Features
- 100% Digital Process with Instant Disbursal
Pricing
- The interest rate varies from 2% p.m.- 2.5% p.m
- Processing fees: 4%
Documents Required
- Aadhar Card
- PAN card
- Last 3 months’ Bank Statement showing salary credit
- Student ID card (Applicable only for students)
mPokket instant personal loans are unsecured loans coming with loan amounts up to Rs. 45,000, competitive interest rates ranging from 0% to 48% per year, and many other benefits. They are a very good option for individuals requiring instant cash to satisfy their immediate funding needs.
Key Highlights of mPokket Instant Personal Loan
Interest Rate | 0% to 48% per annum |
Loan Amounts | Up to 45000 |
Repayment Tenure | Up to 3 months |
Loan approval time | In 10 minutes |
Features and Benefits of mPokket Loan
- Competitive interest rates from 0% to 48% p.a.
- Loan Amounts up to Rs. 45,000
- 100% digital process and minimal documents
- Loan approval in 10 minutes
- Instant disbursal
- No collateral and 100% paperless process
- Repayment tenure up to 3 months
- Funds will be transferred directly and securely to your bank account
- They are flexible and hassle-free. You can convert your loans into EMIs that can be paid easily.
- You don’t require a credit score or credit history to borrow from mPokket
Eligibility Criteria For mPokket Personal Loan
Age | 18 to 60 years old |
Income | A minimum monthly salary of Rs. 9000 |
Citizenship | Indian |
Mobile number | Have an Aadhaar-linked mobile number handy |
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. 45,000. The loan amount you are eligible for will depend on factors such as income, credit history, occupation, etc.
mPokket Loan - Fees and Charges
Processing Fee | Rs. 50 to Rs. 200 plus 18% GST |
Tenure | 61 to 90 days |
Loan amount | Rs. 500 to Rs. 30,000 |
Loan extension charges | 1% of the loan amount |
Prepayment charges | 3% of the remaining loan balance |
mPokket Instant Personal Loan Versus Other Instant Loan
Instant personal loan app | Interest rate (p.a.) |
|---|---|
mPokket | 0% to 48% |
CASHe | 27% |
HDB Financial Services | Up to 36% |
Paysense | 16.8% to 27.6% |
Home Credit | 24% |
Types of mPokket Loan
- mPokket instant personal loans for college studentsThese come with affordable interest rates and flexible repayment options. These loans can be availed to cover expenses like tuition fees, gadgets, day-to-day activities of students, textbooks, and living expenses.
- mPokket instant personal loans for the salariedThese are small ticket-sized loans that are easily available to salaried individuals with a minimum income of Rs. 9000. They come with quick disbursal, minimal paperwork, and low interest rates. Whether it is for emergencies, education, or travel, you can avail of these personal loans for your instant financial needs.
- mPokket instant personal loans for the self-employedmPokket 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.
FAQs on mPokket Loan:
1. What is the customer care number of MPokket?
The customer care number for MPokket is 033-6645 2400. If you have any queries or need assistance, you can reach out to their customer support team at this contact number.
2. What is the minimum loan limit for mPokket?
The minimum loan limit for mPokket is Rs. 500
3. What is a mPokket personal loan?
mPokket personal loan is an instant, unsecured loan available to students, salaried professionals, and self-employed individuals in India.
4. What documents are required to apply for a mPokket personal loan?
The documents to be submitted to apply for a mPokket personal loan are identity proof, address proof, college ID for student applicants, income proof, and KYC details.
5. What are the eligibility criteria for a mPokket instant personal loan?
The eligibility criteria for a mPokket personal loan are as follows:
- Age: You must be a citizen of India in the age range of 18 to 50 years.
- Income: The minimum monthly income must be Rs. 9,000. Your income must be steady.
6. What is the loan amount that I can get from mPokket?
You can get a loan of up to Rs. 45,000 from mPokket. The loan amount you are eligible for will depend on your income, employment, and credit history.
7. Do I need a credit score or credit history to borrow from mPokket?
You don’t need a credit history or a credit score to be able to borrow from mPokket. You can be new to credit and not have a credit score. By borrowing and making timely repayments, you can build a good credit profile with mPokket.