mPokket Loan

 

mPokket is a mobile application that provides instant personal loan to Indian college students and young salaried professionals. The loan amount can vary between 500 to 20,000 and is instantly credited to your bank account or Paytm wallet on approval. The loan comes with an interest rate of 1% - 6% per month and can be repaid in 3 months with a debit card, UPI, or Paytm wallet.

Interest Rates   1% to 6% per month
Loan Amount
  • 500 to 10,000 for college students
  • 1,000 to 20,000 for salaried professionals
Tenure 61 to 90 days
Loan Processing Fee 34 to 203 + 18% GST
 

Enquire

 

Features and Benefits of mPokket Loans

Here are the key features of mPokket Loan:

  • Purpose: To provide personal loans to college students and salaried employees in India.
  • Flexible Loan amount:  500 to 10,000 for college students and 1,000 to 20,000 for salaried professionals.
  • Repayment mode: Paytm wallet, Debit Card, or UPI.
  • Tenure: 61 to 90 days.
  • Interest rate: 1% to 6% per month OR 12% to 72% per annum.
  • Processing fee:  34 to 203 + 18% GST.
  • No CIBIL Score: No CIBIL Score is required to avail this credit facility.
  • Paperless loan : All the documents to be submitted will be collected via the application. So the loan application process is completely paperless.
  • No Collateral Required: You do not have to provide any security or collateral on these loans as these short term loans are provided based on the user's profile.
  • 24*7 Customer support: These loans provide 24*7 customer support to all the customers, making the entire loan process easy and hassle-free for you.

mPokket Personal Loan Interest Rate

Interest rates for mPokket Personal Loan are very nominal and can vary between 1% to 6% per month (12% to 72% per annum), depending on your eligibility. Apart from the interest rate, there is a processing fee of 34 to 203 + GST (18%).

mPokket Loan Eligibility for Salaried Professionals and College Students

Eligibility criteria for students:

  • They must be 18 years old or above to apply for the student loan.
  • They must provide identity and address proof documents to be eligible.
  • They must have an identity card from their college for verification.
  • They must be enrolled in a college or institution.
  • They should have a bank account.
  • They should have an android mobile device.

Eligibility criteria for salaried professionals:

  • They must be aged below 40 years.
  • They must be receiving their salary in a bank account.
  • They must attach their salary slip along with their bank statement to be eligible.
  • They must provide identity and address proof documents to be eligible.
  • They must be working full time in a company.
  • They should have an android mobile device.

mPokket Loan Calculator

Before you apply for a loan, you need to understand the repayment that you have to make towards it. This is why calculating the equated monthly instalment (EMI) beforehand is very important. You can use the Personal Loan EMI Calculator available on MyMoneyMantra's website to calculate your mPokket personal loan EMI instantly. All you need to do is enter the details of your loan, including the interest rate, loan amount, and tenure.

Documents Required for mPokket Personal Loans

The documentation process for mPokket Personal Loans is completely paperless and online. Documents requirement is based on the type of loan you are availing. You will need the following documents to apply for the loan:

Documents Required for Instant Student Loan

  • Identity proof: Voter Card/ Driving License/ Passport/ Aadhaar
  • College ID card
  • PAN card is mandatory if you are producing Aadhaar card as an identity proof and optional for other identity proofs.

Documents Required for Instant Salary Loan

  • Identity proof: Voter Card/ Driving License/ Passport/ Aadhaar
  • PAN card
  • Form 16
  • Company's ID card
  • Salary slip of the bank account where your salary is credited by your company

How does Mpokket Loan Work?

In order to apply for mPokket Personal Loan, you will have to follow the steps mentioned below:

  • Download the Mpokket App
      • Open Google Play Store, search for "mPokket" in the search bar and download the mpokket app on your android device.
      • Verify your mobile number through OTP.

    Verify Your Mobile Number

     

  • Complete your profile
      • Sign up on the app using your Facebook, Google, Twitter, or LinkedIn account.

    Sign up on the App

     

    • Now create a profile and profile password by providing general information about yourself and your occupation.
  • Upload documents
    • Upload some documents, such as identity proof, address proof, PAN card/Form 16, college ID proof (for instant student loan), and salary slips & bank statements (for instant salary loan).
    • Create a selfie video.
    • Wait for approval of your profile (this process can take between 10 minutes to a few hours).
  • Apply for loan
        • Enter loan amount with in approved limit and tenure.

