mPokket Personal Loan App

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:

App NamemPokket Personal Loan
Loan Amount Range₹500 – ₹45,000
Interest Rate0% – 48% per annum
Repayment TenureUp to 3 months
Processing FeeRs. 50 to Rs. 200 plus 18% GST
Loan Approval Time10 minutes
Eligibility CriteriaAge: 18 – 60 years, Minimum monthly salary: Rs. 9,000, Indian citizenship, Aadhaar-linked mobile number
Required DocumentsAadhaar 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 FeaturesCompetitive interest rates, 100% digital process, instant disbursal, no collateral, no credit score required
Application StepsDownload app, create account, complete OTP verification, provide details, upload selfie, upload KYC ID, start borrowing
Types of LoansFor college students, salaried individuals, self-employed individuals
Loan Extension Charges1% of the loan amount
Prepayment Charges3% of the remaining loan balance
Other Loan Providers for ComparisonCASHe: 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

  1. Download the mPokket app.
  2. Create an account using a registered mobile number.
  3. Complete OTP verification.
  4. Provide personal, employment, and bank details.
  5. Upload a selfie and select a KYC ID for verification.
  6. 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 AppDownload