ZIP PayLater is an exciting product by MobiKwik through which you can spend money up to Rs. 60000 without adding to your wallet. You can make a transaction using your ZIP balance and settle the bill later.
ZIP Pay Later is very easy to use. You get a credit of up to Rs 60,000. You can use that money to pay bills, order groceries, food, medicines, or shop for anything online and simply pay the bill via ZIP. Your ZIP bill will be generated based on your billing cycle of 15 days or 30 days. So this means you can shop all you want and simply pay it back later. The credit disbursed to a user via MobiKwik is at 0% interest if the bill is paid on time.
ZIP Pay Later can be used at 1 Lakh+ brands to order groceries, medicines, food, clothes, and electronics; pay bills like electricity, gas, water, DTH Recharge, and mobile; or shop for anything online as per your necessity or wish.
Your billing cycle can be either 15 days or 30 days, subject to usage and performance. You can continue using ZIP to upgrade your billing cycle to 30 days.
Your Zip balance will be available to merchants to use. So, while making payment on any online brand, you just have to choose MobiKwik as your preferred payment mode and your transaction will immediately get through! Yes, it’s that quick and instant.
You can avail ZIP Pay Later facility by MobiKwik. It is very easy to activate. You just need to sign up on the MobiKwik app, click on ‘See All Services’, then click on ‘ZIP/ Pay Later’. Now you just have to click on ‘Activate ZIP’ and voila! It’s done.
You can increase your ZIP Credit limit-
By using your existing limit to the maximum in every cycle
By paying your bills on time
By using ZIP PayLater on maximum brands for shopping, travel, food, and bill
payments
Mobikwik Zip Payter has no eligibility criteria for activation, making it accessible to anyone, including both employed and self-employed individuals. The activation process is based solely on a credit score, allowing a wide range of people to benefit from this convenient payment option.
Mobikwik calculates your bill based on your usage and transactions during the billing
period.
Bill cycle can be either 15 days or 30 days based on performance on Mobikwik.
15 Days Bill Cycle: For transactions made between 1st to 15th, the bill date will be the
16th and the due date will be the 20th of every month. If the transactions are made
between the 16th to 30th/31st, the bill date will be the 1st and the due date will be
the 5th of every month.
30 Days bill cycle: For transactions made between 1st to 30th/31st, the bill date will
be the 1st and the due date will be the 5th of the next month.
On missing due date-
Penalty
charges and overdue @ 0.1% per day delayed repayment will be applied
On delaying
by a month-
Delays in repayment of credit will be reported to credit bureaus
including CIBIL. This will reduce your credit score, and chances of getting loans &
credit cards in future.
Yes, If a user delays the repayment by a month, it can be reported to credit bureaus including CIBIL leading to an impact on your credit score. Furthermore, it's worth noting that complete repayments of your Pay Later bill can also contribute to increasing your credit score.
Mobikwik ZIP PayLater balance cannot be transferred to the bank account. You can use your ZIP balance for recharges, bill payments, and merchant transactions.
| Lending Partner | Name | Designation | Contacts |
|---|---|---|---|
| IDFC | Mr. Vipul Raj | PNO |
Address: IDFC FIRST Bank Ltd. Building No.2, Raheja Mindspace, MIDC Industrial Area, Shiravane, Juinagar, Nerul, Navi Mumbai 400706, Maharashtra, India Customer Care Number: 022-41652700 or 1800 209 9771 Email Id: nodaldesk@idfcfirstbank.com / pno@idfcfirstbank.com |
| SMFG India Credit | Mr Ritesh Saxena | Grievance Redressal Officer |
Address: SMFG India Credit Co. Ltd. (Formerly Fullerton India Credit Co. Ltd.), B Wing, 6th Floor, Supreme Business Park, Powai, Mumbai – 400076
Phone number: 022-42241220 Email id: gro@smfgindia.com |
| Lendbox | Ms. Tamanna Mehta | Grievance Redressal Officer |
Email Address: grievances@lendbox.in Phone Number: 9311393600 |
| Hero FinCorp Ltd | Ms. Monica Arora | Grievance Redressal Officer |
Address: A-44, Mohan Co-Operative Industrial Estate, Mathura Road, New Delhi – 110044
Phone number: 0124-3633945(9:30 am to 6:30 pm) Email id: nodal.officer@herofincorp.com |
| Northern Arc | Mr. Madhan Mohan K | Grievance Redressal Officer |
Address: IndiQube Golf View Homes, 6th Floor, Tower B3rd Cross Road, S R Layout, Murgesh Pallya, Bengaluru-560017
Toll free number: 1800 4198 766 Email ID: gro@northernarc.com |