Money in Mobikwik Xtra and 12% club

88°
Deal Cadet
sateeshmkt
Due to recent changes from RBI, the money invested in the Mobikwik Xtra app and 12% club are now not locked and cannot be withdrawn. The money is converted to loan. Repayment of interest + principal is done only on 12th of every month(in Mobikwik).

Any friends who have invested like me and any suggestions how to recover.

Response highly appreciated :plus1:
Disclaimer
We are not SEBI/IRDA registered. The information provided herein is for education purposes only. We will not be responsible for any of your profit/loss with this channel's suggestions. Consult your financial advisor before making any decisions.
13 Comments  |  
7 Dimers
  • Sort By
Helpful Helpful
Link Copied

I'm assuming this is only the case for the money that is within a lock in? My liquid fund money can still be withdrawn.

Deal Cadet Deal Cadet
Link Copied
All the money in Mobikwik Xtra is now converted to loan and cannot be withdrawn
View 3 more replies
Deal Lieutenant Deal Lieutenant
Link Copied

All P2P platforms i seen are giving loan like things with 3 months lock in minimum these days after the latest RBI circular


Liquid withdrawal is dead on march 2024 if my memory is right, on a previous RBI circular

now on this recent RBI circular, its very hard to get even 1month lock in P2P which i cherished in past.. but no more now all are offering 3months minimum lock in 


sad sad I enjoyed P2P because of liquid and 1month withdrawals (now i quit)

View 1 more reply
Wingman Wingman
Link Copied

+1 need to wait till 12th. No other option.

I have around 3.5L stuck ..not sure on other options?

Also there is difference with flexi and flexi plus plans..

Seems flexi plus have faster were on some safer side compared with Flexi

Now the fate relies on borower..nothing much can be done..

So they are Improving system to get the funds released as soon as it gets paid by borrower(may be fro. October)

For now wait till 12th

View 1 more reply
Deal Newbie Deal Newbie
Link Copied

They will soon show repayment schedule on app

Deal Cadet Deal Cadet
Link Copied

But again there is a clause our invested money now will be converted to loans and we can also see to whom our money  is given..the point is when our borrowed person fail to pay emi we will be in trouble as our monthly repayment won't happen

replyuser
Click here to reply
Reply