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mPokket Instant Personal Loan

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Loan Amount Up to Rs. 20,000
Repayment Tenure 4 months
Collateral Requirement Not Required
ROI (Fixed/Floating) Floating
Interest Rate 2%-4% monthly
Processing Fee Rs. 50 to 200 + GST

Money is something that can be useful in times of trouble. If you need quick cash to pay off an emergency bill, or to get out of debt, you may consider getting a short-term personal loan. But the problem with loans is applying for them — they take too much time, paperwork, and effort. In case you missed the boat on getting a personal loan from a bank, there's a way to get an instant cash loan. It's called mPokket Instant Loan. 

You can apply for an instant Personal loan with mPokket. All you have to do is sign up and fill out the application form. The form will ask for your employment details and personal information including your bank account details so that they can check your credit score. If you're approved, they will deposit the cash in your account after some formalities. mPokket has simplified the loan application process in a way that doesn't compromise customers' privacy and security.

You might be wondering what an instant loan is and why you should take only from mPokket. Here are the explanations.

HIGHLIGHTS
Instant Fund Disbursal Complete Online Procedure Zero Collateral
7 Million+ App Download 2 Million+ Satisfied Customers 4+ Star Rating on Google

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Majorly mPokket serves in three verticals of Instant loans, so let's talk about them:

Instant Loan for Students

If you're a student, then you know what it feels like. The regular education expenses and the additional costs eat into your savings and the limited scholarship amount that you get. There are times when those expenses and costs simply run over your budget and you need cash to meet them. That's where mPokket can help. It's an instant loan application that allows students to get a quick online personal loan for education-related expenses or for anything else for that matter. With extremely low-interest rates and no long-term commitment, mPokket is one of the best instant loan apps for students.

Loan Amount Up to Rs. 20,000
Repayment Tenure 4 months
Collateral Requirement Not Required
ROI (Fixed/Floating) Floating
Interest Rate 2%-4% monthly
Processing Fee Rs. 50 to 200 + GST

Eligibility Of Instant Loan for Students

The following information illustrates the loan eligibility and disbursal limits

  • The applicant’s age must be a minimum of 18
  • The applicant must have a valid college ID and Address Proof
  • The Applicant must be an Indian Resident

Let us take an example, How EMI is being calculated


For instance, if "Shubham" applies for a mPokket Instant Loan of INR 20,000 and get the loan sanctioned at the rate of 36% with a tenure range of 4 Months , in such a case his EMI would be INR 5,381 and complete repayment amount till the end of 4 months tenure would be INR 21,522 (i.e 5,381 EMI * 4 months), wherein the total interest amount is INR 1,522 along with principal repayment of INR 21,522. Few additional charges like those of minimal one-time processing fee ranging from 2%-3% of loan amount, T& C apply.

Year Principal (A) Interest (B) Total Payment (A+B) Balance Principal Loan Paid Till Date
2022 ₹ 20,000 ₹ 1,522 ₹ 21,522 ₹ 0 100.00%
Aug ₹ 4,781 ₹ 600 ₹ 5,381 ₹ 15,219 23.90%
Sep ₹ 4,924 ₹ 457 ₹ 5,381 ₹ 10,296 48.52%
Oct ₹ 5,072 ₹ 309 ₹ 5,381 ₹ 5,224 73.88%
Nov ₹ 5,224 ₹ 157 ₹ 5,381 ₹ 0 100.00%

Documentation

  • Identity Proof
  • Address Proof ( Voter ID, Driving Licence, Aadhar Card, PAN Card or Passport)
  • College ID
  • PAN Card will be Mandatory

Instant Loan For Low Salaried

The question of easy loans for low-income earners has been a bone of contention for many years as banks and other financial organizations offer higher salary individuals easier loan facilities than required for low-income earners. But fret not, you can still avail of mPokket loans if you have a low-salaried job. All that you need is a regular salaried job or a self-employed income, residential proof, and an active mobile phone number.

Loan Amount Rs. 1,000 to Rs. 30,000
Repayment Tenure 4 months
Collateral Requirement Not Required
ROI (Fixed/Floating) Floating
Interest Rate 2%-4% monthly
Processing Fee Rs. 50 to 200 + GST

Eligibility Of Instant Loan For Low Salaried

The following information illustrates the loan eligibility and disbursal limits

  • The applicant’s age must be a minimum of 18
  • The applicant must have a valid college ID and Address Proof
  • The applicant must have been having a take-home salary of a minimum of Rs. 9,000.
  • The Applicant must be an Indian Resident

Let us take an example, How EMI is being calculated


For instance, if "Shubham" applies for a mPokket Instant Loan of INR 20,000 and get the loan sanctioned at the rate of 36% with a tenure range of 4 Months , in such a case his EMI would be INR 5,381 and complete repayment amount till the end of 4 months tenure would be INR 21,522 (i.e 5,381 EMI * 4 months), wherein the total interest amount is INR 1,522 along with principal repayment of INR 21,522. Few additional charges like those of minimal one-time processing fee ranging from 2%-3% of loan amount, T& C apply.

