In today’s world, personal loans are a popular financial tool that can help you manage unexpected expenses, consolidate debt, or even fund personal goals like a vacation, education, or a wedding. With the rise of digital finance, obtaining a personal loan has become easier and faster than ever before. One of the most convenient platforms to apply for a personal loan in India is MobiKwik.
MobiKwik, primarily known for its digital wallet services, has expanded its offerings by providing instant personal loans to its users. Whether you’re looking to manage an emergency expense or need funds for a personal project, MobiKwik’s personal loan service is designed to be quick, hassle-free, and accessible for eligible users.
In this comprehensive guide, we’ll take you through the step-by-step process to apply for a MobiKwik personal loan and highlight all the important details you need to know.
Part 1: Why Choose MobiKwik for a Personal Loan?
Before diving into the application process, let’s understand why MobiKwik is a great choice for a personal loan:
1. Quick and Easy Application Process
MobiKwik offers a fully online application process for personal loans, which means no lengthy paperwork or visits to the bank. The entire process, from loan application to approval, can be completed in just a few minutes using the MobiKwik app.
2. Instant Loan Disbursal
Once your loan is approved, MobiKwik typically disburses the loan amount instantly to your MobiKwik wallet or directly to your bank account. This quick turnaround time is perfect for urgent financial needs.
3. Flexible Loan Amounts and Terms
MobiKwik provides flexible loan amounts based on your eligibility, ranging from small short-term loans to larger amounts for bigger financial requirements. Repayment terms are also customizable, making it easier to manage your loan without burdening your finances.
4. Competitive Interest Rates
MobiKwik offers competitive interest rates for personal loans, ensuring that you can access credit at affordable costs. The interest rates depend on your loan amount, credit history, and eligibility, but MobiKwik strives to offer affordable financing solutions.
5. Minimal Documentation
MobiKwik makes applying for a loan hassle-free by requiring minimal documentation. This saves you the trouble of collecting a mountain of paperwork before applying for a loan.
Part 2: Eligibility Criteria for a MobiKwik Personal Loan
Before you start your loan application process, you need to meet certain eligibility criteria. Here are the basic requirements:
1. Age Criteria
You must be between 21 to 58 years of age to apply for a MobiKwik personal loan.
2. Income and Employment
- You should have a stable monthly income. Both salaried employees and self-employed individuals are eligible to apply.
- If you are a salaried person, you should be employed with a recognized company.
- Self-employed individuals (business owners, freelancers) need to provide proof of income, like IT returns, bank statements, or business-related documents.
3. Credit Score
MobiKwik evaluates your creditworthiness based on your credit score. A minimum credit score of 600 is generally required to be eligible for a personal loan. Higher credit scores (700 and above) increase your chances of approval and may even help you secure better loan terms.
4. MobiKwik Account
You need to have an active MobiKwik account to apply for a personal loan. If you don’t have one, simply download the MobiKwik app, create an account, and complete the necessary verification steps before applying.
Part 3: Step-by-Step Guide to Applying for a MobiKwik Personal Loan
Now that you know why MobiKwik is a great choice and you meet the eligibility criteria, let’s walk through the process of applying for a MobiKwik personal loan.
Step 1: Download and Install the MobiKwik App
If you haven’t already, the first step is to download the MobiKwik app from either the Google Play Store (for Android users) or the Apple App Store (for iOS users).
- Open the app store on your phone.
- Search for MobiKwik.
- Download and install the app on your smartphone.
Step 2: Create an Account or Log In
If you already have a MobiKwik account, simply log in using your mobile number and password. If you’re new to MobiKwik, you’ll need to create an account by following the on-screen instructions.
- Enter your mobile number and verify it using an OTP (One Time Password).
- Complete your profile by adding details like your name, email, and address.
Step 3: Go to the Personal Loan Section
Once you are logged in to your MobiKwik account, navigate to the ‘Loans’ section. Here, you will find an option to apply for a personal loan.
- Look for the option that says ‘Apply for Personal Loan’ or something similar.
Step 4: Choose Loan Amount and Tenure
MobiKwik will ask you to select the loan amount you wish to borrow and the repayment tenure (usually ranging from 3 to 12 months).
- Select the loan amount based on your needs.
- Choose a tenure that suits your financial capacity to repay comfortably.
- You can also view the EMI (Equated Monthly Installment) that you’ll have to pay.
Step 5: Provide Your Income and Employment Details
You will need to enter your income and employment details. If you’re a salaried person, provide the name of your employer and your monthly salary. If you’re self-employed, you’ll need to provide documents such as your IT returns or bank statements to verify your income.
Step 6: Submit KYC Documents
MobiKwik requires Know Your Customer (KYC) verification for personal loans. You will be asked to upload the following documents:
- Aadhaar card
- PAN card
- Bank statement (for the last 3 months)
- Income proof (salary slip or ITR for self-employed individuals)
Step 7: Check Loan Details and Apply
Review the loan details, including the loan amount, tenure, interest rate, and EMI. If everything looks good, you can click on ‘Apply Now’.
- MobiKwik will process your application and check your eligibility based on your credit score and financial data.
- You will be notified of the approval status via SMS or email.
Step 8: Receive the Loan Amount
If your loan application is approved, the loan amount will be disbursed to your MobiKwik wallet or your bank account. The disbursal time is typically instant, though it may take a few hours in some cases.
Part 4: Repaying Your MobiKwik Personal Loan
Once you’ve received the loan amount, you’ll need to repay it in EMIs (Equated Monthly Installments). Here’s how you can manage your repayments:
1. EMI Deduction
Your EMI will be automatically deducted from your MobiKwik wallet balance or linked bank account on the due date. If your wallet balance is insufficient, the payment will be processed from your bank account.
2. Early Repayment
MobiKwik also offers the option for early repayment of the loan. If you have the funds available, you can repay the loan early and reduce the overall interest burden. However, make sure to check if any prepayment penalties apply.
3. Check Loan Status
You can monitor your loan repayment status and outstanding balance directly through the ‘Loans’ section in the MobiKwik app. This ensures that you are always aware of your loan status and upcoming EMIs.
Conclusion
Applying for a MobiKwik personal loan is a simple and straightforward process that provides instant financial support for emergencies, life events, or planned expenses. With minimal documentation, instant disbursal, and flexible loan terms, MobiKwik makes borrowing money easier and more accessible than ever.
By following the steps outlined in this guide, you can successfully apply for a personal loan on MobiKwik and receive the funds you need quickly. Always remember to check your eligibility and make your repayments on time to enjoy a smooth borrowing experience with MobiKwik.