mPokket Loan
mPokket offers instant personal loans of ₹1,000 to ₹50,000 to freshers, interns, salaried, self-employed, and business owners, at attractive interest rates ranging from 2% to 3.25% per month. The borrowed mPokket loan amount can be repaid within a tenure of 61 days to 24 months. It also levies processing fees of 4% + GST, depending on the loan amount.
mPokket Loan App Details
Below are the key details of the instant personal loan offered through the mPokket app
| Loan Amount (First-Time Borrowers) | ₹1,000 - ₹50,000 |
|---|---|
| Rate of Interest | 2% - 3.25% per month |
| Repayment Tenure | 61 days to 24 months |
| Processing fees | 4% + GST |
| Minimum Age | 18 years |
| Minimum Credit Score | 659+ (Applicable for Prime Salaried – HVC) |
Features & Benefits of mPokket Loan App
Personal loans availed through the mPokket loan app come with the following features and benefits:
- Just complete the mPokket login process and get an instant personal loan ranging from ₹1,000 to ₹50,000 (first-time limit).
- Loans available for everyone - Freshers, interns, salaried (in-bank), prime salaried (high-value customers), salaried in cash (gig workers), self-employed, and business owners.
- 100% online loan application process.
- Get instant funds with mPokket’s quick loan approval process.
- Money is transferred directly to the bank/ Paytm account of the customer within minutes.
- Flexible repayment options ranging from 61 days to 24 months.
- A processing fee of 4% + GST will be levied, depending on the loan amount.
- Affordable mPokket interest rates ranging from 2% to 3.25% per month.
mPokket Loan Interest Rates & Charges
- Interest rate: mPokket loan interest rate ranges from 2% to 3.25% per month.
- Processing fees: 4% of the loan amount + GST.
- Penal charges: Up to 4% of the due amount.
- Prepayment charges: 4.5% of the principal amount prepaid.
- Bounce charges: ₹25 to ₹150, depending on the bounce amount.
Compare mPokket App with Other Loan Apps
Below is the comparison table for the mPokket personal loan with other personal loan apps:
| App | Loan Amount | Rate of Interest | Tenure |
|---|---|---|---|
| mPokket | ₹1,000 - ₹50,000 | 2% - 3.25% per month | 2 to 24 months |
| Ram Fincorp | ₹4,000 – ₹2 Lakhs | 0.35% to 1% per day | 3 to 12 months |
| Moneyview | ₹5000 - ₹10 Lakhs | 14% - 36% p.a. | 12 to 60 months |
| MoneyTap (Freo) | ₹3,000 – ₹5 Lakhs | 13% - 18% p.a. | 3 to 36 months |
| KreditBee | ₹1,000 – ₹5 Lakhs | 17% - 29.95% p.a. | 6 to 60 months |
| PaySense | ₹5,000 – ₹5 Lakhs | 14% - 36% p.a. | Up to 2 years |
| LoanTap | ₹3,000 – ₹5 Lakhs | 15% - 32% p.a. | 12 to 60 months |
| IIFL | ₹5,000 – ₹5 Lakhs | 12.75% - 44% p.a. | Up to 42 months |
| SmartCoin (Olyv) | ₹1,000 – ₹5 Lakhs | 18% - 30% p.a. | 2 to 24 months |
| Kundan Finance | ₹5,000 - ₹2,00,000 | Up to 35% p.a. | 3 to 12 months |
mPokket Personal Loan Eligibility Criteria
The following are the mPokket personal loan eligibility criteria:
- Nationality: The applicant should be an Indian national.
- Profile: Freshers, interns, salaried (in-bank), prime salaried (high-value customers), salaried in cash (gig workers), self-employed, and business owners can apply.
- Income: Applicants must have a minimum monthly salary of ₹9,000 if salaried (in-bank), and ₹25,000 if prime salaried (HVC).
- Minimum age: The applicant must be at least 18 years of age if a fresher/intern and 21 years if salaried.
- Maximum age: The applicant can be up to 23 years of age if fresher/intern, 45 if salaried, and there is no maximum age limit for other applicants.
- Credit score: Credit score is not mandatory. mPokket caters to new-to-credit (NTC) and low-bureau users, subject to internal eligibility criteria. For prime salaried (HVC) customers, a minimum of 650+ and a DTI Ratio of 0.5 or below is required.
Documents Required for mPokket Instant Loan App
To avail an instant personal loan from mPokket, you will be required to submit the following documents:
- Freshers/interns: Valid College ID Card (student must be in an active academic session).
- Salaried (in-bank): Last 3 months' Payslips and/or Offer Letter, Salary Verification through BAA/BSA process.
- Prime salaried (HVC): Last 3 months' Payslips and/or Offer Letter, Salary Verification through BAA/BSA process.
- Working part-time/ contract workers/ delivery partners: Employment Proof (such as Employment Card, Appraisal Letter, etc.), and Salary Verification through the BAA/BSA process.
- Self-employed/ business owners: Business Proof (such as Udyam Certificate, GSTIN, Merchant Verification, etc.)
Steps to Apply for mPokket Loan Online
Below are the steps to apply for the mPokket loan online:
- Download and register on the mPokket app.
- Complete profile by filling in your personal and employment/ educational details.
- Complete KYC by uploading photos of required KYC documents (i.e. PAN, Aadhaar, etc.).
- Upload a selfie for verification.
- Select the desired loan amount and repayment tenure.
- Provide your bank details for loan disbursement.
- Get the loan amount disbursed to your bank account.
mPokket Login Online Process
Here is the step-wise mPokket online login process:
- Download the mPokket app from the Google Play Store.
- Register or sign up using your mobile number/ Google/ Facebook account.
- Verify your mobile number with an OTP sent to your registered mobile number.
- Create a password for your mPokket account.
- Use your registered mobile number/ email/ social account along with the password to log in.
mPokket Customer Care Details
You can contact the official mPokket customer care team through the following channels:
- Customer Care Number: 033-6645 2400
- Official Support Email: support@mpokket.com
- Operating Hours: 9:00 AM to 7:00 PM (Monday to Sunday)
FAQ
The official mPokket customer care number is 033-6645 2400.
mPokket loan for students 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.
mPokket app is an instant personal loan mobile/ web app that offers short-term personal loans ranging from ₹100 to ₹50,000 in India.
Yes, mPokket is RBI-registered.
The maximum loan limit in mPokket is up to ₹50,000.
The interest rate of the mPokket 50000 loan ranges from 2% to 3.25% per month.
mPokket loan repayment can be done through UPI, netbanking, debit card, credit card, or auto-debit/e-mandate.
The minimum mPokket personal loan interest rate is 2% per month.
You can use the mPokket EMI calculator to calculate your mPokket loan EMI instantly. The calculator uses just three parameters, i.e. the loan amount, interest rate and EMI option.
mPokket is a digital lending platform, which is generally considered safe for borrowing, as it is an RBI-approved NBFC (Non-Banking Financial Company).
Reshma Rawat is a passionate writer with a decade of experience in writing for a variety of domains (finance, technology, lifestyle, e-commerce, real estate, etc.). Currently, she is working as Assistant Manager - Content @MyMoneyMantra and writes blogs & webpages on financial products (loans, credit cards, insurance, government financial policies, mutual funds, etc.).
Director- MyMoneyMantra FinTech| A senior retail and commercial banking professional, adept at handling Business Development, Sales Planning & Growth, Product Strategy, Marketing Operations and Client advisory services phygitally.