Year Principal (A) Interest (B) Total Payment (A+B) Balance Principal Loan Paid Till Date
2022 ₹ 20,000 ₹ 1,522 ₹ 21,522 ₹ 0 100.00%
Aug ₹ 4,781 ₹ 600 ₹ 5,381 ₹ 15,219 23.90%
Sep ₹ 4,924 ₹ 457 ₹ 5,381 ₹ 10,296 48.52%
Oct ₹ 5,072 ₹ 309 ₹ 5,381 ₹ 5,224 73.88%
Nov ₹ 5,224 ₹ 157 ₹ 5,381 ₹ 0 100.00%

Documentation

  • Identity Proof
  • Address Proof ( Voter ID, Driving Licence, Aadhar Card, PAN Card or Passport)
  • College ID
  • PAN Card will be Mandatory

Instant Loan for Salaried Individuals

mPokket instant salary loans offer you a convenient and quick way to get additional cash to meet your monthly expenses. The repayment period can be customized based on your requirement. You need not fill out any application form or make multiple visits to the lender's office to get a personal loan from mPokket. All you have to do is fill in the details of your income, and basic expenses and upload the required documents to avail of a personal loan instantly. Get ready to fire up new dreams that have been lingering due to insufficient money flow in your account by availing of a mPokket salaried person loan.

Loan Amount Rs. 1,000 to Rs. 30,000
Repayment Tenure 4 months
Collateral Requirement Not Required
ROI (Fixed/Floating) Floating
Interest Rate 2%-4% monthly
Processing Fee Rs. 50 to 200 + GST

Eligibility Of Instant Loan For Low Salaried

The following information illustrates the loan eligibility and disbursal limits

  • The applicant’s age must be a minimum of 18
  • The applicant must have a valid college ID and Address Proof
  • The applicant must have been having a take-home salary of a minimum of Rs. 9,000.
  • The Applicant must be an Indian Resident

Let us take an example, How EMI is being calculated


For instance, if "Shubham" applies for a mPokket Instant Loan of INR 20,000 and get the loan sanctioned at the rate of 36% with a tenure range of 4 Months , in such a case his EMI would be INR 5,381 and complete repayment amount till the end of 4 months tenure would be INR 21,522 (i.e 5,381 EMI * 4 months), wherein the total interest amount is INR 1,522 along with principal repayment of INR 21,522. Few additional charges like those of minimal one-time processing fee ranging from 2%-3% of loan amount, T& C apply.

Year Principal (A) Interest (B) Total Payment (A+B) Balance Principal Loan Paid Till Date
2022 ₹ 20,000 ₹ 1,522 ₹ 21,522 ₹ 0 100.00%
Aug ₹ 4,781 ₹ 600 ₹ 5,381 ₹ 15,219 23.90%
Sep ₹ 4,924 ₹ 457 ₹ 5,381 ₹ 10,296 48.52%
Oct ₹ 5,072 ₹ 309 ₹ 5,381 ₹ 5,224 73.88%
Nov ₹ 5,224 ₹ 157 ₹ 5,381 ₹ 0 100.00%

Documentation

  • Identity Proof
  • Address Proof ( Voter ID, Driving Licence, Aadhar Card, PAN Card or Passport)
  • Bank Statement of Last 3 months Salary Slip/Offer Letter/Joining Letter of the last job
  • PAN Card will be Mandatory

FREQUENTLY ASKED QUESTIONS

Have a question? We've got answers!

The highest loan amount MPokket Instant Personal Loan can allow a student to avail of is Rs. 20,000.

Yes, you can shift your MPokket personal loan midway but only once you pay the first EMI installment.

You can check your status online through mPokket's App. To get started, download the MPokket App. After logging in with your details, you'll see your open loans in the activity section of the MPokket App.

The MPokket Instant personal loan application process is entirely paperless and straightforward. So you can get the loan approved within a few minutes.

The MPokket Instant personal loan interest rates vary from 2% to 4% monthly, depending upon your credit scores and bank records.

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