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How to Apply for an Instant Personal Loan from mPokket

Are you looking for a quick and easy way to get a personal loan for your personal or professional needs? Do you want to avoid the hassle of paperwork, collateral, and long approval process? If yes, then you might want to check out mPokket, a leading online platform that offers instant personal loans for students and salaried professionals in India.

mPokket is an app-based service that lets you apply for a loan ranging from Rs. 500 to Rs. 45,000 in just a few clicks. You can choose from a variety of loan products, such as Personal Loan, EMI Free Loan, Holiday Loan, Wedding Loan, Electric Two Wheeler Loan, and more. You can also enjoy flexible repayment options, low interest rates, minimal documentation, and fast disbursal.

In this article, we will tell you everything you need to know about mPokket, its features, benefits, eligibility criteria, application process, and frequently asked questions. Read on to find out how mPokket can help you meet your financial goals with ease and convenience.

What is mPokket?

mPokket is an online platform that provides flexible and friendly personal loans for salaried individuals and students. It was founded in 2016 by Satyam Kumar and Vikas Kumar, with the aim of delivering smart and innovative loan products for millennials. mPokket uses technology to create customized loan solutions that match the perfect requirement of the borrowers.

mPokket offers a range of personal loan products, such as:

  • Personal Loan: A standard unsecured loan that can be used for any personal purpose, such as car purchase, home renovation, medical emergency, etc.
  • EMI Free Loan: A unique loan product that allows you to pay only interest on a monthly basis and bullet payments towards principal every 3 or 6 months. This reduces your monthly cash outflow by 40% and gives you more flexibility in managing your finances.
  • Holiday Loan: A special loan product that helps you fund your dream vacation with easy EMIs and no prepayment charges.
  • Wedding Loan: A tailor-made loan product that helps you plan your big day without any financial stress. You can use it for booking venues, catering, shopping, honeymoon, etc.
  • Electric Two Wheeler Loan: A green loan product that helps you buy an electric bike or scooter with low EMIs and zero down payment. You can choose from a range of electric two wheelers and get the loan disbursed within 2 hours.
  • Loan Against Securities: A secured loan product that enables you to obtain funds by using your current investment portfolio, such as stocks, bonds, or mutual funds, as collateral. You can enjoy a low interest rate of 9% p.a. and a hassle-free online process.

mPokket also offers other loan products, such as House Owner Loan, Rental Deposit Loan, Credit Card Takeover Loan, Medical Loan, Personal Overdraft, Advance Salary, Premium Bike Loan, MSME Loan, Working Capital Loan, and AfterPay Merchant.

What are the benefits of mPokket?

mPokket has many advantages over other personal loan providers in the market. Some of the benefits of choosing mPokket are:

  • No limitation on end use: You can use the loan amount for any purpose you want, without any restrictions or questions from the lender. You can use it for personal or professional needs, such as education, travel, business expansion, debt consolidation, etc.
  • Quick disbursal: You can get the loan amount deposited into your bank account within 24 to 36 hours after submitting the required documents. This can be very helpful if you need the money urgently for an unexpected expense or opportunity.
  • No collateral required: You do not have to pledge any asset or property to secure the loan. This means you do not have to worry about losing your valuables in case of default or delay in repayment.
  • Flexibility of tenure: You can choose a repayment tenure that suits your financial situation and repayment capacity. Most loans have a tenure of 6 months to 5 years, which gives you enough time to repay the loan comfortably.
  • Fixed rate of interest: You can enjoy a fixed interest rate throughout the loan term, which means you do not have to worry about any fluctuations or changes in the market conditions. This makes your monthly payments predictable and easy to plan.
  • Customized personal loans: You can choose from a variety of loan products that are designed to meet your specific needs and preferences. You can also enjoy features such as free part-payments, accelerated payment options, and flexible repayment plans.

What are the eligibility criteria for mPokket?

To be eligible for a personal loan from mPokket, you need to meet the following criteria:

  • You must be an Indian citizen residing in India
  • You must be a salaried professional working with a reputed company
  • You must have a minimum monthly income of Rs. 30,000
  • You must have a good credit score of 650 or above
  • You must be between 21 and 55 years of age
  • You must have a valid PAN card and Aadhaar card
  • You must have a bank account with net banking facility

How to apply for a personal loan from mPokket?

The application process for a personal loan from mPokket is simple and convenient. You can follow these steps to apply for a loan:

  • Visit the mPokket website or download the mPokket app from Google Play Store
  • Select the loan product that suits your requirement and enter the loan amount and tenure
  • Fill in your personal, professional, and financial details and upload the required documents
  • Verify your identity and income using OTP and e-signature
  • Get instant approval and disbursal within 24 to 36 hours

Frequently Asked Questions (FAQs)

Here are some of the common questions that borrowers may have about mPokket and its personal loan products:

Q: What are the documents required for a personal loan from mPokket?

A: The documents required for a personal loan from mPokket are:

  • PAN card
  • Aadhaar card
  • Bank statement for the last 6 months
  • Salary slip for the last 3 months
  • Form 16 or ITR for the last 2 years

Q: What are the interest rates and charges for a personal loan from mPokket?

A: The interest rates and charges for a personal loan from mPokket vary depending on the type of loan product, loan amount, tenure, credit score, and other factors. The interest rates start from 15% p.a. and go up to 30% p.a. The charges include:

  • Processing fee: Up to 2% of the loan amount
  • Prepayment fee: Nil to 4% of the outstanding amount
  • Late payment fee: 2% per month on the overdue amount
  • Cheque bounce fee: Rs. 500 per bounce
  • GST: As applicable

Q: How can I repay my personal loan from mPokket?

A: You can repay your personal loan from mPokket through monthly EMIs via NACH mandate, online transfer, cheque, or cash. You can also make part-payments or prepayments as per your convenience and loan terms.

Q: How can I contact mPokket customer care?

A: You can contact mPokket customer care through any of the following channels:

  • Phone: +91 7888 0000 66
  • Email: support@mpokket.com
  • Website: https://mpokket.in/contact-us/
  • App: mPokket – Instant Personal Loan

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