Intro
Hello everyone. I am going to share the complete details of this MobiKwik application along with the option called BNPL Pay that MobiKwik provides.
MobiKwik BNPL
In that way, you do not need to pay any amount to enable the BNPL Pay option that MobiKwik provides. When you enable this option, if you are eligible, they say that they give you a credit limit of up to sixty thousand. Just use the credit limit that they give, and you can make a transfer at any online store or app store that they are also participating in. They say that they give you many different offers when you make a transaction.
Billing Cycle
This MobiKwik application will charge you twice a month for the number of transactions you can make using the credit limit you have been given. From the 1st to the 15th of the month, you will be billed on the 16th, including all the transactions you can make. After that, you will be billed on the 1st of the next month, including all the transactions you can make from the 16th to the 8th of the month. After a bill is generated, you have to pay it back within five days.
Late Fee
If you are unable to pay the full bill amount within the given time, then they will charge you a late fee. The amount depends on the amount you pay. See for yourself.
MobiKwik zip to Bank transfer
Then MobiKwik can transfer the amount that you can credit to your bank account. But when you transfer it, they say that you will be charged up to 3.35%.
Hidden charge
What a pro; they are doing everything like other applications. If you ask me why it is called a scam, I told you that it is a lie in the chat itself. Don’t get angry thinking that I lied to you. They lied to me. They said that there is no joining fee. In their terms and conditions, they have said that they will charge a join fee from 99 to 399. There is no other credit card on it.
Mobikwik xtra
Then Mobikwik Xtra has introduced a new option. In this option, you deposit your amount with them, and then they say that they will give you a profit of up to 12%. This is like the 12% profit option in our country. That is, you give your amount to MobiKwik, then MobiKwik gives it to their partner Landbox, which then lends it to someone else at a higher interest rate, and they are saying that they are giving you a profit of up to 12% on the income that comes from it.
If you look closely, they have put words like “up to,” which means they will give a profit of up to 12%, and if it falls short, they will take whatever they want. They do not even give a guarantee for giving such a minimum. This is a very risky thing; I will not recommend it. if you want to know the complete details about this, then check this video
My opinion
Even though there are so many things, I will tell you my opinion. As far as it is concerned, it is better to get a credit card that has RBI approval than to take a loan through this MobiKwik application. If you do not have a credit card, then apply for a new credit card. If you do not have any other way, then apply for a new credit card. If you need an urgent amount, then take a loan through this application. Then make correct repayments for the loan you can afford. Otherwise, they will charge you and write off your property. Be careful.