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Unable to Withdraw Interest Earned from Mobikwik Xtra

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Phenomenal1

Hello,

I am unable to withdraw the interest earned from mobikwik xtra p2p. The withdrawal request gets submitted, but after a few hours I get a mail that the withdrawal request was cancelled. Happened twice now.

Why is this happening and how and when can the withdrawal be made now?

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Deal Newbie Deal Newbie
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How can Mobikwik convert our flexi investment into fixed tenure without our consent? This is 100% Fraud by Mobikwik. Many of us need this hard-earned money now and can't wait for 1 year for emergencies. We invested for the sole reason in flexi as it provides option to withdraw any time. How can they change terms and conditions without our consent. This is illegal and RBI needs to take action against Mobikwik.

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Generous Generous
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Does your plan have any lock-in? OR is that a recent renewal?

Have you tried contacting Mobikwik Support?

Deal Newbie Deal Newbie
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no lock in, had no problems withdrawing earlier. But have faced this issue in the last 8-10 days. Have mailed them, just got their reply to elaborate my concern. I thought it was perhaps due to the RBI involvement that is delaying the withdrawals?
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Deal Cadet Deal Cadet
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I'm also facing same issue. Unable to withdraw from mobikwik xtra

Deal Newbie Deal Newbie
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Ok, so you also are making a withdrawal request, which after a few hours results in "withdawal failed"? Which bank are you withdrawing to?

Deal Newbie Deal Newbie
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I'm getting this error " Unable to accept withdrawal request due to system maintenance" since the last three days 

Deal Newbie Deal Newbie
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Yes, I just got the new app update. It is showing me the same error that you mentioned. 

Deal Newbie Deal Newbie
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Also having same problem shows Unable to accept withdrawal request due to system maintenance

Deal Newbie Deal Newbie
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I am also having the same issue. What will be the reason..

Deal Newbie Deal Newbie
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RBI has proposed a new framwork, maybe the withdrawals will start working again once P2P firms start adhering to it.

Deal Newbie Deal Newbie
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Getting the same error, unable to accept withdrawals due to system maintenance. 

I have also noticed that my daily interest amount has also reduced. Have you guys noticed the same?

Deal Newbie Deal Newbie
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Yes same here 50k was reduced 

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Deal Newbie Deal Newbie
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Am facing the same issue as well. But Interests are being credited as usual. When contacted Customer care, they say all Xtra users are facing same issue and Team is working on it. Soon it will be rectified. Hope our investment is safe.

Please do post if you find the issue is rectified. Thanks.

Deal Newbie Deal Newbie
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RBI has proposed a new framwork, maybe the withdrawals will start working again once P2P firms start adhering to it...

Deal Newbie Deal Newbie
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I'm not getting any response from their end be it mail or phone call.

I am now getting worried.

What are the options do we have if something is fishy about it??

Anybody knows anything??

Deal Newbie Deal Newbie
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I am facing the issue they said it will get resolved soon they do bot have any further info then this even i am worried i tried removing complete amount but it is saying exeed the daily limit i dont understand why they frooze the withdrawal amount 

Deal Newbie Deal Newbie
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I am also facing withdrawal issue 

1000039813

Deal Newbie Deal Newbie
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I am getting same issue 

Deal Newbie Deal Newbie
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I'm also getting this error " Unable to accept withdrawal request due to system maintenance"

Deal Newbie Deal Newbie
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I am also facing the same issue.Unable to withdraw.

What is the rbi now proposal for this p2p lending?

Deal Newbie Deal Newbie
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Some of the lending platform such as liqui loans and lendenclub faced fine by Rbi for violating some rules due to which p2p has stopped thw withdrawal and deposit i think its a very serious issue and no clue when they will imply by the rbi models

Screenshot2024-09-02at8.24.13PM

Deal Newbie Deal Newbie
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But Mobikwik is with lendbox
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Deal Newbie Deal Newbie
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IMG3776

My Xtra investment matured on 1-9-24. I have already set the maturity instructions as transfer to bank a long time ago. But no reflection yet in my bank account….

