Does MobiKwik ZIP Affect Credit Score? Yes, Mobikwik ZIP Pay Later affects every user’s credit score. It means if you are a Mobikwik ZIP Pay Later user, then it will also impact your credit score.
Mobikwik ZIP is a credit service that offers instant credit up to ₹60,000. You can use your Mobikwik ZIP balance for your online and offline purchases like shopping, recharge, bill payments, and many others.
Sometimes, due to many reasons, Mobikwik ZIP may affect your credit score both negatively and positively. So, continue reading this article to know exactly how it can affect your credit score.
Let’s jump into it…
How Does MobiKwik ZIP Affect Credit Score?
Mobikwik ZIP Pay Later is similar to a personal loan, so it may impact your credit score both negatively and positively.
Mobikwik checks your ZIP Pay Later account, transactions, and credit history. And, it reports your credit history to the credit bureaus, like CIBIL. They observe your credit history and impact your credit score.
If you don’t settle the dues of your Mobikwik ZIP Pay Later on time, it will reduce your credit score. But if you make the repayments timely, then it will help you increase your credit score.
What Happens If You Don’t Pay Mobikwik ZIP Bill?
If you don’t pay your Mobikwik ZIP bills, then it will not only hurt your credit score. MobiKwik may block your account and charge late payment fees, bounce charges, and interest rates on the outstanding amount.
Here we have discussed about the consequences of not paying your Mobikwik ZIP bill.
You’ll Have to Pay Late Payment Fees
If you don’t pay your Mobikwik ZIP bill, then you will have to pay late payment fees. It may charge late payment fees of up to 3% of the outstanding amount including GST.
Not only this, but you will also have to pay bounce charges and interest on the outstanding amount including applicable GST.
Your Credit Score will Go Down
If you don’t settle your Mobikwik ZIP Pay Later bills on time, then it will impact your CIBIL report negatively. Ultimately, your credit score will go down. In the above guide, we’ve clearly explained how it may affect your credit score.
Mobikwik shares your credit history with the credit bureaus. And, the credit bureaus, by looking at your credit history, impact your credit score. If you don’t pay your bills, it will hurt your credit score.
Read: How to Check Credit Score in PhonePe for Free
Your ZIP Account May Get Blocked
Due to late payment or non-repayment of the bills, Mobikwik may block or disable your ZIP Pay Later. If you ever face that your Mobikwik ZIP Pay Later not working, then it might get blocked due to non-repayment.
Watch the video given below to know what may happen if you don’t repay your loans in India. Since ZIP Pay Later is like a personal loan, the consequences will be the same for Mobikwiik ZIP service.
How Can You Increase Your Credit Score with Mobikwik ZIP?
Mobikwik ZIP Pay Later not only affects your credit score negatively, but it also helps you increase your credit score. Follow the points below to learn how you can increase your credit score with Mobikwik ZIP.
- Clear your ZIP Pay Later bills on time.
- Frequently shop with your Mobikwik ZIP balance.
- Don’t use the 100% credit limit of your ZIP account.
- Don’t make any fraudulent or suspicious transactions with ZIP.
Conclusion
We have now come to the end of this article. In this article, we have explained whether Mobikwik ZIP Pay Later affects your credit score or not. If it does, then how exactly it can impact your credit score?
If you have read this article till this part, then you have learned that Mobikwik ZIP impacts credit scores both negatively and positively.
If this article is helpful for you, feel free to share this post.
Also Read: How to Increase Slice Card Limit
Does MobiKwik ZIP Affect Credit Score – Related FAQs
Q. Can we transfer Mobikwik zip to a bank account?
No, it’s not possible to transfer money from Mobikwik ZIP to a bank account. However, you can use your Mobikwik ZIP balance for shopping, bill payments, etc.
Q. Is ZIP Pay Later legit?
Yes, Mobikwik ZIP Pay Later is a legitimate credit service. It offers instant credit up to ₹60,000 with it RBI Licensed NBFC partner.
Q. What is the MobiKwik ZIP customer care number?
Mobikwik ZIP customer care number is 080-69808320