|Interest Rates||1% to 6% per month|
|Tenure||61 to 90 days|
|Loan Processing Fee||Rs. 34 to Rs. 203 + 18% GST|
Here are the key features of mPokket Loan app:
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
Documents Required for Instant Salary Loan
Eligibility criteria for students:
Eligibility criteria for salaried professionals:
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.
For any queries or grievances that you may have, you can get in touch with the mPokket customer care.
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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.
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.
A college student can borrow up to a maximum of Rs. 10,000.
A young salaried professional can borrow up to a maximum of Rs. 20,000
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.
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.
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.
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.
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.
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.
College students are assigned an initial borrowing limit of Rs. 500. Their borrowing limit may increase up to Rs. 10,000 over time. For young salaried professionals, an initial borrowing limit of Rs. 1,000 is assigned. Their borrowing limit may increase up to Rs. 20,000 over time.
Following are the steps to register on the app to take a loan:
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.
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.