MobiKwik’s investment product, Xtra, aims to open up and improve the efficiency of savings and digitize investments, delivering unbeatable returns to help investors earn extra income.
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To get started with MobiKwik XTRA, follow these steps:
STEP 01: Download the MobiKwik App from the app store (Google Play Store or Apple App Store) and Install it on your device.
STEP 02: Once you have the app , Complete the KYC registration process. This requires you to provide your personal information and confirm your identity following the requirements of the law.
STEP 03: After completing the KYC process, navigate to the MobiKwik app’s main menu and find the “Xtra” section. Click on it to access the investment feature.
STEP 04: Start your XTRA Mobikwik investment journey and earn daily interest. You can invest a certain amount of money, and the platform will allocate your funds to borrowers based on its algorithm. If the borrower pays back their loans, you’ll receive interest on your investment daily.
Note: Till now, I have received 12 % interest on a day-to-day basis as promised by Xtra. You, too, will get it.
Here are the main points about Xtra Mobikwik Investment :
- Investment Opportunity: Mobikwik Xtra allows individuals and companies, both residents and non-residents, to invest with as little as Rs. 1000 and up to Rs. 10 lakhs. It offers the opportunity to earn up to 12% p.a. by lending directly to creditworthy borrowers.
- Eligibility: Anyone Indian older than 18 with a PAN card as well as an Indian bank account can make investments in Xtra MobiKwik. For NRIs, investing through an NRO bank account is another option.
- Reducing Risk in Investment: Xtra Mobikwik employs Lendbox, an RBI-regulated peer-to-peer investing platform operated by Transactree Technologies Pvt Ltd (Lendbox is a registered NBFC governed by the RBI). Lendbox analyzes thousands of information points that relate to the borrowing behavior of borrowers’ income and expenses before selecting a creditworthy borrower. Investors’ funds are split into small chunks as low as Rs. 100 and distributed among numerous borrowers, reducing risk and diversifying investments.
- Withdrawal Flexibility: The income earned from interest is not reinvested. Instead, the earnings are continuously updated in the investor’s account. Investors can withdraw their earnings at any time without paying any charges.
- User-Friendly Platform: Xtra MobiKwik aims to provide a user-friendly platform for investments and savings. Xtra offers unmatched returns, allowing investors to earn higher returns on their savings than traditional investment options.
- MobiKwik’s Vision: With Xtra, MobiKwik aims to become a full-service neobank, offering payment, credit, and investment products. With a substantial customer base of 127 million users and a network of 3.7 million merchants, MobiKwik focuses on providing innovative and industry-first products and features.
- Financial Performance: MobiKwik has achieved profitability over the past two quarters and recorded an 80% year-on-year growth in revenue. The company ended the fiscal year 2022 with INR 5.4 billion in revenue, surpassing its competitors in the fintech sector.
Benefits of Investment in XTRA Mobikwik :
MobiKwik XTRA offers several benefits as an investment product. Check out Some of the major advantages:
- High Returns: XTRA offers stable and high returns on your investments. As per the information provided, investors have received 12% returns. This can allow you to grow your wealth at a relatively attractive rate.
- No lock-in: Xtra doesn’t have a lock-in period, which means users can withdraw their funds whenever they need them without any penalties or restrictions.
- Daily Interest Credit: Xtra offers daily interest credit on investments, allowing users to earn interest on their deposits daily. The passage mentions a potential annual interest rate of up to 12%.
- Low Investment: To start investing with Xtra, users only need an initial deposit of INR 1,000, making it accessible to a broader range of investors.
- Diversification: By investing in XTRA MobiKwik, you can diversify your investment portfolio. The platform uses technology to distribute your investment across multiple borrowers, reducing the risk of lending to a single borrower. This diversification helps spread out the investment and minimize the impact of defaults.
- Supervision and Regulation: XTRA MobiKwik is offered in partnership with Transactree Technologies Pvt Ltd, regulated and audited by the Reserve Bank of India (RBI). This ensures that the investment product operates within the regulatory framework and undergoes regular checks, adding a layer of supervision and security.
- Automated Investment Experience: XTRA MobiKwik provides a fully automated investment experience. The platform utilizes smart algorithms and technology to handle the investment process without requiring manual intervention. This makes it convenient for investors to transact and manage their investments conveniently.
- Accessibility: XTRA MobiKwik is accessible through the MobiKwik mobile app, making it convenient for users to invest and track their investments anytime, anywhere. The app provides an easy-to-use interface and a seamless investment experience.
How to Install Mobikwik App on Mobile?
To install the MobiKwik app, follow these steps:
For Android:
- Open the Play Store on your Android mobile device.
- In the search bar at the top, type “MobiKwik” and tap the search icon.
- From the search results, locate the official MobiKwik app
- Click on the Install Button
- The app will start to download and install on your device.
- Once the installation is complete, you can find the MobiKwik app on your home screen or in the app drawer.
For iOS (iPhone and iPad):
- Open the App Store on your iPhone or iPad Mobile.
- In the search tab at the bottom, type “MobiKwik” and tap the search button.
- From the search results, locate the official MobiKwik app.
- Tap the “Install” or “Get” button on the app page.
- Authenticate using Face ID, Touch ID, or your Apple ID Password if prompted. The app will start downloading and gets installed on your device.
- Once the installation is complete, you can find the MobiKwik app on your home screen or in the app library.
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