It is not a secret that there are many types of loans that are available in the market today. Every loan has its own set of rules and regulations.
With mPokket, you can apply for personal loans as well that provides up to Rs. 30,000 instant loans.
To apply for a mPokket personal loan, all you need to do is enter your contact details, decide how much you want to borrow, and then select the repayment period.
After this, a quick online assessment will be done to determine your eligibility on the basis of your income and other criteria.
If you have successfully applied for a mPokket personal loan, then it is time to prepare for repayment of your loan by making different monthly payments according to your cycle which will help you manage your finances better.
mPocket Personal Loan Quick Recap
|Interest rate||2% to 6% per month|
|Loan Amount||UP to 30,000|
|Loan Tenure||61 days to 120 days|
|Eligibility Age||18 years|
|Income Required||Rs. 9,000/- Per month|
|Eligible For||Self-Employed / Salaried Person|
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What is a mPokket Personal Loan?
Personal loans provide individuals with an alternative to credit cards, mortgages, and other forms of debt.
A mPokket personal loan is a personal loan that can be used to fund any type of purchase or expense. It is designed to make it easier for people who may not have the same access or means as others in order to make purchases that will better their lives.
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Benefits of MPokket Personal Loan
Quick Loan: An MPokket Personal Loan allows you to borrow a small amount of money, usually between Rs. 1,000 to Rs. 30,000. So you don’t have to worry about the need for collateral or asking someone else to co-sign your loan.
No Paper Work: This type of loan is convenient because you can use it online without any extra paperwork, which makes it easy to withdraw your money if needed.
Instant Approval: It is a personal loan for poor people. The company offers quick cash loans in less than 24 hours. It helps to avoid the hassle of going through banks and other traditional methods of getting a loan.
Lower Interest Rate: MPokket is a new micro-lending platform that charges a small fee on every loan they give out. They are taking a 2% to 6% interest rate per month, which is much lower than any other loan service currently taking.
Minimum Documents Required: You can apply for a personal loan with minimum documents by sending personal details and bank statements to the company.
Fully Digital Platform: The digital platform offers a fully digital process, where you can apply for a loan without visiting the bank. The process is simple and quick, with no need to fill up forms or sign up for applications. The loan amount is determined by your requirement, income, and credit score.
mPokket Loan Fees & Charges
|Interest rate||2% to 6% per month|
|Processing Charges||Rs. 34 to 203 + 18% GST|
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mPokket Personal Loan Eligibility
Fulfill the basic eligibility criteria for MPokket personal loan:
- You should be an Indian resident.
- The minimum age required is 18 years.
- An active bank account is required.
- Need income proof for salaried person.
Documents Required For MPokket Personal Loan
This loan is only available for people that can prove that they are employed and have a stable income.
Documents Required for mPokket Personal Loan:
1. Your KYC documents (Pan Card, Aadhaar Card) are required.
2. Recent 3 months’ Salary Slip is required.
3. Recent 6 months Bank Statement is required.
4. Income Tax File required for Self Employed person.
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How to Apply for a mPokket Personal Loan
- Find a reliable business loan by using mPokket near you. Download mPokket loan app through the play store.
- Signing up for mPokket is easy- just use your existing social media account to log in.
- Set a password and then select the profession you want displayed on your profile.
- Submit your KYC documents online.
- To ensure you are paid for your work, you need to upload recent banking statements.
- Record a selfie video through your mobile phone.
- After approval loan amount will credit to your bank account.