Mpokket Personal loan

Key Highlights of mPokket Instant Personal Loan

Key Features & Benefits of mPokket Instant Loan

• Loan Amount Range: Borrow flexible amounts starting from ₹1,000 up to ₹2,00,000, ideal for covering everyday expenses, short-term cash gaps, and unexpected costs.
• Interest Rate Range: Rates generally fall between 22% and 36% per annum, depending on your profile, repayment history, and chosen tenure.
• Flexible Tenure Options: Choose short to medium repayment periods ranging from 6 to 24 months, so you can repay comfortably based on your cash flow.
• 100% Online Application: The entire process-from application to verification-is completed digitally, allowing you to apply anytime without visiting an office.
• Quick Approval & Instant Credit: Your application is reviewed rapidly, and once approved, the loan amount is transferred straight to your bank account without unnecessary waiting time.
• Hassle-Free Documentation: The process requires only essential identity and bank verification, keeping paperwork minimal and the application smooth for new users.
• Ideal for Students & First-Time Borrowers: Created for applicants with little or no prior credit experience, helping students and young professionals access quick funds without complex eligibility conditions.
• No Collateral Required: Unsecured loan facility, so you don’t need to pledge any assets or provide a guarantor to apply.

Mpokket Personal Loan Interest Rates

The interest rates for mpokket personal loans vary depending on the loan amount you choose and the repayment period selected. Smaller loan amounts and shorter tenures generally come with higher rates, while higher ticket sizes with longer tenures may offer relatively lower interest ranges. Your final rate is decided based on your profile and repayment capacity.

Interest Rate Structure (Based on Loan Amount & Tenure)

Eligibility Criteria For mPokket Personal Loan

Documents Required For mPokket Personal Loan

• Identity Proof: Aadhaar card, PAN card, voter ID card, driving license, and passport.
• Address Proof: Bank statement, electricity bill, and telephone bill
• Income Proof: Salary slips for the last 3 months, Form 16, business income statement
• Other Documents: Student Applicants Required to Submit College ID and Selfie with ID Proof

How Can You Get An mPokket Instant Personal Loan?

Step 1: Download the mPokket app.

Step 2: Create an account by providing your registered mobile number

Step 3: Click ‘Send OTP’

Step 4: Complete the OTP verification and continue

Step 5: Create your profile by giving personal information like date of birth, marital status, qualification, etc., employment details like company name, income, etc, and bank details. Upload your selfie also.

Step 6: After completing your profile, select the KYC ID you want to provide. It could be your voter ID, passport, driving license, or Aadhaar card. Upload the KYC.

Step 7: After KYC verification and approval, you can start borrowing. You can get a loan amount up to Rs. 2,00,000. The loan amount you are eligible for will depend on factors such as income, credit history, occupation, etc.

mPokket Loan - Fees and Charges

What Happens If mPokket Loan Is Not Paid on Time?

If you miss your mPokket loan repayment, late payment charges start adding up as per the app’s penalty policy, increasing your total outstanding amount. Continued delays can lead to repeated reminders and follow-ups, and your account may be marked overdue after a few days past the due date. If the loan remains unpaid for a longer period, it can negatively affect your credit history and make it harder to get loans or credit cards in the future. In extreme cases of prolonged non-payment, recovery actions may be initiated as per applicable rules and terms.

Types of mPokket Loan

• Instant Loans for Freshers & Interns: Freshers and interns often operate on tight monthly budgets, where even a minor unexpected expense can cause a cash crunch.Instant personal loans offer quick, short-term financial support to handle urgent needs without disrupting your routine expenses, with online approval and fast credit to your bank account based on eligibility.
• Loans for Working Professionals: Working professionals may face sudden expenses such as medical bills, rent, travel, or urgent personal needs. Instant personal loans let you borrow up to ₹2,00,000 to manage short-term cash needs with a fully online process and quick disbursal to your bank account, based on eligibility.
• Loans for Self-Employed: mPokket gives small ticket size cash loans to self-employed individuals. These include freelancers, entrepreneurs, self-employed chartered accountants, doctors, and others. Through these loans, you can get quick access to funds for working capital, machinery, business expansion, business marketing, etc. Self-employed individuals can benefit from the customized repayment plans, low interest rates, and quick approval and disbursal.

mPokket Customer Care

• mPokket customer service agents are available from 9 AM - 7PM to assist you with any problem.
• You can contact mPokket customer care through the number - 033-6645 2400.
• You can also write an email to support@mpokket.com for any queries or complaints.
• mPokket has a grievance redressal policy to ensure that queries and complaints are resolved and the customers are satisfied. The company has a CRM system in place to enable timely resolution of grievances. This system captures complaints, sticks to TATs, and escalates issues based on predefined TATs, and escalation matrix. The mPokket customer service is responsible for resolving the complaint/grievance within 7 working days. If the customer is still unsatisfied, he/she can escalate the issue through the grievance redressal mechanism.
• mPokket also has the ombudsman scheme, which was created by the Reserve Bank of India (RBI) to redress the customers on specific types of banking services provided by banks and to enable the settlement of those complaints.

Frequently Asked Questions