mPokket Instant Personal Loan App- Eligibility, Interest Rates & Other Charges

mPokket app logo image

The mPokket Loan App Complete Details And Review

Needed money in an emergency?

College petty expenses? Like:- Exam fees, tuition fees, Hostel fees, recharge, Eating, and traveling expenses, Party, Gym, Shopping, etc.

Not to worry about cash!

What is mPokket?

The mPokket is a lending app providing instant loans digitally for college students and young salaried professionals. It provides financial security to college students and young professionals who are stuck in an emergency.

Their aim is to build an easy system for Indian college students and young salaried professionals to avail of loans.

It is a lending marketplace- where you can apply for a loan anytime and anywhere.

mpokket logo

 

Benefits and features of the mPokket loan app are:-

  • Flexible loan amount– Loan amount of Rs 500 up to 20,000, with tenure up to 3 months. You will have a choice of receiving the money in your bank or PayTM account.
  • Paperless work and process– The entire process is simple, there is no complex work process is required. It is completely online and paperless.
  • No Collateral Needed– You don’t need to provide any collateral or guarantors to avail of the instant loan.
  • 24/7 Customer Support– 24/7 Customer support is available to provide assistance for availing and repayment of the loan.
  • More than 5 million users– mPokket is used by more than 5 million users and 95% of users have rated us 5 stars.
  • Short tenure- It is a short tenure loan so no need to worry about the installments process.

mPokket features

You can also refer your friend to install this app and earn a flat Rs 50.

ELIGIBILITY CRITERIA FOR MPOKKET

Instant Loan for StudentsInstant Salary Loans
Minimum age must be 18 years.Receiving salary in a bank account.
Documents must required- Identity proof and Address proof.Salary slip must attach with bank statement.
Student identity card is required.Acceptable documents- Identity proof and Address proof.
Must enrolled in educational institution.Must be working full time in a company.
  • Students pursuing correspondence courses are not eligible.
  • your age is less than 40 years

LOAN CRITERIA- Interest rates, Tenure, And Other charges

  • Loan Limit for students– Rs 500 to Rs 10,000.
  • Loan Limit for salaried professional– Rs 1,000 to Rs 20,000
  • Tenure– 61-90 days.
  • Interest Rates:- 1% to 6% per month (12% – 72% per year) depends upon product.
  • Processing fees- Rs34 to Rs203 + 18% GST.

Example– If the loan amount is 20,000 and the interest rate is 4% per month, Tenure- 90 days. after deducting other fees.

Interest calculated– Rs 5,000 x 3.5% x 3 = Rs 525

Create mPokket profile screenshot

DOCUMENTS REQUIRED

  1. Identity Proof {College identity card}
  2. PAN Card or Form 16.
  3. Address Proof{Passport, Driving license, Voter id card}
  4. A selfie video that showcases all your facial features clearly.

Additional documents required in case of loan for salaried:-

  1. Salary Slip/Payslip or Offer Letter
  2. Bank Statement

How mPokket works?

When I downloaded this App I had to go through all these steps to create a profile. All these steps are:-

Step 1:- Download The mPokket App

Step 2:- Agree to the terms and conditions, give permission to access SMS, Location, Contacts, Storage, Camera, Installed Applications.

Step 3:- Signup with Google or Facebook

Step 4:- You need to create your profile to start borrowing from mPokket, Profile approval will take 10-15 minutes.

Step 5:- Upload KYC information, selfie video, Address Proof, Student ID card, and basic information about yourself to know about yourself better.

Step 6:- You need to wait for a few hours for the information to be verified by them. You will get an SMS alert when the profile gets verified.

Step 7:- You need to select the loan amount and for how much time you want to borrow and where {Bank or Paytm}.

Step 8:- Loan gets instantly transferred to your Bank account or Paytm.

Step 9:- You can repay your loan anytime before the given due date by using a Debit card, UPI, and Paytm wallet.

Step 10:- You need to provide extra information to apply for a higher credit limit.

Step 11:- You need to provide your job-related information if you are working or having a job offer and want an even higher borrow limit.

