mPokket Personal Loans


Apply mPokket Personal Loan

About mPokket

mPokket is an application developed by Maybright Ventures Private Limited, which enables customers to get short term Personal loans instantly. This is a platform which connects potential borrowers to lending institutions in order to facilitate quick disbursals of loans to the applicants. It is primarily designed to help students get instant access to cash when they run out of their regular pocket money. Borrowers can use the loan quantum for any personal needs or any financial emergency that may crop up. The goal is to provide simple and hassle-free solutions for youngsters to have access to cash when they need it.

About mPokket Personal Loans

With mPokket Personal Loans, you can enjoy complete financial freedom. With access to instant cash on the go, you do not have to wait for your next pocket money in order to make necessary purchases or to meet any financial requirement that you have. Each customer is given a credit limit based on their profile and also on the basis of the activities that are recorded on their social media and other similar platforms. The best part about these Personal Loans is that they are disbursed instantly after they are approved. It is a one-of-its-kind facility that provides loans to students as well.

Features and Benefits of mPokket Loans

The application is loaded with beneficial features that have made it one of the most preferred options to avail credit instantly.

Here are the features that you can enjoy with this app:

  • Get cash instantly: The idea behind mPokket is to make sure that you have access to funds when you need them the most. For this, you have the advantage of a simple application process with minimal documentation. Approval is based on the profile that you create and the documents submitted. Once the profile of the borrower is approved, the loan amount requested for is disbursed into their bank account or is transferred to their PayTM account.
  • Paperless and hassle-free application process: This is the ideal borrowing platform for millennials as it is completely online and requires no document submission or waiting in long lines. All you have to do is register on the app by filling in necessary details. All the documents that you need to submit will be collected via the application. So the loan application process is completely paperless as well.
  • Flexible repayment options: Users have the option of repaying the loan as per their convenience. You can choose to pay the loan in 1, 2, or 3 months as per your repayment capacity. You will be able to see the due date for the next payment towards the loan along with the amount payable on the screen each time you log in. In order to pay the loan, all you have to do is click on the "Pay Now" option and make the payment using your debit card, UPI, or your PayTM wallet instantly.
  • Loan amount based on credit or borrowing limit: Every user who registers with this app starts off with a borrowing limit of 500. Then, they can build their credit easily by following these steps:
    • Make sure that you make repayments towards your loan immediately
    • Do not borrow an additional loan immediately after you have cleared an existing one
    • Refer friends who may borrow using the application
    • Using the app regularly to make transactions

There is no maximum limit on the loan amount that you can borrow as it increases based on the various factors mentioned above.

  • Connect with friends: This application also allows you to invite your friends and build "connections" with them on the app. The highlight of this app is that the activity of your friends on the app also has an effect on your credibility for future transactions. Each user gets a referral code that can be used by them or their friends who use the app. If the friends or connections of the user display good repayment patterns and also use the app regularly, the user can benefit. At the same time, the credibility of the user decreases every time the connections fail to make repayments.
  • Enjoy a great reward program: With every registration and activity that is carried out through the application, users earn m-coins. This is a reward point which gives loyal users several benefits. When any new user uses the referral code of an existing user, the latter earns these m-coins. With each repayment made by the references, the user stands to earn more m-coins. As they collect reward points, they move higher in ranks which are classified as Silver, Gold, and Platinum. When the tier rating is higher, the user enjoys several cashback benefits with loans availed. They also become eligible for a higher borrowing limit when this increases.
  • No collateral required: You do not have to provide any security or collateral on these loans as they are short term loans which are provided based on the profile of the user.

Terms and Conditions of mPokket Loans

Every online finance application is subject to certain terms and conditions that the users have to agree to in order to avail the services provided by the app.

The terms and conditions for the mPokket app are as follows:

