Description
What Is mPokket?
It’s a smartphone application prepared by Maybright Ventures Private Limited. This app provides instant loans to students and salaried individuals. The app does not offer any loan product directly, instead, it works as a bridge between a borrower and the lender. When the app was first introduced, its main aim was to make loans available for the student community when they run out of cash. Within a quick span of time, it became popular among the students, especially for those who are studying outside.
Features and Benefits of mPokket
- Instant Cash: The main goal of the app is to provide instant cash to the borrowers. You can download mPokket app to get an instant loan approval. After approval, the loan amount gets disbursed into your bank account or in your Paytm wallet.
- Flexible Repayment: The Best personal loans given via this app are short-term loans; you can choose from flexible repayment options among 1, 2, or 3 months.
- Paperless Application Process: To apply for a loan using this platform, you only need a smartphone. The application process is 100% digital; hence you need not wander anywhere or stand in long queues waiting for approval. As you download the app, register yourself as a user, upload your photo, and KYC documents to apply for a loan.
- Rewards and Cashback: The app also rewards users with mCoins and cashback when they refer this app to the potential customers. These points also help in building better rankings on the platform which help users to get more credit.
mPokket Personal Loan Interest Rate, Processing Fee, And Loan Tenure
|
Lenders Name |
mPokket |
|
Interest Rate |
Starting at 3.5% on the monthly basis |
|
Processing Fee |
NA |
|
Loan Amount |
Based on the user’s profile |
|
Loan tenure |
1 – 3 months |
Eligibility Criteria To Avail mPokket Personal Loan
For Students
- The age of the applicant should be 18 years or above.
- The candidate must be a college student.
For salaried:
- The candidate must be a recent college graduate.
- The candidate should have an offer letter or he should be working.
Documents Required for mPokket Personal Loan
For students:
- ID Proof (College ID)
- Address Proof (Voter ID Card/ Driving License/ Passport)
For Salaried Individual:
- Copy of the offer letter or salary slip
- Bank statement
mPokket EMI Calculator
The personal loan by the mPokket mobile app works as a credit card. In simple words, it offers you a credit line that can be increased or decreased. They charge interest on the amount used by the borrower. So, before using the amount from the credit line, please do the repayment calculation using an online calculator. The EMI Calculator helps you find out the EMI on the loan amount availed by you. Suppose, you take Rs. 30,000 personal loan for 3 months at 3.5% interest per month. Results shown by the EMI calculator will look like as shown in the tables below.
|
Loan amount |
Rs 30,000 |
|
Interest Rate |
3.5% per monthly |
|
Tenure |
3 months |
|
MONTH |
PRINCIPAL (A) |
INTEREST (B) |
TOTAL (A +B) |
BALANCE |
LOAN PAID |
|
1ST |
Rs 9,971 |
Rs 88 |
Rs 10,058 |
Rs 20,029 |
33.24% |
|
2ND |
Rs 10,000 |
Rs 58 |
Rs 10,058 |
Rs 10,029 |
66.57% |
|
3RD |
Rs 10,029 |
Rs 29 |
Rs 10,058 |
Rs 0 |
100.00% |
You can try different variations using an EMI calculator here.
How to Use mPokket App
- Download the app on your device.
- Upload your KYC documents, selfie, address proof, or student ID card (in case of student loan).
- Wait for the mPokket to verify the application.
- Select the loan amount, repayment tenure, and choose a place to get the funds (Bank or Paytm)
- Get the amount in Bank or Paytm wallet.
mPokket Customer Care
If you face any difficulty using the app, you can reach out to customer care via the following methods.
- Customer Care Number: Dial 033- 6645 2400 between 10:00 am to 7:00 pm from Monday to Saturday.
- Customer Service Email: support@mpokket.com
➤ FAQs
Ques. Who can borrow the personal loan from mPokket loan app?
Students who have enrolled for regular courses can apply for the personal loan. Students completing their education by opting for a correspondence course can’t take the benefit from this app.
Ques. What is the process to borrow an instant personal loan from mPokket?
The borrowing process is simple, but before that, you must wait for the approval from their side. Once you get approved, you can apply for a loan easily.
Ques. What does it take to get a profile approved on mPokket?
As you complete your profile, which has 4 sections like about, education, video, and KYC, your profile is ready for the administrator approval. When you get approval, you’ll get notification by the app itself.
Ques. What are the ways to repay the mPokket personal loan?
You can repay the mPokket loan amount using your Paytm wallet or Debit Card.
Ques. What is the maximum credit limit that can be availed using this platform?
It sets the credit limit based on the borrower’s credit behaviour. The credit limit starts from Rs 500, but it can be increased anytime.
Ques. What are the mCoins in mPokket loan?
This is a reward program for good users. Higher mCoins help a user upgrade his tier ratings to Silver, Gold, or Platinum. It also makes you eligible to borrow more money when your tier ratings improve.
Ques. Does mPokket provide student loans?
Yes, this app offers a student loan to college-going students, but you should be aware that these loans are given to those students who are enrolled in a full-time course.
Ques. Do I need to provide any collateral to get loans from mPokket?
mPokket provides a credit limit that you can use anytime to withdraw cash or transfer it to the Paytm wallet. However, you don’t need to provide any security or collateral to get a loan.
Ques. What if I don’t repay the mPokket personal loan on time?
The starting credit limit of the mPokket app is Rs 500 that can be increased by repaying the loan on time. On the other hand, if you don’t repay your loan on time maybe your credit limit will be decreased.