only get your money when the borrowers repay you, will you accept
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Before Investing in Xtra did you just read any time Withdrwal but forgot to read other Conditions subject to which Any time Withdrwal is allowed ? Even if Previous Plans Exist as it is, if Borrowers defaults they they can stop the Withdrwal any time and you may not even get your Principal Back.
 
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RAMESH BABU N said:
Or, someone who is a regular defaulter.

Good quality borrowers go to Banks - with all dox and good standings.

Thr rest, go to such lenders/Apps. Least bothered about the higher Rates. Recovery/legal recourse is extremely difficult n a long drawn process - even if it enforceable in the first place - as legal system needs properly stamped n executed dox.

As I told earlier (in other related threads on such high-interest lendings), the tough times have started for the lenders.
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Yes anyone with fake identity or clone without much verification can get loan .
And they will just call and message no physical action.
So very less chance that it'll be recovered.
 
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codenerd said:
Wow. Please tell us more about the legal proceedings you discussed about. Please share it here also for all of us! Maybe a ray of hope. We all can jump onto that bandwagon and email in the same template as per your inputs to Mobikwik, RBI, etc etc.

Coz I hardly believe Mobikwik will actually live upto their word of allowing withdrawal of money entirely by 12th sept easily based on a conversation. Pretty sure they would have thought about these loopholes before taking such a stupid and unethical step.

Also you mentioned that you got a call from Mobikwik? Why did they call you in the first place themselves?:hehe:
Arent they busy giving typical automated responses to everyone and avoiding our calls?
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Hahaha, if you know what is weak point then u can defeat hulk also 😉
I know to whom I need to contact to get resolution that's why they called me thrice and informed everything and requested some time.
 
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dealseeker said:


More you bump this issue more the chances of withdrawal option for customers. Already impact of the post is visible as MobiKwik and Lendbox replying to this thread and calling.
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Following the thread and blasting on Twitter. Thanks. I ahve already blasted them on dms, several tweets.. Will complaint on RBI portal also.

But since you have directly communicated with lemdbox and mobikwik, pls share us updates here so that we can follow along.
 
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