mPokket Loan
mPokket offers instant personal loans of Rs. 500 to Rs. 50,000 to students and salaried professionals at attractive interest rates ranging from 0% to 4% per month. The borrowed mPokket loan amount can be repaid within a tenure of 61 days to 120 days. It also levies processing & loan management fees of Rs. 50 to Rs. 200 + 18% GST, depending on the loan amount. You can contact the mPokket customer care number for more details regarding their personal loans.
Apply for mPokket Personal Loan @ 2.00% p.m Interest Rates
mPokket Loan App Details
Below are the key details of the instant personal loan offered through the mPokket app.
| Loan Amount | Rs. 500 - Rs. 50,000 |
| Interest Rates | 0% - 4% per month |
| Tenure | 61 days to 120 days |
| Eligible Applicants | Students & Salaried professionals |
| Age | Above 18 years |
Features & Benefits of mPokket Loan
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 up to Rs. 50,000.
- 100% online loan application process.
- Get funds with mPokket’s 7-minute loan approval process.
- Money is transferred directly to the bank/ Paytm account of the customer in 2 minutes.
- Flexible repayment options ranging from 61 days to 120 days.
- Customers are rewarded for timely repayments.
- You can use the mPokket loan calculator to calculate your loan EMI instantly.
- Minimal processing and loan management fees ranging between Rs. 50 and Rs. 200 + 18% GST, depending on the loan amount.
- Bullet loans and easy EMI payment options are available for repayment.
- The maximum APR is up to 142%.
- Affordable mPokket interest rates ranging from 0% to 4% per month.
mPokket Loan Interest Rates & Charges
- Interest rate: mPokket loan interest rate ranges from 0% to 4% per month.
- Processing & loan management fees: Rs. 50 to Rs. 200 + 18% GST, depending on the borrowed mPokket loan limit.
- Penal charges: Rs. 40 to Rs. 1,400 + 18% GST.
- One-time overdue/late payment charges: Up to 40% of the amount due (upper limit).
- Bounce charges for dishonor of any payment instrument or non-payment of instalment(s): Rs. 25 to Rs. 500, depending on the bounce amount.
You can calculate the interest and EMI amount on your mPokket loan using the mPokket interest rate calculator.
Compare the 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 | Rs. 500 - Rs. 50,000 | 0% - 4% per month | Up to 4 months |
| FlexSalary | Rs. 500 - Rs. 3 Lakhs | 18% - 36.5% p.a. | Up to 3 years |
| Stashfin | Rs. 1,000 - Rs. 5 Lakhs | 11.99% - 59.99% p.a. | Up to 3 years |
| MoneyTap (Freo) | Rs. 3,000 - Rs. 5 Lakhs | 13% - 18% p.a. | 3 months to 3 years |
| KreditBee | Rs. 1,000 - Rs. 5 Lakhs | 17% - 29.95% p.a. | 6 months to 60 years |
| PaySense | Rs. 5,000 - Rs. 5 Lakhs | 14% - 36% p.a. | Up to 2 years |
| LoanTap | Rs. 3,000 - Rs. 5 Lakhs | 15% - 32% p.a. | 1 to 5 years |
| IIFL | Rs. 5,000 - Rs. 5 Lakhs | 12.75% - 44% p.a. | Up to 42 months |
| SmartCoin (Olyv) | Rs. 1,000 - Rs. 5 Lakhs | 18% - 30% p.a. | 2 months to 2 years |
| Ram Fincorp | Rs. 4,000 - Rs. 2 Lakhs | up to 35% p.a. | 3 months to 1 year |
mPokket Personal Loan Eligibility Criteria
The following are the mPokket personal loan eligibility criteria:
- The applicant should be an Indian national.
- mPokket provides loans for college students.
- Salaried professionals with a monthly take-home salary of Rs. 9,000 or above can also apply.
- A student must be above 18 years of age.
- The student applicant should have a valid college ID card.
- Salaried applicants must be receiving their salary in a bank account/ via cheques.
Documents Required for mPokket Loan
To avail an instant personal loan from mPokket, you will be required to submit the following documents:
- College ID Card for students as proof of education/ occupation.
- Last 3 months Bank Statements, Salary Slip/ Joining Letter for salaried professionals
- Identity and address proof, such as Aadhaar Card, Driving License, Voter ID Card, etc.
- PAN Card
- KYC Details
mPokket Login & Application Process
mPokket 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 Application Process:
- 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 Customer Care Details
You can contact the mPokket customer care team via email. support@mpokket.com
The mPokket customer service agents are available from 9 AM to 7 PM to assist you with any problem.
FAQ
mPokket is a digital lending platform, which is generally considered safe for borrowing, as it is an RBI-approved NBFC (Non-Banking Financial Company).
The interest rate of the mPokket 30000 loan ranges from 0% to 4% per month.
The highest loan limit in mPokket is up to Rs. 50,000.
In mPokket, a 30+90 or 30-90 days refers to the repayment tenure options available for personal loans.
No, mPokket does not need a CIBIL score for personal loan approval. They offer loans to applicants who may not even have a credit history. mPokket focuses on other factors for eligibility, such as age proof, employment details, PAN, and Aadhar.
Failing to repay an mPokket personal loan can lead to late payment charges and a negative impact on your credit score. It can also result in potential collection activities. If you miss payments repeatedly, it can result in legal action initiated by mPokket.
mPokket charge interest rate ranging from 0% to 4% 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 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.
No, it is necessary to produce a few documents to borrow money from mPokket, such as a college ID card, ID proof, PAN card, bank statement of the last 3 months, and salary slips of the last 3 months/ Offer Letter/ Joining Letter.
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.