ADDITIONAL DETAILS

  • Funds will be transferred to your bank account only during banking hours but you can apply for the loan anytime.
  • You can log in using your email id if need to update the existing contact number.
  • Earn mCoins- Approved users eligible for the cashback and discounts.- way to earn mCoins First one, When a user signs up for mPokket using your referral code another When your connections take a loan and repay on time. You can lose coins if your connection makes late repayment.
  • Paying after the given due date definitely will impact your credit limits. You will also be charged a daily penalty/fee on how many days your repayment is overdue.
  • Requested to the bank account will take 24 hours to process.

mPoKKet App Reviews

The mPokket provides personal loans to students (Rs500 to Rs10,000 ) and salaried professionals (Rs 1000 to Rs20,000 ). Users are satisfied with their easy repayment method and the customer service.

mPokket Review

4.3* ratings by mPokket users- It is a very good category to consider. More than the average number of users is highly satisfied with this platform. When your financial condition is better than average but you need a loan as pocket money you can go for this app, they provide better services to it, customers.

Interest rates are slightly high. sometimes customers are facing problems in loan approval time. to make everything clear you can read their positive and negative reviews.

mPokket app review

Reviews by their users

Negative Review

  • Delay in a loan approval.
  • Less loan amount is provided by the mPokket.
  • Interest rates are quite high.

Positive Review

  • Easy repayment options are available.
  • Good customer service.
  • Covered both students and salaried professionals. So, helps to meet with daily expenses of students.
mPokket AppInformation
Required Android5.0 and up
Ratings on PlayStore4.3
Reviews on PlayStore2,88,290
App Size15mb
Install5+ Million

Frequently Asked Questions(FAQs)

Some general queries of customers query mentioned below.

When I made late repayment to mPokket?
  • Paying after your due date is considered bad behavior and impacts your borrowing limit and ability to borrow on mPokket. They will also be charged a daily penalty based on how many days your repayment is overdue.
I have done the repayment but still showing as due?
  • Send an email to them at support@mpokket.com with your registered mobile number, necessary details, and screenshots (if any). their customer service representative will be in touch with you shortly to help resolve the issue.
What is the maximum loan limit of mPokket?
  • The mPokket provides loans to students and salaried professionals. The loan limit is different for both of them. For students, Rs 10,000 is the maximum loan amount. And for salaried individual Rs 20,000.
What are all modes of repayment?
  • Paytm wallet, Debit card, or UPI.

PERMISSIONS REQUIRED BY APP

  • Phone-To prevents fraud by uniquely identifying the device, like- hardware information, mobile network information, profile information, OS version & restricting unauthorized devices to act on the user’s behalf.
  • Camera-To complete loan application allows you to capture images and upload documents.
  • Location-Provide customized offers and monitoring device location for service.
  • Contacts-To collects contact info to detect references & auto-fill forms during the loan application.
  • Storage-Allow you to upload documents and capture images for loan applications.
  • SMS-To read SMS to understand purchasing behavior and income level for assessing credit limit.
  • Installed Applications-For credit, profile enrichment collects a list of installed apps.
mPokket Customer Care Details

Whenever you need to directly contact mPokket. mentioned below is their contact details where you can contact them for any issues.

Contact mPokket- support@mpokket.com
mPokket helpline-  Click Here
mPokket customer care number- 033- 6645 2400 (10:00 am to 7:00 pm) (Mon to Sat).

For any kind of queries, you can contact mPokket here.

Conclusion

The mPokket is an Indian lending app it covered both students and salaried professionals. but provides less amount of loan with quite more interest rate. Customers are satisfied with their service and easy repayment. It is a good option when you have enough good financial condition but need a loan as pocket money. More than an average number of users are satisfied with this app. for better results, you just need to compare it with other loan apps also.

You can compare with more financial apps for better result
  1. Bitford Finance Loans
  2. Cashbean personal loan details
  3. Kissht app review- eligibility, loan types
  4. GotoCash app complete details
  5. Navi-Instant personal loan app review
  6. Dhani personal loan app
  7. Kreditzy-Instant personal loan
  8. Z2P-Instant personal loan
  9. CashBeaN App-Online instant personal loan app

All the best!

3 thoughts on “mPokket Instant Personal Loan App- Eligibility, Interest Rates & Other Charges”

  1. Pingback: GotoCash App Complete Details

  2. Rushikesh Nilate

    It is harmful app it is damage our cibil report when you pay your loan on time also.
    I complaint last month but now complete 1 month but my complaint is not solved after 1 month

    1. It’s sad to hear about this. We can suggest you to write a mail to CIBIL also write a mail to your lender with proof.
      CIBIL will take proper action.
      All the best

Leave a Comment

Your email address will not be published. Required fields are marked *