Mobikwik is the first wallet player to distribute loan amounts in the user’s mobile wallet. A personal loan is a blessing to get an instant loan for requirements like home renovation, travel, emergencies, and so on. Mobikwik provides various platforms like mutual funds, digital gold, money transfer, Instant loans, pay later, and many other services.
Offers secured loans and instant money transfers. Mobikwik is the largest wallet player in India with the unique concept of “Buy now pay later”. Its breakthrough product called ‘BOOST’ offers instant loan approval and disguise to its users. This is the first credit-giving product. Loans up to Rs.60,000/- are sanctioned in this service. The uniqueness is that loan is sanctioned and disbursed in a matter of just 90 seconds.
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- Loan approval on the go through mobile app.
- Withdraw any amount at any point from the approved
- Instant approved and disbursed.
- Minimum documentation requirement.
- Buy anything and everything you ever desired with just a click.
HOW TO APPLY FOR AN “INSTANT” PERSONAL LOAN?
- One needs to follow certain steps to get loans in Mobikwik. It requires
certain basic details and documentation to grant a personal loan.
Get personal loan instantly in just 7 steps:
Open the Mobikwik app.
Click on “boost loan”
Type in your personal details.
Type amount you want to withdraw.
Click on “Boost credit”
The amount would instantly reflect in your wallet as an instant loan online (i.e.) small loan.
“INSTANT PERSONAL LOAN” VS “PERSONAL LOAN”:
- Instant Loans, are a completely online personal loan product that helps you in tide over a difficult financial situation when the need for money is urgent.
- Whereas a normal personal loan is the conventional one which may take time to be processed & approved.
APPLY FOR A PERSONAL LOAN ONLINE:
- To avail a quick personal cash loan, Mobikwik is the most trusted online platform amongst all to choose as a medium to apply for a variety of purposes.
- Some types of personal loans that Mobikwik provide loans are:
- Wedding loan:
- Wedding is an event that each one of us plan to make memorable, with a long list of expenses.
- Many lenders have started offering personal loans for the wedding which can be customized as per the individual need.
- Home Renovation loan:
- A beautiful house is a dream for many people, it includes renovating it as per our wish.
- Thus, identifying these needs, home improvement loans are offered which help us take care of repairing costs, buying new materials, labor charges, etc…
- Travel loan:
- People who love vacation can always opt for this loan.
- One can go around the world, and pay their bills later with holiday loans.
- Pension loan:
- This is a special category of loan for the retired personnel.
- Pensioners are allowed to borrow for any kind of expenses like medical bills or personal requirements.
- Education loan:
- These are either to pay petty cashes like tuition fees or large items like going abroad for further education.
- OTHERS: Festival loan, consumer durable loan, computer loan and mobile phone loan.
ELIGIBILITY TO APPLY FOR A PERSONAL LOAN ONLINE:
- Personal loans in Mobikwik can also be applied in the mobile app itself, so desktop is not compulsory.
- For personal loan all one need is his or her Aadhar card and PAN card.
SIMPLE WAY TO APPLY FOR A PERSONAL LOAN IN MOBIKWIK:
- Download the “Mobikwik” app. and apply for the loan by filling online application. (Similar to instant loan)
- Once you submit your application, loan approval would be received shortly.
- The wallet would instantly reflect the amount.
HOW TO PAY DUES?
- Go the ‘Recharge & Bill Payments’ section in Mobikwik app.
- Select ‘EMI payments’
- Select ‘DMI Finance’ as the ‘Operator’ service.
- Enter the required details – loan number and mobile number.
- Press ‘Continue’ to view the DMI Finance payment details.
INTEREST RATES IN MOBIKWIK:
- Interest rates are based on the factors like :
- Loan amount
- Time period to repay
- Type of loan
As an interest rate calculator is given before applying for a loan, users can check when they enter into the apply loan.
Sample of interest calculation.
- It is true that comparatively Mobikwik provides less rate of interest.
HINDRANCES with MobiKwik:
- Response to customer care calls is not good.
- Doubts regarding payments are actually responded properly
DISADVANTAGES in MobiKwik:
- Wallet to bank transfers have bank charges along with GST.
- Charges for delay payments are automatically added within a day.