FINAL FORMAL GRIEVANCE – ₹5,27,734 PRINCIPAL OUTSTANDING | MATURED LOANS WITH NO REPAYMENT | DEMAND FOR LOAN-WISE RECOVERY STATUS & WRITTEN ACCOUNTABILITY

 

Dear Team MobiKwik / Team Lendbox,

However, your latest reply still does not address the actual issue raised by me. Instead, it repeatedly states that repayments depend upon borrowers and that MobiKwik does not assume responsibility for repayment or recovery.

This is not a sufficient response to my specific grievance.

My concern is not about whether borrower defaults can occur. My concern is that multiple loans in my investment portfolio have already crossed their scheduled maturity dates, while the principal remains outstanding and the records continue to show “Schedule Over / NO Repayment Received.”

As per my investment records updated till 24 September 2026:

• Total Investment: ₹31,71,115
• Total Principal Outstanding: ₹5,27,734
• Total Loan Accounts: 29
• 15 Loan Accounts: Tenure Ended/Over
• Multiple matured accounts: “Schedule Over / NO Repayment Received”

For Sohan Lal alone, the records show ₹4,10,955 principal outstanding against total lending of ₹22,84,915.21, including multiple loans whose maturity dates have already passed and which are marked “Schedule Over / NO Repayment Received.”

For Rameshwar Dass, the records show loans matured on 13 May 2025 and 30 April 2026, both marked “Schedule Over / NO Repayment Received.”

For Preeti, multiple loans with maturity dates in April, May and August 2026 are also recorded as “Schedule Over / NO Repayment Received,” with ₹79,588 principal outstanding.

1. “Borrower repayment is required” does not answer the grievance

You have stated that recovery depends upon the borrower and that no fixed recovery timeline can be provided.

I understand that borrower default can affect repayment.

However, once a loan has crossed its scheduled maturity date, I am entitled to know what recovery action has actually been taken, what amount remains recoverable, and what the present status of that recovery is.

Therefore, please do not provide another generic statement regarding borrower defaults.

I require a loan-wise recovery statement.

2. Provide complete loan-wise recovery details

For every loan marked “Schedule Over / NO Repayment Received,” please provide:

1. Borrower identification/reference number
2. Original lending amount
3. Principal outstanding
4. Scheduled maturity date
5. Number of days overdue as of the response date
6. Date and amount of the last repayment received
7. Current borrower repayment status
8. Recovery/collection action already undertaken
9. Date of each material recovery action
10. Current recovery stage
11. Amount recovered to date
12. Balance amount recoverable from the borrower
13. Whether legal proceedings have been initiated, where applicable
14. If not initiated, the reason
15. Next recovery action proposed

A statement such as “our recovery team is actively undertaking standard collection measures” is not sufficient without providing the actual status of the affected loans.

3. MobiKwik cannot simply redirect the entire matter

Your email repeatedly states that MobiKwik is only a “facilitation platform” and that disputes are between the lender and borrower.

However, these investments were made through the MobiKwik Xtra platform, and your own communication confirms that MobiKwik provides the digital platform for sourcing and servicing customers on behalf of Lendbox.

Accordingly, please clearly identify the responsible entity and escalation channel for:

• investor grievance;
• loan servicing;
• repayment reconciliation;
• borrower recovery;
• overdue loan management;
• investor statements;
• recovery of matured principal; and
• resolution of discrepancies in repayment records.

I will not consider a response complete merely because MobiKwik refers me to Lendbox.

4. Withdrawal restriction requires specific explanation

You have stated that “anytime withdrawals” are no longer permissible following the regulatory change effective 16 August 2024.

Please provide the exact regulatory provision/circular/notification relied upon for this statement and explain how it applies to:

(a) investments already made before the regulatory change;
(b) loans that subsequently reached maturity; and
(c) principal amounts that remain outstanding after the scheduled maturity date.

Please also explain the legal/contractual basis on which an investor is prevented from accessing funds while the corresponding loan has already crossed its stated maturity date.

5. Secondary sale / withdrawal mechanism

Your email states that the earlier Terms & Conditions provided for withdrawals through secondary sales, subject to availability.

Please provide:

• the relevant version of the Terms & Conditions applicable when my investments were made;
• the exact clause governing withdrawal/secondary sale;
• the date on which the applicable terms were changed;
• the manner in which investors were notified;
• and the specific regulatory basis for applying the revised withdrawal mechanism to existing investments.

6. Do not reinvest my repayments without clear authorization

Your email states that, as per prior authorization, Lendbox may reinvest repaid amounts into new borrower opportunities.

Please provide a complete record of:

• every amount reinvested;
• date of reinvestment;
• original repayment amount;
• new loan reference;
• borrower approval/authorization relied upon;
• and the applicable Terms & Conditions.

I require confirmation that no amount has been reinvested without valid authorization applicable to that transaction.

7. Immediate reconciliation required

Please provide a complete reconciliation of my portfolio:

Total deposited → Total deployed → Loan-wise lending → Principal repaid → Interest received → Amount reinvested → Principal outstanding → Overdue principal → Recovery status.

The reconciliation must match the investment records available to me.

8. ₹5,27,734 outstanding is not a theoretical figure

The outstanding amount reflected in my records is ₹5,27,734 as of 24 September 2026. This is not merely a general concern about possible future defaults; it is a specific outstanding principal amount supported by loan-level records.

Therefore, I require a specific written explanation for each matured and unpaid loan, rather than another general explanation of the P2P model.

FINAL REQUEST

Please treat this communication as a formal investor grievance and demand for complete account reconciliation and recovery-status disclosure.

Within 7 working days, please provide:

1. Complete loan-wise statement
2. Loan-wise overdue/recovery status
3. Actual recovery actions undertaken
4. Complete principal and interest reconciliation
5. Basis for the withdrawal restriction
6. Applicable regulatory provision relied upon
7. Applicable Terms & Conditions and their effective dates
8. Details of any reinvestment made under my authorization
9. A clear escalation contact responsible for resolving this grievance

I specifically request that the next response not be a standard/template response repeating that repayments depend upon borrowers.

I am already aware that borrower repayment affects P2P investments. The unresolved issue is what MobiKwik/Lendbox has actually done regarding loans that have already crossed their scheduled maturity dates and continue to show principal outstanding with no repayment received.

If the matter is not satisfactorily resolved, I will preserve all investment statements, loan records, communications and repayment data and pursue the appropriate formal grievance, regulatory and legal channels available to me.

I expect a specific, documented and loan-wise response.

Regards,
Sohan Lal
Investor – MobiKwik Xtra / Lendbox