GUIDE: How to Permanently Close Mobikwik Zip Pay Later Service?

In case you have a Mobikwik Zip Pay Later active, and you want to close it, you can follow this guide:

Know your Mobikwik Zip Pay Later Financial Service Provider:

Mobikwik Zip Pay Later is offered by IDFC First Bank Ltd. You can also inspect your CIBIL report to confirm it.

You may also check out list of loan/pay later accounts on your CIBIL.

To cancel your Mobikwik Zip Pay Later Account, you need to contact Mobikwik Zip Customer Support, or your financial lender, IDFC First Bank.

How to Permanently Close Mobikwik Zip Pay Later?

Contact Mobikwik Zip Customer Support:

You can use this Mobikwik Zip Contact Us page. You can also check out the Mobikwik Grievance Redressal Page.

Make sure you ask them for permanent closure, not a ‘temporary pause’ or ‘inactive’ account.

Contact IDFC First Bank:

Visit the IDFC First Contact Us page, and dial the number listed in the Loans section. You can also visit the IDFC First Bank Grievance Redressal page.

Important Things to Remember:

Before you go ahead with closing your Mobikwik Zip Pay Later Account, you should remember the following things:

  1. Double check if all your pending dues are cleared. Else it won’t be closed.
  2. You will get a NOC from your lending provider that your Mobikwik Zip Pay Later is closed with no dues left. Ask for it if you don’t receive it within 2-3 weeks of requesting account closure.
  3. Sometimes (not every time), you may notice a slight decrease in your credit score after closing your account. Don’t worry, it is a temporary thing.
  4. It might take 2-3 months for the ‘closure’ to reflect on your CIBIL profile, so, don’t be scared if you find your Mobikwik Zip Pay Later Loan ‘active’ on your CIBIL.
  5. Even after your Mobikwik Zip Pay Later is closed, it will continue to display on your CIBIL as a ‘closed’ account, for a few years. It is just for record-keeping purposes (so that your future lenders know which credits you had opted for previously).
  6. Even if you don’t use it, there is absolutely no harm in keeping your Mobikwik Zip Pay Later account as it is. It helps to keep a healthy mix of ‘Credit Card’ and ‘Loan’ accounts on your Credit Profile.
  7. If you do not own any credit cards till now, and have been offered Mobikwik Zip Pay Later, consider keeping it active, since this is your first credit line. The age of a credit line has a high impact on your credit score. This might help you get a credit card or loan in the future when you need it.

Thank you for reading. Don’t forget to join our FinTalks Facebook Group & FinTalks Telegram Channel for regular updates on banking and finance.