Mobikwik Xtra upto 12% interest p.a. (returns not guaranteed) and user specific

FAQs

Awareness

What is MobiKwik Xtra?
Xtra is an investment that offers you the opportunity to earn upto 12% p.a. by lending directly to creditworthy borrowers. This is done via an RBI-regulated peer to peer investing platform, Lendbox (Transactree Technologies Pvt Ltd)

How will my money be deployed between different borrowers?
Hundreds of data points of income and expense behavior are assessed before selecting borrowers to whom money will be lent. Investors’ funds will be split into chunks as small as Rs. 100 and distributed between lakhs of borrowers. This mitigates risk and diversifies investments.

Who can invest in MobiKwik Xtra? Can NRIs invest?
Any Indian above 18 years (resident or non-resident) or company with an active PAN Card and Indian bank account can invest with Lendbox. NRIs can also invest in Xtra via their NRO bank account.

Is there a fee for investing in MobiKwik Xtra?
No, Xtra does not charge any investment fee or commission for deposits or withdrawals.

KYC Information
Which documents do I need to start investing in Xtra?
If you have already completed KYC with MobiKwik, no extra documentation required. If not, you only need to perform PAN and Aadhar-based KYC to begin investing with Xtra.

Adding funds
How much can I invest?
You can start your investment with a minimum of Rs. 1000 and go upto Rs. 10 lakhs. If you want to increase your investment beyond Rs. 10 lakhs, reach out to us and our team will be happy to help you. As per RBI guidelines, for anyone investing above Rs. 10 lakhs, a net worth certificate will be required

Portfolio Understanding
Will my earnings be compounded?
Interest earned on your investments is not reinvested. Earnings are added on a daily basis to your account and are available to withdraw any time

Withdrawal
Will I have to pay any fees for withdrawing my funds?
No fees or charges are applicable for withdrawals.

How long will it take for my withdrawal to reach my bank account?
It may take up to 2 banking days for you to receive withdrawn funds in your bank account, Since we work with a P2P-NBFC partner, we are restricted by RBI regulations around flow of funds. Every transaction must be processed through trustee-regulated escrow accounts during banking hours. Rest assured that you will earn interest up until the day before funds are received in your account.

Can I change the bank account where my withdrawals will be credited?
Sure. Click withdraw, enter an amount, and select ‘Add a bank account’. We will verify your bank account details by depositing ₹1, after which your bank account will be successfully added.

Are my earnings taxable? Will tax be deducted when I withdraw my earnings?
Interest income earned is taxable as per your income’s tax slab and is classified under ‘Other income’. Tax will not be deducted at source, i.e., we will not deduct tax when you withdraw your money

What happens if any borrower does not repay? Are returns guaranteed?
As per RBI guidelines for P2P-NBFCs, all P2P investments are unsecured and cannot be backed by collateral. MobiKwik and its RBI-regulated partners follow best-in-industry risk assessment practices to minimize the risk for its investors, however, returns are not guaranteed.


Terms and conditions

After registering with an internet-based platform on www.lend...in (hereinafter referred to as "The Website") through One MobiKwik Systems Limited’s platform (“MobiKwik”) to find suitable borrower(s), I do hereby and hereon declare as under;

That I have read all the material, terms and conditions available at the website of M/s. Transactree Technologies Private Limited (hereinafter referred to as "The Company"), owners and operators of the Website;

That I have unconditionally agreed to abide by the terms and conditions, Privacy Policy, Fair Practices, RBI disclaimer and other binding material contained on the Website of the Company;

That the information and financial details furnished by me on the Website of the Company are true and correct and nothing material has been withheld therefrom;

That I have on my own volition, wisdom and judgment agreed to lend to independent borrower(s) through the Company and understand that the Company or MobiKwik has no part in me extending any amount as loan to borrower(s) that have or may register on the Website, as I recognize that The Company is a Non-Banking Financial Company – Peer to Peer Lending platform authorized by the Reserve Bank of India and only a market platform/digital aggregator for persons interested in availing and granting of loans, to meet independently. The Company or MobiKwik does not intervene or in any way engage directly or indirectly in any loan transaction;

