How to Get a ₹60,000 Loan from MobiKwik

MobiKwik, a popular financial services company in India, offers various loan products to help individuals meet their financial needs. If you’re considering applying for a ₹60,000 loan through MobiKwik, here’s a comprehensive guide on how to do it, including eligibility criteria, application process, and important tips to ensure a smooth borrowing experience.

Eligibility Criteria

To qualify for a ₹60,000 loan from MobiKwik, you need to meet certain eligibility criteria. While these criteria can vary slightly depending on the specific loan product and your financial profile, the general requirements include:

1. Age Requirement: You must be at least 21 years old.
2. Income: You should have a stable source of income. MobiKwik typically requires proof of income, such as salary slips or bank statements.
3. Credit Score: A good credit score enhances your chances of approval. MobiKwik usually looks for a credit score of 700 or above.
4. Residency: You must be an Indian citizen and reside in a city where MobiKwik offers loan services.

Application Process

Applying for a ₹60,000 loan from MobiKwik is straightforward and can be done through their mobile app or website. Here’s a step-by-step guide:

1. Download the MobiKwik App: If you don’t already have the app, download it from the Google Play Store or Apple App Store.
2. Sign Up / Log In: Create a new account or log in to your existing MobiKwik account.
3. Navigate to Loans Section: Go to the ‘Loans’ section of the app or website.
4. Select Loan Amount: Choose ₹60,000 as the loan amount you wish to apply for.
5. Fill in Details: Enter the required personal and financial details. This typically includes your name, contact information, income details, and bank account information.
6. Submit Documents: Upload the necessary documents, such as ID proof, address proof, and income proof.
7. Verify Information: MobiKwik may require additional verification. This can include an OTP (one-time password) sent to your registered mobile number.
8. Approval and Disbursal: Once your application is approved, the loan amount will be disbursed directly to your bank account.

Interest Rates and Fees

MobiKwik offers competitive interest rates on their loans, but these can vary based on your credit profile and the specific loan product. It’s important to review the interest rates and any applicable fees before finalizing your loan application. Typically, MobiKwik’s interest rates range from 10% to 20% per annum.

Repayment Terms

Loan repayment terms with MobiKwik are generally flexible, allowing you to choose a tenure that suits your financial situation. Common repayment periods range from 3 months to 24 months. Ensure that you understand the repayment schedule and monthly EMI (Equated Monthly Installment) amount before accepting the loan.

Tips for a Smooth Loan Application

1. Check Your Credit Score: Before applying, check your credit score to ensure it meets the eligibility requirements.
2. Prepare Documents: Have all necessary documents ready to avoid delays in the application process.
3. Understand Terms and Conditions: Read the loan terms and conditions carefully to avoid any surprises.
4. Maintain a Good Credit History: A good credit history increases your chances of approval and may help secure a lower interest rate.

Conclusion

Getting a ₹60,000 loan from MobiKwik is a convenient option if you meet their eligibility criteria and follow the application process. By ensuring that you have a good credit score and all necessary documents, you can improve your chances of approval and secure a loan with favorable terms. Always make sure to read the terms and conditions carefully and understand the repayment schedule before accepting the loan offer.