    Loan Amount and Tenure

     

      • On approval, borrow money instantly into your bank account/ Paytm wallet.

    Money Instantly

     

    • Your loan amount eligibility is determined by a proprietary algorithm of mPokket. The minimum amount is 500 and the maximum is 20,000.
  • Repayment process
    • Repayment can be made conveniently in up to 3 months by using your debit card, UPI, or Paytm wallet.

mPokket - Customer Care Number

For any queries or grievances that you may have, you can get in touch with the mPokket customer care.

  • You can contact at their telephone number: 033 66452400
  • You can send a request online through a form available under the "Contact Us" section: Provide all details of the issue that you are facing and an mPokket representative will get in touch with you.
  • You can also send an email at: support@mpokket.com.

FAQs

✅ How is the credit limit decided for Mpokket loans?

There is an internal algorithm that is used by the Instant Loan App to decide the credit limit. This is based on all the personal information provided by you when you register.

✅ Can any student avail Mpokket personal loans?

mPokket loan for student is available to any student who is pursuing an undergraduate program with a reputed institution. They must be at least 18 years old and should have a mobile phone. This loan is not available to students who are currently pursuing a correspondence course.

✅ What is the maximum loan amount a college student can avail?

A college student can borrow up to a maximum of 10,000.

✅ What is the maximum loan amount for a salaried employee?

A young salaried professional can borrow up to a maximum of 20,000

✅ Can I get mPokket personal loan without any documents?

No, it is necessary to produce a few documents to borrow money from mPokket, such as college ID card, ID proof, PAN card, bank statement of last 3 months, and salary slips of last 3 months/ Offer Letter/ Joining Letter.

✅ Why has the amount still not been transferred even after approval?

Customers have the option of applying for a loan at any time of the day with this app. If you choose your mobile wallet to receive the funds into, it does not matter when you apply for the loan. You will get the funds you need instantly. However, if the approved amount is still unavailable to you, it is possible that you have chosen to get the funds into your bank account, it will only happen during the working hours of the bank. If there is a bank holiday, this may be delayed further.

✅ How do I increase the chances of approval?

Complete all the steps of registering for the app. complete your KYC requirements and upload the all documents required. The more accurate the information is, the better are your chances of getting an approval. Once your profile has been approved, you will get a notification via SMS and on the app. 

✅ What do I do if my SIM changes?

There are several reasons why you may have to change your SIM. You may lose your phone or may have to shift to a new city. Irrespective of the reason, you have the option of changing your number on the app by providing your registered email ID while logging in.

✅ Are bank details necessary for loans through mPokket?

No. It is not mandatory for you to have a bank account. You also have the option of getting the funds transferred to your Paytm account. You can also use online services in order to make repayments towards your loan.

✅ What if I missed my EMI?

Every missed repayment is subject to a daily penalty. When you open the app, you will be able to see the repayment date and amount. If you do not make the payment on this date, you will be sent constant reminders. If the user continues to default on payments, mPokket may also use debt recovery services to ensure that you pay the outstanding amount.

✅ How much loan can I avail?

College students are assigned an initial borrowing limit of 500. Their borrowing limit may increase up to 10,000 over time. For young salaried professionals, an initial borrowing limit of 1,000 is assigned. Their borrowing limit may increase up to 20,000 over time.

✅ What is the mPokket registration process?

Following are the steps to register on the app to take a loan:

  • Download the mPokket app from Google play store.
  • Verify your mobile number through OTP.
  • Sign up using your Google or Facebook account.
  • Create your profile password.
  • Choose your occupation type.
  • Upload KYC documents and other necessary information.
  • Create a selfie video.
  • Wait for approval of your profile (this process can take between 10 minutes to a few hours).
  • On approval, borrow money instantly into your bank account/ Paytm wallet.

✅ How can I repay the loan amount?

You can make repayments through your app by using UPI or your debit card. You also have the option of making your repayments through your Paytm wallet.

✅ How can I increase my borrowing limit?

You can borrow funds up to your assigned borrowing limit. mPokket analyzes hundreds of variables to determine the borrowing limit of the borrower. Transact regularly with the app and repay your loan on time to improve your chances of increasing the borrowing limit.

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