Mobikwik Zip Pay Later: Up To 30,000 Credit Limit

Mobikwik Zip Pay Later: Up To 30,00...
Mobikwik Zip Pay Later: Up To 30,000 Credit Limit

With the Mobikwik ZIP buy now, pay later app, you can purchase from over one million different stores every month with a maximum monthly spending limit of Rs. 30,000. Mobikwik ZIP is an all-in-one solution for all your monetary needs, whether for groceries, transportation, presents, or bills.

You may get cash back for making on-time payments and more with the platform’s rotating roster of offers and incentives, which are refreshed on a daily basis. You may use the platform to do various things, like sending money to a bank, recharging your phone, paying your bills, and more.

Mobikwik Zip Pay Later Quick Recap

Interest rate0%
Credit LimitUp to Rs. 30,000/-
Approval ProcessOnline
Loan Tenure15 days
Eligibility Age18 years or above
Processing FeesNIL
Eligible forSelf-Employed / Salaried Person / Student / HouseWife

What is Mobikwik Zip Pay Later?

from grocery and medication to entertainment and utility expenses. Simply clicking the ZIP symbol will bring up the ZIP balance. Once every 15 days, ZIP creates a new bill. One of the unique Pay later choices is ZIP, where the credit limit rises together with the customer’s use. A customer may initially be given just Rs 5000, but their credit limit may expand to as much as Rs 30,000 with timely ZIP bill payments.

Also Read: Flipkart Pay Later EMI

Benefits of Mobikwik Zip Pay Later

Minimum Documents: In order to qualify for a Mobikwik Zip Pay Later Loan, you won’t need to provide a tonne of paperwork. The loan is available with only your Aadhaar and PAN card.

Improve Credit Score: Paying payments on time has a positive effect on a user’s credit score. Customers building their credit history for the first time will profit from this product since it will allow them to qualify for lower interest rates and larger loan amounts in the future.

No Processing Fee: Mobikwik is providing a pay-later loan with no processing fees for those in need of quick cash but not before paying off their other bills.

Zero Interest: All users get credited with the ZIP amount at no interest if the payment is paid on time.

Hassel Free: Unlike other forms of credit, obtaining a ZIP loan requires very little paperwork and no collateral, making it very convenient and accessible.

Quick Approval: Loans up to Rs.5,000 are available without any additional paperwork or waiting time, and they are approved instantly. Instant loan approval is available via Mobikwik.

Mobikwik Zip Pay Later Fees & Charges

Interest rateApplicable
Processing fee Nil
Outstanding Charges2% of the due amount
Maximum Loan Tenure15 days
Also Read: Paytm Postpaid Loan

Mobikwik Zip Pay Later Late Payment Charges

Due amountLate fees
0- 500Rs. 50
501 – 1,000Rs. 100
1,001- 2,500Rs. 200
2,501 – 4,999Rs. 300
5,000 – 9,999Rs. 500

Mobikwik Zip Pay Later Loan Eligibility

  • The minimum age to apply is 18 years old.
  • The applicant must be of Indian origin.
  • Cibil track is necessary.

Documents Required for Mobikwik Zip Pay Later

  1. Aadhaar Card
  2. Pan Card
  3. Active Bank Account
Also Read: LazyPay Personal Loan

How Can I Use The ZIP PayLater Option?

ZIP on MobiKwik is simple to use and allows consumers to purchase now and pay later. All that is required is to follow the instructions outlined below.

  1. Sign up for the MobiKwik app and download it.
  2. Select ‘See All Services.’
  3. Now choose ‘ZIP/Pay Later.
  4. Now, choose ‘Activate ZIP’.

And there you have it! Users would be granted a credit of up to Rs 30,000 based on their credit history. The disbursed cash may be utilized to purchase over 1 lakh brands and take advantage of MobiKwik’s buy now, pay later option.

FAQs of Mobikwik Zip Pay Later

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