mPokket is a digital lending platform that provides instant personal loans to salaried professionals, self-employed individuals, and students. As a registered Non-Banking Financial Company (NBFC) with the Reserve Bank of India (RBI), mPokket has been operating for over five years, offering a fast and convenient way to access small loan amounts for immediate financial needs.
Loan Options: mPokket offers three main types of loans:
- College Students
- Working Professionals
- Self-Employed Individuals
Key Features of mPokket Loans:
- Quick Access: Get instant loans to address urgent financial needs.
- Short-Term Loans: Flexible repayment periods ranging from 1 day to 3 months.
- Small Loan Amounts: Borrow from ₹500 to ₹20,000, ideal for immediate cash needs.
- Easy Application: Apply via the mPokket app with minimal documentation.
- No Prepayment Charges: Repay your loan early without any penalties.
- Flexible Repayment Tenure: Choose a repayment period of up to 90 days.
- Zero Collateral: No need for collateral to secure your loan.
- Instant Disbursal: Once approved, funds are transferred immediately to your bank account.
Interest Rates and Charges:
Interest Rates: mPokket offers competitive interest rates ranging from 2% to 4% per month. The rate you receive depends on factors like your credit score, banking history, and income.
Processing Fees: Processing fees vary from ₹50 to ₹200, depending on the loan amount and are disclosed at the time of application.
Late Payment Penalties:
The late payment fees in mPokket is varry depends on the amount you have to pay and no of days passed. The table below outlines the penal charges applicable based on the installment due amount and the number of days past due (DPD).
| Lower Limit | Upper Limit | DPD 1-10 | DPD 11-20 | DPD 21-30 | DPD 31-40 | DPD 41-50 | DPD 51-60 | Maximum Penal Charges |
|---|---|---|---|---|---|---|---|---|
| 1 | 1000 | 40 | 30 | 30 | 20 | 20 | 20 | 400 |
| 1001 | 1500 | 60 | 45 | 45 | 30 | 30 | 30 | 600 |
| 1501 | 2000 | 80 | 60 | 60 | 40 | 40 | 40 | 800 |
| 2001 | 2500 | 100 | 75 | 75 | 50 | 50 | 50 | 1000 |
| 2501 | 3000 | 120 | 90 | 90 | 60 | 60 | 60 | 1200 |
| 3001 | 3500 | 140 | 105 | 105 | 70 | 70 | 70 | 1400 |
Eligibility Criteria:
To qualify for an mPokket personal loan, you must:
- Be an Indian citizen.
- Be at least 18 years old.
- Earn a minimum monthly income of ₹9,000.
- Have a good credit history.
- Possess a valid bank account and required documentation, such as salary slips or bank statements.
Required Documents:
- A recent selfie.
- KYC documents (Aadhaar card, passport, etc.).
- College ID (for students).
- Address proof.
- Bank account details.
- Income proof (salary slips or bank statements for the last three months).
Application Process:
- Download the mPokket App: Available on both Google Play Store and App Store.
- Create an Account: Sign in with your existing account or create a new one.
- Upload KYC Documents: Submit your KYC details for identity and address verification.
- Loan Selection: Choose your loan amount, repayment tenure, and preferred disbursal method (bank account or Paytm wallet).
- Receive Funds: Upon approval, the loan amount is transferred instantly to your chosen account.
Customer Support:
- Phone Support: Call 033-6645 2400, Monday to Saturday, 10:00 am to 7:00 pm.
- Email Support: Reach out to support@mpokket.com for assistance.
RBI Approval: mPokket is an RBI-approved NBFC, ensuring its operations are regulated and trustworthy. You can verify their registration on the RBI website by searching for “mPokket Financial Services Private Limited.”
Conclusion: mPokket provides a reliable and fast solution for those in need of small, short-term loans, particularly students and young professionals. With its user-friendly mobile app, competitive interest rates, and minimal documentation requirements, mPokket is an excellent option for managing immediate financial needs. However, borrowers should be mindful of the interest rates and fees, and ensure timely repayments to avoid penalties.
