mPokket Personal Loan Review 2024: Is mPokket RBI Approved?

mPokket Personal Loan Review: mPokket is a digital lending platform that offers instant personal loans to salaried professionals, Self-Employed and Students. It is a registered NBFC with the RBI and has been in the business for over 5 years.

In this blog post, we will review mPokket personal loans in detail and answer your most important questions, such as:

• What are the eligibility criteria for mPokket personal loans?
• What are the interest rates and processing fees?
• How to apply for an mPokket personal loan?
• Is mPokket a safe and reliable lender?

Read on to learn more about mPokket personal loans and decide if it is the right choice for you.

About mPokket

mPokket is a platform that provides short-term personal loans tailored to help college students and young professionals effectively manage their everyday expenses or overcome financial challenges towards the end of the month.

It offers a fast and convenient way to access small loan amounts to address immediate financial requirements. For more details, we must recommend to visit official website @www.mpokket.in.

Types of Loans Offered by mPokket

Currently, we seen in their website only 3 types of loans. Here’s the list:

• College Students
• Working Professionals
• Self Employed

mPokket Personal Loan Key Features/Benefits

• Quick and instant: Get a loan to meet your urgent financial needs.
• Short-term: Choose a repayment plan from 1 day to 3 months.
• Small amounts: Borrow from ₹500 to ₹20,000, perfect for immediate cash needs.
• Easy to apply: Use the mPokket app to apply in minutes.
• Minimal documentation: Only need a government ID and a selfie.
• Fast disbursal: Get your money in your bank account quickly after approval.
• No prepayment charges: Repay early without any penalties.
• Mobile app access: View loan details and make payments easily through the app.
• Eligibility: College students and young professionals are welcome to apply.

Other Features:

• High loan amount: You can borrow up to ₹45,000.
• Zero collateral: You don’t need any collateral to borrow a loan.
• Flexible repayment tenure: You can choose a repayment tenure of up to 90 days.
• Online application process: You can apply for a loan online in just a few minutes.
• Instant fund disbursal: Once your loan is approved, the money will be transferred to your bank account immediately.

mPokket Personal Loan Interest Rates

The mPokket personal loan interest rate currently varies between 2% and 4% per month. The interest rate you qualify for plays a crucial role in determining the feasibility of your loan and significantly impacts your monthly repayment installment, also known as EMI.

Typically, a lower interest rate is more desirable.

mPokket offers a competitive interest rate for personal loans, making it an economical choice for many borrowers.

However, it’s important to keep in mind that the specific interest rate you receive is contingent on factors such as your credit history, banking records, credit score or CIBIL score, and other relevant considerations.

mPokket Personal Loan Processing Fees and Charges

The mPokket loan limit extends up to ₹45,000, and the total cost of borrowing is impacted by factors such as interest rates, processing fees, and other charges.

For mPokket instant loans, the processing fee falls within the range of ₹50 to ₹200, exclusive of taxes.

The specific processing fee you are required to pay is disclosed at the time of your application for an mPokket student loan or a loan designed for salaried applicants.

Furthermore, mPokket enforces penalty charges in the event of late payments or defaults.

mPokket Personal Loan Eligibility Criteria

To be eligible for a mPokket personal loan, you must:

• Be an Indian citizen
• Be over 18 years old
• Earn at least ₹9,000 per month
• Have a good credit history or score
• Have a bank account
• Have a salary slip or 3 months of bank statements.

Also Read: Money View personal loan 2024: Is money view approved by RBI?

mPokket Personal Loan Required Documents

To apply for a mPokket loan, you must submit the following documents:

• A Selfie
• KYC details, include:
  • College ID (if you are a student)
  • Identity proof (Aadhaar card, passport, etc.)
  • Address proof (Aadhaar card, utility bills, etc.)
• Bank Account
• Income proof (bank statements, salary slips for the last three months, etc.)

mPokket Personal Loan Apply Online Process

To apply for a mPokket personal loan using the app:

1. Download the mPokket app: The mPokket app is available for download on both the Google Play Store and the App Store. Once you have downloaded the app, create an account or sign in with your existing mPokket account.
2. Upload your KYC documents: KYC (know your customer) documents are required to verify your identity and address. You can upload your KYC documents, such as your Aadhaar card, PAN card, or passport, directly through the app.
3. Wait for mPokket to verify your application: Once you have uploaded your KYC documents, mPokket will verify your application. This process usually takes a few minutes.
4. Select the loan amount, repayment tenure, and choose where you want to receive the funds: Once your application has been verified, you can select the loan amount, repayment tenure, and choose where you want to receive the funds. mPokket offers loan amounts of up to ₹20,000 and repayment tenures of up to 90 days. You can receive the loan amount in your bank account or Paytm wallet.
5. Get the amount in your bank account or Paytm wallet: Once you have confirmed your loan request, mPokket will transfer the loan amount to your bank account or Paytm wallet instantly.

mPokket Personal Loan Customer Care Number

If you face any problem while using the app, you can get in touch with customer support through the following ways:

• For assistance via phone, call 033-6645 2400 during the hours of 10:00 am to 7:00 pm from Monday to Saturday.
• To reach customer service via email, you can send your inquiries to [email protected].

Is mPokket RBI Approved?

Yes, mPokket is approved by the Reserve Bank of India (RBI). It is a registered non-banking financial company (NBFC) with the RBI.

You can verify mPokket’s RBI approval on the RBI website. Simply go to the RBI website and search for “mPokket Financial Services Private Limited” in the “Find a Non-Banking Financial Company” section.

It is important to only borrow from RBI-approved NBFCs, as this ensures that the lender is following RBI regulations and that your money is safe.

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FAQs

Conclusion: mPokket Personal Loan Review

mPokket is a convenient and affordable option for small, short-term loans. It offers instant approval, flexible repayment terms, and minimal documentation requirements. mPokket is also RBI-approved, which means that it is a legitimate and regulated financial institution.

Feature	Description
Loan amount	Up to ₹45,000
Eligibility	Students and salaried professionals
Application process	100% online, with minimal documentation
Approval time	Within 10 minutes
Fund disbursal	Instant
Collateral	Not required
Repayment	Flexible
Interest rates	2% to 4% per month
Processing fee	₹50 to ₹200, excluding taxes
Penalty charges	Apply for late payments or default
Official Website	www.mpokket.in

mPokket Personal Loan Pros and Cons

mPokket Personal Loan Pros:

• Instant approval
• Flexible repayment terms
• Minimal documentation requirements
• RBI-approved
• No prepayment charges
• Mobile app access
• Eligibility for college students and young professionals

mPokket Personal Loan Cons:

• Relatively high interest rates
• Processing fee
• Penalty charges for late payments or defaults

Overall, mPokket is a good option for borrowers who need a small, short-term loan quickly and easily. However, it is important to compare mPokket’s interest rates to other lenders before you apply.