That I have not made any decision solely on the basis of the information available on the Website and I state that my decision to enter into the loan transaction(s) has been not influenced by such information/content. I understand that in the event of any dispute with the borrower(s) of such loans, the dispute resolution shall be directly between the borrower(s) and me and the Company or MobiKwik or any of their representatives shall not be impleaded in any manner in a dispute with the borrower(s) as they are not privy to such loan transaction(s);

That my registration on the Website for the loan transaction(s) or otherwise, does not make in any manner the Company privy to the loan transaction(s) whether entered into or to be entered into by me. The Company or any of the representatives of the Company or MobiKwik shall not be held responsible for either repayment of the loan(s) extended by me, loss of money, failure to recover the money, or breach of any confidential information that may arise out of the aforementioned loan transactions(s);

That I have resolved at my own volition, judgment and information assessment to register on the Website and offer the loan(s) and The Company or MobiKwik shall not be responsible for any inaccuracy or any material accessed by me on The Website;

That I have an active bank account with a scheduled commercial bank licensed by the RBI. I shall disburse the loan(s) from this bank account or such other account as may be designated by me and informed in writing to the Company. I undertake that I have not borrowed money from any third party, banks or financial institutions to disburse the loan(s).

That the Company may send reminders to the borrower(s) via sms/emails/calls of the due date of each repayment due from the borrower(s) to ensure that the borrower(s) have sufficient funds in their bank accounts.

That the Company or MobiKwik may send reminders to the borrower(s) through emails/SMS/calls in the event of a delay for the first 90 (Ninety) days of the delay in paying the loan(s) as per the repayment schedule agreed between the borrower(s) and me.

That the Company or MobiKwik may send a legal notice to the defaulting borrower(s) after a delay of 90 days by the borrower(s) in repayment of the loan(s) as per the repayment schedule agreed between the borrower(s) and me, and simultaneously hand over the cheques provided as collateral to me.

That the Company or MobiKwik may, after a delay of 120 days in repayment of the loan amount(s) as per the repayment schedule agreed between the borrower(s) and me, inform the recovery agency as designated by me and the borrower(s) to start collection procedures. The charges for the recovery agency would be incurred by myself and will be based on the loan amount recovered from the borrower(s).


I confirm that I do not have over ₹ 50,00,000 (Rupees Fifty Lakhs Only) invested or lent and outstanding across all P2P Lending platforms at the time of sign up and will not exceed the said limit on the Company’s platform as well. I understand that I shall inform the Company and/it’s representatives if and when the said limit is exceeded. I also agree to provide a net worth certificate if and when my investment exceeds ₹10,00,000 (Rupees Ten Lacs only)

I confirm that I have not invested or lent over ₹ 50,000 (Rupees Fifty Thousand Only) to a single borrower across all P2P Lending platforms and will not exceed the said limit on Lendbox as well. I understand that I shall inform the Company and/it’s representatives if and when the said limit is exceeded.

That by investing funds via the Lendbox platform, I authorize Lendbox to automatically invest my funds in different borrowers (only from the select pool of borrowers identified by MobiKwik and Lendbox) based on its algorithm and keep reinvesting repayments in new borrowers for optimizing my returns. I understand that no further signature or consent or authorization is deemed necessary from me for lending to various borrowers on the Lendbox platform.

I agree and understand following Terms and Conditions for my investment –

Minimum funds which I can deposit is ₹ 1000.

I will be allowed to make multiple deposits.

Deposited funds will get deployed and start earning interest from the next day after deposit. This is however subject to bank holidays and an adequate number of new loans being available.

I can place a withdrawal request anytime after three working days from the date of deposit.

Lendbox will facilitate withdrawal of my investment by selling all active loans in a secondary sale, subject to availability of such secondary sales or funds.

Withdrawal amount will be credited to my bank account within three working days, subject to bank holidays.

That I understand and agree that any interest amount and other charges paid by the borrower, beyond my committed investment returns, might be charged by Lendbox and/or the partner company as service/facilitation/collection/misc fee.

That I have given this declaration and undertaking of my own free will & volition and upon fully reading and understanding material terms and conditions available on the website of The Company. I state that the present declaration and undertaking has not been obtained under coercion and/or duress.