  • The terms and conditions for this application are based on the Information Technology Act of 2000
  • All the terms of the agreement between Maybright and the user are subject to changes and amendments from time to time with respect to better access and usability of the app.
  • Maybright is a technology platform that helps connect borrowers and third-party financing companies.
  • Maybright does not directly provide any loans, but helps in the management of any personal data of the user based on the contents of the SMS inbox, the phone contact list, mobile number, call history, location as provided by the number, and the usage of all your other electronic equipment.
  • All the financial services mentioned on the app are subject to the availability of the borrower or the lender.
  • Any user who downloads and uses the app agrees automatically that he or she is 18 years of age or older and can legally enter any contract as per the laws of India.
  • These services are not extended to minors or any insolvents as per the Indian Law
  • The user should also be a resident of India and may have to provide Maybright with necessary documents to prove this if needed.
  • All personal data of the user including bank account details, email ID, mobile numbers, call history, usage of mobile devices, and also the location of the user will be collected by Maybright in order to facilitate various services listed.
  • The information required depends upon the type of service provided by Maybright, including better responsiveness of the app and the security features of the App.
  • The information provided by the user can be used for administrative purposes without any further consent of the user.
  • All sensitive data is collected with reasonable security measures in place as per the IT Act
  • Maybright will promptly inform the customer about any changes that are made to the policy and terms of the agreement.
  • Once they register, the users authorise Mayfair to use the information provided along with the contact list of the user.
  • Maybright is not responsible for any claims and actions taken against the user by any of the contacts present in the list, even if Maybright contacts them in the future.
  • Maybright is authorised to provide personal details of the user to third party associates to enable the services mentioned on the app.
  • It is automatically assumed that any information provided by the user is accurate and correct
  • If the identity is found to be impersonated or misused, the services extended by Maybright will be terminated automatically.
  • Maybright is authorised to request the user for information about the Aadhaar card in order to facilitate services.
  • The user shall make use of the application only for personal requirements
  • The user may not transfer their account to another individual
  • The services may not be used for any unlawful purposes
  • The user shall not illegally access data of other users, make changes in the material, or cause any deliberate harm to the operation of the application.
  • The content available on the application shall not be copied or distributed unless a legal consent is provided by Maybright.
  • Maybright may ask for added documents for proof of identity as and when needed
  • All transactions that take place through the mPokket app are as per the agreement between the borrower and the third party lending institution.
  • All users will earn mCoins based on their activity on the app
  • Maybright provides users with the option of redeeming the mCoins as cash or to transfer it to the bank account.
  • The user may be provided with additional benefits on these mCoins
  • Maybright may change or alter the reward policy as per their discretion. This includes changes in the methods to earn reward points, allocation of reward points, and also the use of the reward points.
  • In case there is any delay in repayments, the user authorises Maybright to share the personal information of the user with third party lenders associated with Maybright.
  • Maybright is authorised to publish information about the user, except the ones that are classified as sensitive data, on public platforms like social media and the website.
  • This information can also be shared with collection agencies, loan providers, and credit companies in case of any delay in the payments due towards the loan that is availed.
  • The user acknowledges that any delays in payments also reflect poorly on Maybright and may lead to loss of business or any damage to the company. To recover any such damage, Maybright is authorised to take legal action as per the Indian laws. This may even include using the personal information of the user.
  • Maybright does not provide any warranty that the services provided will be error-free, uninterrupted or as per the requirements of the user. Maybright is not responsible for any damage or loss suffered by the user due to this.
  • Unless the user accepts the loan offer provided or any loan contract, they are not obliged to make any payments. However, once the loan offer is accepted, it may not be cancelled.
  • Maybright is the sole owner of all the content that is displayed on the website and the application and has complete ownership rights and intellectual property rights.
  • Maybright does not guarantee the accuracy of any information provided on the website or application.
  • Any information that the user provides on the app shall become an asset of Maybright and can be used for commercial purposes as well without any added consent from the user.
  • Once the user has registered with Maybright, they consent to receive information and communication via electronic mail.

Documents Required for mPokket Personal Loans

The documentation process for mPokket Personal Loans is completely paperless and online. The user will have to provide personal details in order to register and will also have to furnish the following documents:

  • A photo of the Aadhaar card
  • A photo of the student ID
  • A selfie
  • A selfie video

How to Apply for mPokket Personal Loans?

In order to apply for a mPokket Personal Loan, you will have to download the app from the Google Play store. Applying for the loan is quite simple and you simply have to follow the instructions provided on each page of the app.

Through the App

  • Download and open the app
  • New users can register on the app or through their Facebook, Twitter, or LinkedIn account
  • Once you have registered, you will have to provide personal details, such as your name, email ID, education details, and more.
  • Complete documentation by uploading a picture of your Aadhaar Card and Student ID
  • The profile is approved immediately after the documents are verified
  • You will be taken to the next page which displays the loan amount
  • Choose the tenure of the loan
  • You will be able to see the amount payable by the end of the tenure
  • You can then choose if you want to get the loan into your bank account or your PayTM account
  • The loan amount will be credited to your account or transferred to your PayTM account instantly
  • In case of bank account transfers, it is subject to the functioning hours of the bank, which means that it can take up to 24 hours or even a day or two in case of bank holidays that may occur in between.

Through MyMoneyMantra

You can get all the details that you want about these short term loans and the application process. Contact them on 1800 103 4004 or send in a mail with any queries that you may have about the loan to

Eligibility Criteria for mPokket Loans

In order to apply for mPokket Loans, every applicant has to fulfill the following conditions:

  • They should be a graduation student at any reputed college or institution
  • They should be 18 years old or above
  • They should have a bank account
  • They should have a mobile device

How to Calculate EMI?

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 have two options to Calculate Your EMI, namely:

Using Formula

In order to make manual calculations, you can use the formula [P x R x (1+R)^N]/[(1+R)^N-1]. Here P is the loan amount, R is the rate of interest, and N is the term of the loan. This is the standard formula that is used by all NBFCS and banks to calculate EMI.

Using EMI Calculator

With the availability of technology, you can avoid lengthy calculations. With manual calculations, there is also the issue of errors that can mess your budget up completely. EMI Calculator available on MyMoneyMantra's website is a simple financial tool that is available for free. It applies the standard formula and Calculates your Personal Loan EMI instantly. All you need to do is enter the details of your loan, including the interest rate, the loan that you have applied for, and the tenure. The EMI is calculated instantly.

What to Check after Calculating EMI?

The most important thing to check once you have calculated your EMI is the affordability. For this, make a list of all your expenses that are unavoidable. This includes your rent, other EMIs, and so on. Deduct the amount from your income. Make sure that your EMI fits into this remaining budget. If not, make changes to the expenses that you incur each month. You also have the option of looking for other loan options that are more affordable and easier for you to repay with lower interest rates and flexible repayment options.

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 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.

FAQs - mPokket

How is the credit limit decided for these loans?

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

Can any student avail these loans?

This loan 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.

How can the credit limit be increased?

All users start off with a credit limit of 500. However, the maximum loan amount depends upon your activity on the application. If you display good behaviour and make repayments on time, the chances of getting a higher loan amount increase. You can also refer more people to the app and earn mCoins that can be used as a parameter to decide the credit limit that you will enjoy.

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. Make sure that you complete your KYC requirements as needed and upload the documents. The more accurate the information, the better the 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 repayments are missed?

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 can repayments be made?

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.

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