How to Apply for mPokket Personal Loan

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 loan.

To apply for an 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 rate2% to 6% per month
Loan AmountUP to 30,000
Loan Tenure61 days to 120 days
Eligibility Age18 years 
Income RequiredRs. 9,000/- Per month
Registration FeesZero
Eligible ForSelf Employed/Salaried Person

What is an mPokket Personal Loan?

Personal loans provide individuals with an alternative to credit cards, mortgages, and other forms of debt.

An 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.

Also Read: Indiabulls Dhani Personal Loan 

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 rate2% to 6% per month
Processing ChargesRs. 34 to 203 + 18% GST
Overdue ChargesApplicable
Also Read: Yes Bank Finbooster Credit Card

mPokket Personal Loan Eligibility

Fulfill the basic eligibility criteria for MPokket personal loan:

  1. You should be an Indian resident.
  2. The minimum age required is 18 years.
  3. Active bank account required.
  4. 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:

The following documents must be submitted for the approval of your application:

  1. Your personal identification card/passport (ID).

2. Your employment contract has been issued within the last three months.

3. A letter from your employer confirming that you’ve been working with them for at least 3 months this year.

4. The latest bank statement or tax return, which includes at least one month’s worth of income.

Also Read: How to Cancel SBI Credit Card

How to Apply for an mPokket Personal Loan

  • Find a reliable business loan by using mPokket near you. Download mPokket loan app through the play store.
  • Most ID verification services can request the OTP you receive on your mobile number to help confirm that you are who you say you are.
  • 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 displaying on your profile.
  • Submit your KYC documents online.
  • To ensure you are paid for your work, you need to upload a few relevant banking statements.
  • Record a selfie video through your mobile phone.
  • After approval loan amount will credit to your bank account.

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