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mPokket is an online lending platform that provides self-employed individuals, salaried professionals, and students with rapid access to personal loans. It has operated as an NBFC for more than five years and is registered with the RBI.
Currently 3 types of loans seen in their website
- College Students
- Working Professionals
- Self Employed
Features/Benefits
- Quick and instant
- Easy to apply
- Minimal documentation
- Fast disbursal
- No prepayment charges
- Mobile app access
- Zero collateral
- Flexible repayment tenure
- Instant fund disbursal
- Short-term: Choose a repayment plan from 1 day to 3 months.
- Small amounts: Borrow from ₹500 to ₹20,000, perfect for immediate cash needs.
- Eligibility: College students and young professionals are welcome to apply.
- Online application process: You can apply for a loan online in just a few minutes.
- High loan amount: You can borrow up to ₹45,000.
Interest Rates
Currently, the monthly interest rate for a personal loan from mPokket ranges from 2% to 4%. Your eligibility for a certain interest rate will have a big impact on your monthly installment, or EMI, and will also determine how feasible your loan is.
Processing Fees and Charges
The maximum loan amount on mPokket is ₹45,000, and a number of expenses, including interest rates and processing fees, can affect the overall cost of borrowing.The processing charge for mPokket instant loans is between ₹50 and ₹200, tax excluded.When you apply for a mPokket student loan or a loan intended for candidates who are salaried, the precise processing cost that you must pay is provided.
Eligibility Criteria
- You have to be a citizen of India.
- You must be between the ages of 21 and 45.
- A minimum monthly income of ₹9,000 is required.
- Instead of being paid in cash, your salary must be credited to your bank account.
Required Documents
- A Selfie
- KYC details, include:
- College ID (if you are a student)
- Identity proof (Aadhaar card, passport, etc.)
- Address proof (Aadhaar card, utility bills, etc.)
- Bank Account
- Income proof (bank statements, salary slips for the last three months, etc.)
How to apply for a personal loan?
- App download
- Select the ‘Apply Now’ option
- Provide your basic personal information like name, date of birth, etc.
- Choose ‘mPokket’ from the list of lenders
- Enter the loan amount and tenure required
- Click on ‘Submit’ to proceed
- As your application is verified by mPokket, wait.
- Decide where you want the funds to be sent, the loan amount, and the repayment schedule.
- Transfer the funds to your Paytm wallet or bank account.
Is RBI Approved?
Yes, the Reserve Bank of India has given mPokket its approval (RBI). It has an RBI registration as a non-banking financial corporation (NBFC).On the RBI website, you can confirm mPokket’s approval by the RBI. Just visit the RBI website, navigate to the “Find a Non-Banking Financial Company” area, and search for “mPokket Financial Services Private Limited.”
Conclusion
mPokket makes its fees and interest rates clear so you know precisely what you’re getting into. Also, they have partnerships with respectable financial institutions that have been certified by the RBI, guaranteeing the security of your data and transactions. mPokket might offer the responsible and dependable means of filling a short-term cash gap that you’ve been looking for! Always make sure you borrow sensibly and within your means.