mPokket Personal Loan: Interest Rates, Eligibility, How to Apply

How to take mPokket Personal Loan : mPokket is a mobile application that provides instant Personal Loan to Indian college students and young salaried professionals. The loan amount can be between Rs 500 to Rs 20,000. The amount is credited to your bank account or Paytm wallet instantly upon loan application. The loan comes with an interest rate of 1% to 6% per month and can be repaid in 3 months with Debit Card, UPI or Paytm Wallet.

mPokket loan details

Rate of interest 1% to 6% per month
Loan amount
  • Rs.500 to Rs.10,000 for college students
  • Rs.1,000 to Rs.20,000 for salaried professionals
Tenure 61 to 90 days
Loan processing fee Rs 34 to 203 + 18% GST

What is mPokket app?

College students and young professionals can avail instant personal loans up to Rs.30,000 with the mPokket app. This app is for their daily cash needs or lack of cash at the end of the month. The entire process is online and only takes a few minutes. All you have to do is download the app on your smartphone through the Google Play Store and complete the online application process to get the money in your account instantly. The mPokket app download feature is currently available only for Android users.

Features of mPokket Loan App

Here are the key features of the mPokket Loan app:

Loan Purpose: To provide personal loans to college students and salaried employees in India.

Loan Amount : Rs.500 to Rs.10,000 for college students. Rs.1,000 to Rs.20,000 for salaried professionals.

Repayment Mode: Paytm Wallet, Debit Card or UPI.

Tenure: 61 to 90 days.

Interest Rate : 1% to 6% p.a. or 12% to 72% p.a.

Processing Fee: Rs.34 to Rs.203 + 18% GST applicable.

Documents Required for mPokket Loan

The documentation process for mPokket Personal Loan is completely paperless and online. The documents required are based on the type of loan you are taking. You will need the following documents to apply for the loan:

Documents Required for Student Loan

  • Identity Proof: Voter Card/Driving License/Passport/Aadhaar Card
  • College ID card
  • If you are presenting Aadhar card as identity proof then PAN card is mandatory.

Documents Required for Salary Loan

  • Identity Proof: Voter Card/Driving License/Passport/Aadhaar Card
  • Pan card
  • Form 16
  • Company ID card
  • Salary slip of the bank account where your salary is deposited by your company.

What is the Eligibility Criteria for MPokket loan?

Eligibility Criteria for Students:

  • They must be 18 years of age or above to apply for student loan.
  • You will need to provide proof of identity and address documents.
  • You must have an identity card of your college for verification.
  • You must be enrolled in a college or institution.
  • You must have a bank account.
  • You must have an Android mobile device.

Eligibility Criteria for Salaried Professionals:

  • You must be below 40 years of age.
  • Your salary should be received in the bank account.
  • To be eligible you will have to attach your salary slip along with your bank details.
  • You will need to provide proof of identity and address documents to be eligible.
  • You must be working full time in a company.
  • You must have an Android mobile device.

How mPokket Loan App works:

  • Download mPokket Instant Loan App on your mobile from Google Play Store.
  • Verify your mobile number by entering the OTP received on your number.
  • Sign up or choose mPokket Login Online with your Google or Facebook account.
  • Set a password and then enter details about your work.
  • Submit your KYC documents online.
  • Salaried professionals need to upload bank details showing their salary credits.
  • Record a selfie video.
  • The loan amount will be disbursed within minutes.

How to Calculate MPokket Loan EMI?

Before applying for the loan, you need to understand the repayment that you have to make for it. Therefore, it is very important to calculate the Equated Monthly Installment (EMI) in advance. You can use the Personal Loan EMI Calculator available on our website to calculate your MPokket Personal Loan EMI instantly. All you have to do is enter the details of your loan, including interest rate, loan amount and tenure.

mPokket Loan Customer Care Number

For any queries or complaints you may have, you can contact mPokket Customer Care.

  • You can call on their telephone number : 033 66452400
  • You can send the request online through a form by clicking on the “contact us” page on its official website: Provide all the details of the issue you are facing and an mPokket representative will get in touch with you.
  • You can also send an email to : support@mpokket.com

mPokket Personal Loan FAQs and Answers ( FAQs )

How is the credit limit decided for mPokket loans?

mPokket has its own algorithm which is used by their app for setting the credit limit. It is based on all personal information provided by you while registering.

Can a student get mPokket personal loan?

mPokket loan is available to any student who is pursuing his graduation with a reputed institute. They must be at least 18 years of age and must have a mobile phone. This loan is not available to students who are pursuing correspondence courses.

What is the maximum loan amount a college student can get?

A college student can take a loan up to a maximum of Rs 10,000.

What is the maximum loan amount for a salaried employee?

A young salaried professional can take a loan up to a maximum of Rs.20,000

Can I get mPokket personal loan without any documents?

No, to take money loan from mPokket it is necessary to submit certain documents like college id card, id proof, pan card, last 3 months bank statement and last 3 months salary slip/ ​​offer letter/ joining letter.

Why was the loan amount not transferred even after approval?

Customers have the option to apply for the loan any time through this app. If you choose your mobile wallet to receive funds, it does not matter where you apply for the loan. You will get the money you need immediately. However, if the sanctioned amount is still not received, you may have opted to receive the funds in your bank account only during bank working hours. If there is a holiday in the bank then it may get delayed further.

How do I increase my chances of approval?

Complete all the steps of registration for the app. Complete your KYC requirements and upload all the documents required. The more accurate the information, the better the chances of getting approved. Once your profile is approved, you will get SMS and a notification on the app.

What do I do if my SIM gets changed?

There are many reasons why you might need to change your SIM. You may lose your phone or may have to move to a new city. Whatever the reason, you have the option to change your number on the app by providing your registered email ID while logging in.

Are bank details required for loan through mPokket?

No, it is not mandatory to have a bank account for this. You also have the option to transfer funds to your Paytm account. You can also use online services to make repayment of your loan.

What if I miss my EMI?

Every missed repayment is subject to daily penalties. When you open the app, you will be able to see the repayment date and amount. If you do not pay by this date, you will be sent frequent reminders. If the User continues to default on payments, mPokket may use debt recovery services to ensure that you pay the outstanding amount.

How much loan can I get?

The college students are assigned an initial borrowing limit of Rs 500. Their borrowing limit can increase up to Rs 10,000 over time. For young salaried professionals, an initial lending limit of Rs 1000 is given. Their borrowing limit can go up to Rs 20,000 over time.

How can I repay the loan amount?

You can make the repayment through your app using UPI or your debit card. You also have the option to pay through Paytm Wallet.

How can I increase my borrowing limit?

You can take funds up to your stipulated borrowing limit. Make regular transactions with the app and repay your loan on time to improve your chances of getting the loan limit extended.

Question: What is the mPokket registration process?

Answer: Following are the steps to register on the app for availing loan:

  • Download mPokket app from Google play store.
  • Verify your mobile number through OTP.
  • Sign up using your Google or Facebook account.
  • Create your profile password.
  • Select the type of job.
  • Upload the KYC documents and other required information.
  • Make a selfie video.
  • Wait for your profile to be approved (this process can take anywhere from 10 minutes to a few hours).
  • On approval, the money will be credited to your bank account/paytm wallet instantly.

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The complete details of mPokket are explained in this post. What is the interest rate of mPokket personal loan? What are the documents required for mPokket personal loan? What is the eligibility for mPokket personal loan? How to apply for mPokket personal loan? What is the customer number of mPokket personal loan? Everything is explained in detail.

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