MobiKwik ZIP Pay Later Charges – Is it too much?

MobiKwik ZIP Pay Later Charges 2024: Mobkiwik provdes pay later credit up to Rs 60,000, but will the charges be higher? This is a common question that everyone has before using Mobikwik Zip, and it will be answered in this article today. So let’s get started.

What is MobiKwik Zip Pay Later Activation Charges

mobikwik zip pay later charges

To activate Mobikwik Pay Later, you have to pay first time action charge which is not refundable. To get Zip Pay Later from MobiKwik app, you have to pay activation charges between Rs 99 to Rs 399.

If you pay mobkwik zip repayment on time then you will not have to pay any other fee after this one time activation fee.

Charges for non-timely repayment

MobiKwik Paylater Zip bill is generated on the 1st of every month which is mandatory to be paid by the 5th. If the bill is not paid before the 5th, you will be charged due charges. Due charges for non-timely repayment can range from Rs 250 to Rs 500 depending on your credit.

Putting your credit score in jeopardy

Mobikwik Zip Credit Loan provides you loan through lending partners who are registered with NBFC i.e. NBFC company is an RBI registered company which provides you digital credit i.e. buy now pay later. If you does not make the repayment on time then they send a nonpayment report to the credit bureaus which will affects your credit score.

Additionally, if you do not make timely repayments, your Zip Pay Later services may also be stoped, resulting in you not being able to use your Zip Pay Later services.

Additional Charges on Pay Later

Mobikwik Digital Credit initially charge only activation charges and late fees but do you know that there are hidden charges in it which are neither visible in the terms and conditions nor before taking the credit,

Let us understand how other charges are listed in the mobkwik zip pay leter:

Rent payment

MobiKwik Zip Charges on rent payment

Convenience fee / processing fee on rent payment with Pay Later : Rs.176.50

Important things for the wise

It is very important to understand the risk of taking credit from any loan application and our urgency because on the basis of this we decide how much loan to take and when.

For example, if suddenly your mobile recharge runs out, then must use MobiKwik Zip Credit to recharge your mobile.  or if suddenly guests come to the house and there is no money in your pocket, then order your favourite food.

So activate pay later or any digital credits only when needed urgently. And if you take it then repay it on time.

To know the inside official information, you have to read the terms and conditions of MobiKwik.

Also Read: 6 Things Before Getting a Paytm Personal Loan

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