Introduction
If you are a student or working and you need money urgently, then the mPokket Loan App can make your work easy. In today’s article, we will talk about the mPokket Loan App in full detail—what is the mPokket Loan App, how does it work, how will you get a loan, what is the eligibility, and is there any risk in it or not?
What is the mPokket Loan App?
mPokket Loan App is a popular instant personal loan app that mainly gives small-amount loans to college students and salaried professionals. From here you can take a loan ranging from ₹500 to ₹50,000 without any hard paperwork, just with a PAN card and bank details.
Company Information
- Company Name: mPokket Financial Services Pvt. Ltd.
- Founded: 2016
- Headquarters: Kolkata, India
- RBI Registered NBFC (Non-Banking Financial Company)
Features of mPokket Loan App
| Features | Details |
| Loan Amount | ₹500 – ₹50,000 |
| Tenure | 3 Months – 12 Months |
| Interest Rate | 1% – 6% per month |
| Processing Fee | ₹34 – ₹203 |
| Eligibility | Students & Salaried Professionals |
| Disbursal Time | Within 10 minutes |
| Documents | PAN, Aadhar, College/Salary Proof, Bank Account |
mPokket for Students
If you are studying in college and you need money for exam fees, rent, or travel, then mPokket is a good option. You can take an urgent loan through it.
Document Required
- College ID card
- Address proof (Aadhaar)
- PAN card
- Selfie
- Active bank account
mPokket for Salaried Persons
If you are working in a company and your salary will take some time to arrive and you need urgent money, then mPokket can give you a loan of ₹1,000 to ₹50,000.
Document Required
- Latest salary slip
- Bank statement
- PAN & Aadhaar
- Office ID/Offer letter
Interest Rate & Charges
- Interest Rate: 1%–6% monthly (i.e., 12%–72% annually)
- Processing Fee: ₹34 – ₹203 (depending on loan amount)
- Late Fee: If you do not repay on time, a penalty may also be imposed.
How to take a loan from mPokket?
- Download mPokket app (Play Store/App Store)
- Register with your mobile number
- Complete KYC (PAN, Aadhar, etc.)
- Wait for profile verification
- Accept loan offer
- The loan amount is immediately transferred to the bank
Is mPokket safe or not?
- mPokket provides loans through an RBI-registered NBFC partner
- Data encryption and KYC verification takes place in the app
- But always read the terms & conditions carefully before taking a loan
Risks & Cautions
| Risk | Detail |
| High Interest | Interest can be up to 6% monthly |
| Late Payment Penalty | Penalty for not repaying on time |
| Credit Score Impact | If you do not repay the loan on time, your CIBIL score may decrease |
| Collection Calls | Frequent reminder calls are also received when payment is late. |
Tips Before Using mPokket
- Take loan only when there is an urgent need, not for shopping or fun
- Do not miss the repayment date
- Select the loan amount after careful consideration
- Read every detail carefully
- Do not use multiple loan apps simultaneously
Conclusion
The mPokket Loan App can be helpful for those people who need urgent short-term loans and who do not have formal income proof. But use this app carefully, because high interest and delayed penalties can create a lot of problems.
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