Description

What Is mPokket?

It’s a smartphone application prepared by the 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 the 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 Calcualtion

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 the customer care via the following methods.

  • Customer Service Email: support@mpokket.com

FAQs

Q1Who can borrow the personal loan from this app?
Students who are 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.
Q2What is the process to borrow a loan?
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.
Q3What does it take to get a profile approved?
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.
Q4What are the ways to repay the loan?
You can repay the loan amount using your Paytm wallet or Debit Card.
Q5What 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.
Q6What are mCoins?
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.
Q7Does 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.
Q8Do 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.
Q9What if I don’t repay the 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.