Fintech platforms have become popular for offering quick and easy financial services. Mobikwik, a leading digital payment app in India, now provides instant loans for those needing quick financial help. If you’re in a financial pinch, Mobikwik’s instant loan can offer a fast solution. This article breaks down the process, eligibility, interest rates, repayment options, and other important details about Mobikwik Instant Loan.
What is Mobikwik Instant Loan?
Mobikwik Instant Loan is a short-term personal loan available through the Mobikwik app. It’s designed for people who need money fast and without the hassle of traditional banks. Since it’s an unsecured loan, you don’t have to offer any assets as collateral. The process is entirely digital and takes only a few minutes, making it ideal for urgent situations.
Features of Mobikwik Instant Loan 2024
| Loan Amount | ₹5,000 to ₹60,000 |
| Loan Tenure | 3 months to 12 months |
| Interest Rates | 18% to 28% per annum |
| Collateral Requirement | No collateral required |
| Disbursement Time | Loan disbursed within 5 minutes |
| Required Documents | Aadhaar card, PAN card, and bank statements |
| Application Process | Fully digital through the Mobikwik app |
| Eligibility Criteria | Must be 18 years or older, have a steady income, and a good credit score |
| Processing Fees | 2% to 4% of the loan amount |
| Repayment Options | Monthly EMIs through debit cards, net banking, or Mobikwik wallet |
| Benefits | Fast approval, no collateral, flexible repayment options, fully online |
| Drawbacks | Higher interest rates for low credit scores, lower loan amounts, processing fees and late payment charges |
- Loan Amount: You can borrow between ₹5,000 to ₹60,000. The amount depends on your credit score and financial history.
- Loan Duration: You can choose to repay the loan over 3 to 12 months, giving you flexibility in managing repayments.
- Interest Rates: Interest rates range between 18% to 28% per year, depending on your credit score, loan amount, and duration.
- No Collateral: These loans are unsecured, meaning you don’t need to offer any security like property or assets. Your credit score will determine if your loan gets approved.
- Fast Disbursement: Once your loan is approved, the money is transferred to your Mobikwik wallet. You can then move it to your bank account. The whole process can take as little as 5 minutes.
- Minimal Paperwork: You only need basic documents such as an Aadhaar card, PAN card, and bank statements. The process is entirely digital with no physical paperwork required.
How to Apply for Mobikwik Instant Loan
Applying for a Mobikwik loan is simple and can be done through the app. Here’s how:
- Download the Mobikwik App: Log into your Mobikwik account or create a new one if you don’t have an account.
- Check Eligibility: After logging in, go to the ‘Boost’ section and select ‘Instant Loan’. Mobikwik will check your eligibility based on your credit score.
- Select Loan Details: Choose the loan amount and repayment duration. Mobikwik will show you the interest rate, monthly EMI, and total amount you’ll need to repay.
- Submit Documents: Upload your Aadhaar card, PAN card, and bank details for verification.
- Approval and Disbursement: Once approved, the loan amount will be credited to your Mobikwik wallet instantly.
Eligibility Criteria for Mobikwik Instant Loan
To qualify for a Mobikwik Instant Loan, you must meet these requirements:
- Age: You must be at least 18 years old.
- Income: While Mobikwik doesn’t specify a minimum income, having a steady source of income will increase your chances of approval.
- Credit Score: A good credit score (preferably above 700) helps you get a higher loan amount and better interest rates.
- KYC Documents: You must provide valid Aadhaar and PAN cards for verification.
- Mobikwik User: Only verified Mobikwik users can apply for the loan.
Interest Rates and Fees
Mobikwik’s interest rates range from 18% to 28% per year, depending on your credit score. The app also charges a processing fee, usually between 2% to 4% of the loan amount. Late payments will attract penalties, so it’s important to pay on time.
For example:
- Loan Amount: ₹20,000
- Tenure: 6 months
- Interest Rate: 24% per year
- Processing Fee: ₹500 (2.5%)
In this case, you would repay around ₹21,500 over the loan period, excluding any late fees.
Repayment Process for Mobikwik Instant Loan
Repaying the loan is easy. You can pay the monthly EMIs through debit cards, net banking, or even your Mobikwik wallet. Make sure to pay on time to avoid late fees.
Benefits of Mobikwik Instant Loan
- Fast and Easy: The loan process takes just a few minutes from application to disbursement.
- No Collateral: You don’t need to pledge any assets as these are unsecured loans.
- Flexible Repayment Options: Choose a repayment term between 3 to 12 months, making it easier to manage your budget.
- Fully Digital: The entire process is online, with no need for paperwork or in-person visits.
- Great for Emergencies: These loans are perfect for emergencies like medical bills or short-term financial needs.
Drawbacks of Mobikwik Instant Loan
- High Interest Rates: Compared to secured loans, Mobikwik’s interest rates are higher, especially for those with low credit scores.
- Lower Loan Amount: The maximum loan amount is ₹60,000, which might not be enough for major expenses like home renovations.
- Extra Fees: Processing fees and late charges can increase the total cost of borrowing.
FAQs on Mobikwik Instant Loan 2024
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