mPokket Instant Loan for Students, Instant Loan for low Salaried, Instant Loan for Salaried, mPokket loan Interest Rate, How to apply for mPokket loan
| Loan App Name | mPokket |
| Loan Tenure | 61 days to 120 days |
| Loan Amount | Rs. 500 to Rs. 30000 |
| Interest Rate | 1% to 6% per month |
| Processing Fee | Rs 34 to Rs 203 + 18% GST depending on the loan amount |
Contents
mPokket Loan App
It is an instant online loan app provider that offers various types of instant loans for Students, low salaried and salaried individuals.
You can use the mPokket loan app whenever you need urgent cash or you require money for the month-end expense.
Moreover, it is an RBI registered NBFC. It provides loans for students and salaried people in every city and village of India.
mPokket Loan Features & Benefits
- It provides instant loan up to Rs. 30000.
- The loan application process is online.
- mPokket provide flexible tenure ranging from 61 days to 120 days.
- The interest rate ranges from 1% to 6% p.a.
- Offer loan for students also.
- No collateral is needed.
- Loan amount is instantly credited to Bank or Paytm account.
- For timely repayments, you can earn reward.
- mPokket processing ranges from Rs 34 to Rs 203 + 18% GST depending on the loan amount.
- Offer 3 modes for repayment as Paytm, Debit Card and UPI.
mPokket Loan Eligibility Criteria & Required Documents
The loan eligibility criteria depend on the type of loan an individual is opting for. check the below for more details.
Eligibility Criteria & Required Documents for Students
- You must have completed 18 years.
- Applicant must have a valid college ID card for verification.
- You must have a valid address proof.
- Applicant PAN card is required.
- You must have a bank account.
- You can have Voter ID, Driving license, Passport, Aadhaar as an Identity and address proof.
Eligibility Criteria and Required Documents for Salaried
- Applicant must have PAN Card or Form 16.
- You should have Voter ID, Driving license, Passport, Aadhaar as an Identity.
- You must have last 3 months bank statement.
- your monthly salary should not be less than Rs.9000.
- You must be working as a full time professional.
- Your company offer letter, joining letter and last salary slip is required.
- You must receive your salary either in your bank account or via Cheques.
How to Apply For mPokket Loan? | How mPokket Works?
- Download and install mPokket loan app from google play store on your phone.
- launch the app, enter your mobile number and click on the proceed button.
- Enter the OTP receive to your mobile number for number verification.
- Next, connect your Facebook or Google account with mPokket.
- On the next screen, enter your personal details like name, email, password, profession and click on the Register button.
- Next, you have to submit your KYC documents online. choose the Identity type and click on OK.
- After KYC verification, Enter your bank details such as Bank IFSC code, then upload last 3 months salary account statement (only for salaried) and click on Next arrow.
- Next, record a Selfie video, with face clearly visible. you have to read the text that appear on the screen slowly and clearly. click on the Submit button.
- After this, you have to sign the loan agreement. after signing the agreement, the loan amount will be credited directly to your bank or Paytm account as per your wish.
mPokket Loan Repayment
mPokket loan repayment can be extended up to 60 days. it provides various modes of repayment such as UPI, Debit Card, and Paytm.
mPokket Interest Rate, Fees & Charges
| Fee & Charges | Amount Chargeable |
|---|---|
| Interest Rate | 1% to 6% per month |
| Processing Fee | ranges between Rs 34 to Rs 203 + 18% GST depending on the loan amount. |
mPokket Loan Pros and Cons
| Pros | Cons |
|---|---|
| Provide loans to Students | The Loan Amount is very less |
| Online application process | High rate of Interest |
| Quick disbursal of loan | Fees and charges are not disclosed on its website. |
| No collateral is needed | Provides loans for short term |
| No credit score is required | |
| Provide loans from RBI registered NBFC |
Is mPokket Safe and Legit?
Yes, It is completely safe as the loans are being provided by the NBFC registered with the RBI. According to the mPokket website, it has more than 2 million satisfied customers which shows a great level of trust.
It also has a 4.2 rating on Google play store which is very good. mPokket offers a reliable & safe payment system, without compromising customer information.
mPokket Customer Care Details
You can contact mPokket customer care by sending an email to support@mpokket.com. make sure you enter all the details in the email before sending an email.
Conclusion
We have seen how you can get a loan from mPokket loan. Since it provides loans to students, it can be a good option for college students.
Besides the interest charges, there are other charges involved like, processing fees, late payment fees, etc. Make sure you read the necessary terms and conditions of the contract of information available on the lender’s website before you apply for a loan.
Read Also
- RupeeLend Loan Reviews | Get Loan Up to Rs. 1 Lakh
- MoneyTap Personal Loan Review | How to Apply for MoneyTap Personal Loan?
FAQs
you will earn mCoins which will help with your personal loan repayment in case you pay off the loan early.
For college students, the maximum loan amount is Rs 20000. For working professionals, the maximum personal loan amount is Rs 30000.
Under the activity tab in the mPokket app, you will be able to check the status of all your open loans.
As soon as your documents are verified and you sign the loan agreement, the loan amount will be transferred within a few minutes.
Your monthly take-home salary must be equal to Rs. 9000 or above.
