Mpokket Instant Personal Loans- Features, Eligibility Criteria, Fees and Apply

Anubhav Dwivedi -

Mpokket Instant Cash Loan:

Introduction:

  • In the era of digital finance, Mpokket emerges as a reliable platform for individuals seeking quick and convenient loans. This article will provide you with a step-by-step guide on how to take a loan using the Mpokket app, ensuring a seamless borrowing experience.

Here’s a table summarizing the key highlights of the mPokket Instant Personal Loan:

Key Highlights Details
Interest Rate 0% to 48% per annum
Loan Amounts Up to ₹45,000
Repayment Tenure Up to 3 months
Loan Approval Time Within 10 minutes

Download and Install the Mpokket App:

  • Start by downloading the Mpokket app from the Google Play Store (for Android users) or the Apple App Store (for iOS users). Install the app on your smartphone and proceed to create an account.
Download and install the app

Registration and Profile Setup:

  • Open the Mpokket app and register using your mobile number. Verify your number through the OTP (One-Time Password) sent to your registered mobile number. Complete your profile by providing the necessary information, including personal details and identification documents.

Eligibility Check:

  • Once your profile is set up, Mpokket will conduct an eligibility check based on your provided information. This check assesses your creditworthiness and determines the loan amount you qualify for.

Here’s a table summarizing the eligibility criteria for the mPokket Personal Loan:

Eligibility Criteria Details
Age 18 to 60 years old
Income Minimum monthly salary of ₹9,000
Citizenship Indian
Mobile Number Must have an Aadhaar-linked mobile number

Select Loan Amount and Tenure:

  • Upon successful eligibility verification, you can choose the desired loan amount and repayment tenure. Mpokket offers flexibility in loan amounts, catering to various financial needs. Select the loan amount and tenure that best suits your requirements.

KYC Verification:

  • To comply with regulatory requirements, Mpokket will request Know Your Customer (KYC) documents. Upload clear and valid images of your Aadhar card, PAN card, and a selfie for identity verification.

Fees and Charges for the mPokket Loan:

Description Amount/Percentage
Processing Fee ₹50 to ₹200 plus 18% GST
Tenure 61 to 90 days
Loan Amount ₹500 to ₹30,000
Loan Extension Charges 1% of the loan amount
Prepayment Charges 3% of the remaining loan balance
  • your bank account to the Mpokket app securely. This is where the loan amount will be disbursed, and future repayments will be deducted. Ensure that the bank details provided are accurate to avoid any transaction issues.

Approval and Disbursement:

  • After successful KYC verification and bank account linking, Mpokket will review your application. Once approved, the loan amount will be disbursed directly to your linked bank account. The disbursal process is usually quick, making Mpokket a suitable option for urgent financial needs.

Repayment Schedule:

  • Mpokket provides a transparent repayment schedule detailing the EMI (Equated Monthly Installment) amount and due date. Make sure to adhere to the repayment schedule to avoid any penalties and maintain a positive credit history.

Conclusion:

  • The Mpokket app offers a user-friendly and efficient platform for individuals seeking quick loans. By following the steps outlined in this guide, you can navigate the loan application process seamlessly. Remember to borrow responsibly, considering your repayment capacity and financial goals.

FAQs:

What is the starting loan amount for mPokket?

  • The starting loan amount for mPokket typically ranges from Rs. 500 to Rs. 5,000,For 61 to 90 days, providing flexible options for various financial needs.

What is the interest rate of mPokket?

  • mPokket's interest rates vary but generally range from 3.5% to 6.0% per month, depending on the loan amount and tenure.

What is the Extra charge of mPokket?

  • Loan processing Fee is rs 34 to rs 203 + 18% GST

What is the minimum loan amount in mPokket?

  • mPokket offers loans for mobile purchases, providing shopping loans to students that range from Rs. 500 to Rs. 45,000, along with flexible repayment options.

What is the highest loan limit in mPokket?

  • mPokket offers a maximum loan limit of up to Rs.45,000, Based on your Profile, catering to diverse financial requirements with flexibility and convenience.

How can I return or repay a loan on mPokket?

  • Repaying a loan on mPokket is simple. Connect your bank account, and the app will automatically deduct EMIs on due dates.
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