mPokket Personal Loan App | mPokket offers instant personal loans that are unsecured and designed to meet the immediate financial needs of students, salaried individuals, and self-employed professionals.
With competitive interest rates ranging from 0% to 48% per annum, mPokket provides loan amounts up to Rs. 45,000 with repayment tenures of up to 3 months.
mPokket Personal Loan App
Here’s a detailed table summarizing the mPokket Personal Loan App:
| Feature | Details |
|---|---|
| App Name | mPokket Personal Loan |
| Loan Amount Range | ₹500 – ₹45,000 |
| Interest Rate | 0% – 48% per annum |
| Repayment Tenure | Up to 3 months |
| Processing Fee | Rs. 50 to Rs. 200 plus 18% GST |
| Loan Approval Time | 10 minutes |
| Eligibility Criteria | Age: 18 – 60 years, Minimum monthly salary: Rs. 9,000, Indian citizenship, Aadhaar-linked mobile number |
| Required Documents | Aadhaar card, PAN card, voter ID, driving license, passport, bank statement, electricity bill, telephone bill, salary slips for last 3 months, Form 16, business income statement, college ID and selfie with ID proof (students) |
| Key Features | Competitive interest rates, 100% digital process, instant disbursal, no collateral, no credit score required |
| Application Steps | Download app, create account, complete OTP verification, provide details, upload selfie, upload KYC ID, start borrowing |
| Types of Loans | For college students, salaried individuals, self-employed individuals |
| Loan Extension Charges | 1% of the loan amount |
| Prepayment Charges | 3% of the remaining loan balance |
| Other Loan Providers for Comparison | CASHe: 27% p.a., HDB Financial Services: Up to 36% p.a., Paysense: 16.8% to 27.6% p.a., Home Credit: 24% p.a. |
This table encapsulates the primary details and features of the mPokket Personal Loan app.
Features and Benefits
- Competitive interest rates
- 100% digital process with minimal documentation
- Instant disbursal
- No collateral required
- Flexible repayment options
- No credit score or credit history required
Fees and Charges
- Processing Fee: Rs. 50 to Rs. 200 plus 18% GST
- Loan Extension Charges: 1% of the loan amount
- Prepayment Charges: 3% of the remaining loan balance
- Tenure: 61 to 90 days
- Loan Amount Range: Rs. 500 to Rs. 30,000
Eligibility Criteria
- Age: 18 to 60 years old
- Income: Minimum monthly salary of Rs. 9,000
- Citizenship: Indian
- Mobile Number: Aadhaar-linked mobile number
Required Documents
- Identity Proof: Aadhaar card, PAN card, voter ID, driving license, passport
- Address Proof: Bank statement, electricity bill, telephone bill
- Income Proof: Salary slips for the last 3 months, Form 16, business income statement
- Other Documents: College ID and selfie with ID proof for student applicants
Application Process
- Download the mPokket app.
- Create an account using a registered mobile number.
- Complete OTP verification.
- Provide personal, employment, and bank details.
- Upload a selfie and select a KYC ID for verification.
- After KYC approval, borrow up to Rs. 45,000 based on eligibility.
Comparison with Other Loan Providers
- mPokket: 0% to 48% p.a.
- CASHe: 27% p.a.
- HDB Financial Services: Up to 36% p.a.
- Paysense: 16.8% to 27.6% p.a.
- Home Credit: 24% p.a.
Types of mPokket Loans
- For College Students: Covers tuition fees, gadgets, textbooks, and living expenses with flexible repayment options.
- For Salaried Individuals: Small ticket-sized loans for emergencies, education, or travel with quick disbursal and minimal paperwork.
- For Self-Employed: Cash loans for working capital, business expansion, and other needs with customized repayment plans and low interest rates.
mPokket’s streamlined and digital process ensures a hassle-free experience, making it a reliable choice for quick and easy access to funds in times of need.
| mPokket Personal Loan App | Download |