mPokket provides instant personal loans ranging from INR 500 to INR 30000 to students and salaried professionals making them self-dependent financially. It offers access to all financial services without any collateral backing.

All the geographical constraints have been overcome with the help of the online loan application process making it easily accessible for rural area applicants. 

Features and Benefits of mPokket Personal Loan

Provided below are the features and benefits of mPokket Loan:

• mPokket Loan provides a way to quick and easy loan with just 15 minutes of loan application time.
• A flexible loan amount ranging from INR 50 to INR 30,000 can be borrowed.
• With mPokket Loan, you can get a loan tenure that ranges betwen 61 to 90 days.
• It offers interest as low as 1% to 6% per month.
• There are no hidden charges.
• No need of collateral to avail off the mPokket loan.

How to get an instant loan from mPokket?

Below mentioned are the steps to get an instant loan from mPokket:

Step 1: Signup with Google or a mobile number.

Step 2: Choose the profession type.

Step 3: Submit KYC documents online.

Step 4: Upload bank statements reflecting salary credits in case of salaried applicants.

Step 5: Record a Selfie video.

Step 6: Get the loan disbursed in minutes.

Interest Rates

At present, mPokket offers the Best Personal Loan Interest Rates that range from 2% to 4%. Interest rates are one of the important factors that allow applicants to get to know about the feasibility of the loan. It also influences the amount of repayment of the installment i.e. EMI. In normal cases, the applicant prefers a lower rate of interest only. 

It has a competitive rate of interest that makes it an affordable financing option. But, the interest rates offered by mPokket are determined on the basis of credit history, bank records, credit score/ CIBIL score, etc.

Eligibility Criteria

Whether it is a 2 Lakh Personal Loan or a 5 Lakh Personal Loan, the eligibility parameters remain the same, as mentioned below: 

• The applicant’s minimum age should be 18 years.
• The applicant’s maximum age should be 60 years.
• An applicant must be Indian resident.
• An applicant should have an Aadhar linked with mobile number.

Processing Fees and Charges

All the components like interest rates, processing fees, and other charges have an impact on the total cost of the borrowing. While applying for a student loan or loan for salaried applicants, the processing fees are disclosed to them. Also, in case of late payments or any default, penalty charges are applicable. Provided below are the processing fees and charges associated with mPokket Loan:

Documents required for mPokket Personal Loan

Provided are the documents required to be submitted along with mPokket loan:

• Identity Proof: PAN card, Aadhaar card, Voter ID card, Passport, and driving license.
• Address Proof: Electricity Bill, Bank statement, and Telephone bill
• Income Proof: Form 16, Salary slips for the last 3 months, and, business income statement
• Other Documents: The student applicants are required to submit the College ID and a selfie with ID Proof.

Different Types of mPokket Personal Loans

Provided below are different types of mPokket loans:

1. Instant Loan for Students: 

mPokket loan for students covers unexpected expenses like tution fees, books, and hostel fees.

• Loan Amount: INR 500 to INR 20,000
• Interest Rate: 2% and 4% per month.
• Loan Tenure: Up to 4 months

2. mPokket Salaried Loans:

mPokket loan for salaried is a quick loan which is offered to salaried individuals having a monthly income of atleast INR 9000.

• Loan Amount: INR 1000 to INR 30,000
• Interest Rate: 2% and 4% per month.
• Loan Tenure: Up to 5 months

3. mPokket Low Salary Personal Loan:

mPokket loan for salaried is a quick loan which is offered to salaried individuals having a monthly income of atleast INR 3000.

• Loan Amount: INR 3000 to INR 10,000
• Interest Rate: 3% and 5% per month.
• Loan Tenure: Up to 3 months

How to Apply for mPokket Loans?

Provided below are the steps to be followed to apply for mPokket Loan:

Step 1: Download the mPokket loan application.

Step 2: Create an online account by providing the registered mobile number.

Step 3: Enter the OTP received on the registered mobile number.

Step 4: Mention the desired loan amount along with the e-mail ID.

Step 5: Next, click on the Personal Loan option.

Step 6: Select the type of employement i.e. salaried, self-employed, student. 

Step 7: Also, select the salary mode, i.e. Bank or Cash.

Step 8: Provide the details of your work, like name of company, years of service, alongwith the designation.

Step 9: Provide the personal details, which includes, full name, PAN, address, DOB, gender.

Step 10: Input the address of communication, income details.

Step 11: Click the tab “Submit”.

mPokket Customer Care Details

In case of any query, complaint, or feedback related to a Personal loan, an applicant may contact customer care on below mentioned number at any time between 09:00 am to 07:00 pm from Monday to Saturday.

The mPokket helpline number is 033 66452400. Also, the queries can be sent to support@mpokket.com. 

Click on the “Contact Us” section to send an online request and then provide the details of the issues being faced. After that, a representative from mPokket will connect to get the issue resolved.

Conclusion

To apply for loans in banks or financial institutions is a cumbersome process. But, with the help of mPokket loan, the entire process of applying for a loan is available on the mobile phone making the loan application process paperless and simple. With mPokket, the personal loan gets approved within minutes making it India’s best online personal loan platform.

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