Deal Newbie Deal Newbie
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So wen can we get the update on this ... experts please guide and post updates

Deal Cadet Deal Cadet
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I am also unable to withdraw any amount

Heart of Gold Heart of Gold
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I was able to withdraw interest on 29-08

Deal Newbie Deal Newbie
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The new RBI rules state that the transfer between the lender and the borrower should occur through escrow accounts. The maintenance error will pop up until the escrow accounts are not set up, i feel.

Deal Newbie Deal Newbie
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I think we got an update but their is no option of withdrawal i think they will pay us monthly monthly divided by the total amount we just invested so suppose 50k then we should divide it by 12 and plus interest on it 

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Deal Newbie Deal Newbie
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I am also facing same issue when checked on 2nd sept now amount is showing locked also interface is changed there is no withdraw button at all.

Deal Newbie Deal Newbie
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Withdrawl ka option hi hata diya

Deal Cadet Deal Cadet
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The invested amount can be withdrawn right.?Only the interest has issue in withdrawal?.I have set withdraw to bank on maturity.

Benevolent Benevolent
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The app shows


IMPORTANT INFO

Dear Xtra User,

As per RBI's updated NBFC-P2P master direction received on 16 Aug’24, Xtra has undergone some changes from the end of our NBFC-P2P partner, Lendbox:

103102611725341089_6..svg

Flexi & Plus discontinued

All existing Flexi & Plus plans have been discontinued & your deposited amount will reflect in a single plan. This deposited amount continues to be mapped to multiple loans.

103102611725341095_6..svg

Repayments

You will receive principal and interest, as repayments are made by the mapped borrowers. This amount will be available for withdrawal on the 12th of every month. You will be able to see the expected repayment schedule on the MobiKwik app.

103102611725341101_9..svg

New Investments

Fresh investments made after 16 August 2024 will be deployed as loans only after the borrowers are approved by you. You can review & approve the borrowers on the app. Please note, that the deposited funds will only accrue interest after you approve the borrowers

Please note, MobiKwik only acts as a channel partner for Lendbox and based on their requirements, the above changes have been implemented.



SO WE have to wait till sep 12

Deal Newbie Deal Newbie
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Lend box is still offering flexi and fixed components.

Is mobikeik XTRA SPECIAL under RBI guidelines 

Deal Newbie Deal Newbie
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How can Mobikwik convert our flexi investment into fixed tenure without our consent? This is 100% Fraud by Mobikwik. Many of us need this hard-earned money now and can't wait for 1 year for emergencies. We invested for the sole reason in flexi as it provides option to withdraw any time. How can they change terms and conditions without our consent. This is illegal and RBI needs to take action against Mobikwik.

Deal Newbie Deal Newbie
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exactly.  why is nobody talking about this on social media. it's a massive scam.

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Deal Newbie Deal Newbie
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12 September ko honge paise withdraw, vo bhi tab agar borrowers ne repayment kia to 😐

Deal Cadet Deal Cadet
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That will happen in installments. And if a borrower denies, the loss will be ours only

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Deal Newbie Deal Newbie
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This is so messed up. I need the money and was going to withdraw the entire amount as I just temporarily had to park it. Now I need to wait a whole year? Wtf. 

Will the money be divided into 12 installments? Where did you guys get this information? Also what percentage interest are we going to get now? Is it 12, 13 or 14 percent?

Deal Cadet Deal Cadet
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Check this for sample

Screenshot2024-09-03-17-05-16-858com.mobikwiknew-edit

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Deal Newbie Deal Newbie
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They better give the interest which they charge the borrower. I’m pretty sure the minimum amount they charge borrowers would be 18 percent atleast. 

Deal Subedar Deal Subedar
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Anyone knows phone number where we could contact ? Its useless to chat n get replies in days

Deal Newbie Deal Newbie
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No benefit, the mobikwik customer care call never even goes through..disconnects right at the start.

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Deal Newbie Deal Newbie
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What if mobikwik get bankrupt or declares liquidity ? is our invested money insured by RBI ?

Deal Newbie Deal Newbie
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very Unlikely . they coming up with IPO. only conditions changed Lending and Repaying still going one . it is not going to be stopped. now returned % will not be guaranteed previous.
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