What is Mpocket Personal Loan App?
A mobile application called mPokket offers college students and recent graduates in India an immediate personal loan. The loan amount can range from Rs. 500 to Rs. 20,000, and upon acceptance, it is immediately credited to your bank account or PayTM wallet. The loan can be repaid in 3 months with a debit card, UPI, or PayTM wallet and has an interest rate of 1% to 6% per month.
College students and young professionals can use the mPokket app to get a fast personal loan up to Rs. 30,000 for their ongoing financial needs or a cash crunch at the end of the month. The entire process can be done online in a matter of minutes. To instantly receive the money disbursed into your account, all you have to do is download the app on your smartphone from the Google Play Store and finish the online application process. The mPokket app download function is presently only accessible to Android users.
Features:
The mPokket Loan app’s salient features are listed below:
- To offer personal loans to paid workers and college students in India.
- Flexible loan amount: for paid professionals, Rs. 1,000 to Rs. 20,000; for college students, Rs. 500 to Rs. 10,000.
- PayTM wallet, debit card, or UPI as the method of repayment.
- 61 to 90 day term.
- Interest rates range from 1% to 6% monthly, or from 12% to 72% annually.
- Fee for processing: 34 to 203 rupees plus 18% GST.
Required Documents for a Mpocket Loan
The application process for mPokket Personal Loans is entirely electronic and paperless. The kind of documents needed depend on the loans you are applying for. To apply for the loan, you will need the following paperwork:
Required Documents for an Instant Student Loan
Voter card, driver’s licence, passport, or Aadhaar card as identification
PAN cards are optional for other identity proofs but required if you’re presenting your Aadhaar card as identification.
Required Documents for an Instant Salary Loan
- Voter ID,
- driver’s licence,
- passport,
- Aadhaar
- PAN card,
- A company ID card
- Paystub for the bank account to which your employer credits your paycheck
- El MPokket Loan
MPokket Loan Qualifications
Student eligibility requirements:
- The applicant must be at least 18 years old to apply for a student loan.
- For consideration, they must present identification and proof of address documentation.
- For verification, they must have a student ID card from their college.
- They need to be registered with a school or other institution.
- They ought to have a checking account.
- They ought to have an Android smartphone.
Professionals on salaries must meet the following requirements:
- They must be younger than 40.
- They must have a bank account where they get their pay.
- To qualify, they must include both a bank statement and their pay stub.
- For consideration, they must present identification and proof of address documentation.
- They must be employed by a corporation full-time.
The Functions of the mPokket App
College students and young professionals who require immediate cash for everyday expenses or to cover a cash shortage at the end of the month can apply for personal loans from mPokket.
The mPokket app functions as follows:
- On your smartphone, download the mPokket fast lending app from the Google Play Store.
- Enter the OTP you received on your mobile number to confirm your mobile number.
- Online registration or mPokket login options are available using a Google or Facebook account.
- Choose your career, then set a password.
- Online KYC document submission.
- Paid employees must upload bank records displaying their salary credits.
- Make a video self-portrait.
- Get your loan disbursed in a matter of minutes.
How is the MPokket Loan EMI Calculated?
You must be aware of the loan’s payback requirements before you apply for one. This is why it’s crucial to calculate the equivalent monthly instalment (EMI) in advance.
To calculate your personal loan EMI fast, utilise the Personal Loan EMI Calculator on the MyMoneyMantra website. Simply enter your loan information, including the MPokket interest rate, loan amount, and term.
Customer Service for MPokket Loan
You can contact the mPokket Customer Care with any questions or complaints you may have.
You can reach them by calling their MPokket helpline at 033 66452400.
The “Contact Us” section of the website has a form you can use to submit a request: An mPokket representative will contact you after you provide all the information regarding the problem you are experiencing.
Alternatively, you can email support@mpokket.com.
FAQ
- How is the credit limit for Mpokket loans determined?
The Instant Loan App determines the credit limit using an internal algorithm. This is based on all of the personal data that you provide upon registration.
- Any student may apply for a Mpokket personal loan.
Any undergraduate student enrolled in a reputable institution’s undergraduate programme may apply for a mPokket loan for students. They must have a mobile phone and be at least 18 years old. Students taking a correspondence course at the moment are not eligible for this loan.
- How can I pay back the loan balance?
You can use UPI or your debit card to make payments using your app. You can also choose to make your payments using your PayTM wallet.
- How do I raise my credit limit?
Up to the set borrowing limit, you may borrow money. For the purpose of determining the borrower’s borrowing limit, mPokket examines hundreds of variables. Increase your chances of getting a bigger loan by using the app frequently and paying off your debt on schedule.
- Do mPokket loans require bank account information?
No. You are not required to have a bank account. The option to have the money sent to your PayTM account is also available. Additionally, you can use internet services to pay back your debt.
- What if my EMI was missed?
There is a daily fee for each missed repayment. The repayment date and sum will be shown when you open the app. You will receive several reminders if the payment is not made by this date. In order to make sure you pay the unpaid balance, mPokket may additionally engage debt recovery services if the user continues to miss payments.
