Mobikwik Personal Loan

Mobikwik Personal Loan Interest Rates

The interest rates for the MobiKwik ZIP EMI (Equated Monthly Installment) feature are not fixed but rather depend on the individual’s creditworthiness.

However, MobiKwik provides a representative example of the interest rate range, which is: 17.99% to 35.99% per annum (APR).

In addition to the ZIP EMI option with variable interest rates, MobiKwik also offers the ability to use the credit at 0% interest for purchases made at their partnered merchants.

Mobikwik Personal Loan Eligibility Criteria

MobiKwik doesn’t directly disclose the specific eligibility criteria for their ZIP EMI Personal Loan on their website. However, the general eligibility criteria for the loan application process are mentioned below.

• You should be a resident of India.
• Must be 18 years or older.
• Have a valid PAN Card and an Aadhaar Card (or potentially a Passport).

Documents Required for Mobikwik Personal Loan

Before you apply for a Mobikwik loan, make sure you have the following documents ready:

• PAN card
• Aadhaar card
• Your mobile number should be linked with your Aadhaar or Central KYC registry. Use the same number to sign up.
• Provide your selfie as a photo proof on a clean/white background.

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Mobikwik Personal Loan EMI Calculator

You can use a Mobikwik EMI Calculator to determine the monthly repayment amount for a personal loan. It considers factors such as the loan amount, interest rate, and loan tenure to calculate the EMI.

Here are the steps:

• Step 1: Enter the loan amount you wish to borrow.
• Step 2: Enter the interest rate (p.a.).
• Step 3: Enter the tenure in months.

Calculation of Mobikwik Personal Loan Monthly EMI

For a loan amount of ₹2,00,000 (principal), an interest rate of 17.99% per annum, and a tenure of 2 years (24 months), the monthly EMI (Equated Monthly Installment) would be approximately ₹9,984.

Here’s the formula used for EMI calculation:

EMI = [P x R x (1+R) ^ N] / [(1+R) ^ N – 1]

Where:

• P = Principal amount (₹2,00,000)
• R = Interest rate per month (We need to convert the annual rate to monthly)
• N = Tenure in months (24 months)

Calculating the monthly interest rate (R):

R = (17.99% per annum) / 12 months/year = 1.499% per month

Plugging the values into the EMI formula:

EMI = [₹2,00,000 x (1.499% per month) x (1 + 1.499% per month) ^ 24] / [(1 + 1.499% per month) ^ 24 – 1]

EMI ≈ ₹9,984

Therefore, the monthly EMI for the given loan would be approximately ₹9,984.

Benefits of Mobikwik Personal Loan

MobiKwik personal loan offering provides a compelling and convenient solution for individuals seeking quick and hassle-free access to credit. Here are the benefits of Mobikwik personal loan:

• Online application: MobiKwik allows users to apply for personal loans through their website or mobile app, eliminating the need for physical branch visits or lengthy paperwork.
• Quick approvals: MobiKwik provides instant approvals, enabling users to receive loan offers within a short period after submitting their applications.
• Minimal documentation: The loan application process requires only basic identification documents and income proof, simplifying the submission and verification process.
• Digital verification: MobiKwik employs advanced algorithms and technology to expedite the verification process, allowing users to complete it online for faster turnaround times.
• Integrated wallet for loan disbursement: Users can link their MobiKwik digital wallet to their personal loan account, allowing for quick and easy access to the approved loan amount.
• User-friendly interface: MobiKwik’s app features intuitive navigation and clear instructions throughout the loan application process, ensuring a smooth and hassle-free experience.
• Transparent terms and conditions: MobiKwik provides clear information about interest rates, repayment terms, and any applicable fees or charges, allowing users to make informed decisions.
• Flexible repayment options: MobiKwik offers various convenient payment methods, including auto-debit and online payments, and allows users to select a repayment tenure that suits their financial situation.

Check personal loan options from other payment apps below:

Steps to Apply for Mobikwik Personal Loans

To avail an instant personal loan from MobiKwik, follow these steps:

• Step 1: Download and install the MobiKwik app from the Play Store or App Store.
• Step 2: Create an account if you are a new user.
• Step 3: If you are an existing user, log in using your registered email ID or phone number and OTP.
• Step 4: Navigate to the “ZIP EMI” in the Loan section of the app’s main menu after logging in.
• Step 5: Agree to the “Terms & Conditions” and “Declaration” by clicking the concerned box of “Getting Started.”
• Step 6: Complete your KYC by clicking on “Proceed to KYC”
• Step 7: After completing your KYC, enter personal information such as your father’s name, employment type, email Id, monthly income, etc.
• Step 8: The MobiKwik app will fetch your credit score based on your KYC details.
• Step 9: MobiKwik will present available loan options after assessing your eligibility. Choose the loan amount and tenure that best suits your needs and repayment capacity. The corresponding loan interest rate will also be shown.
• Step 10: Apply voucher details, if you have any.
• Step 11: Click on “Accept” to complete your loan application process.
• Step 12: Once the personal instant loan is approved, the loan amount will be disbursed directly to your MobiKwik wallet or bank account linked to your MobiKwik account.