mPokket, a revolutionary mobile app, is transforming India's lending landscape by offering instant personal loans to college students and young salaried professionals. Users can avail loans ranging from Rs. 500 to Rs. 20,000, which are disbursed directly to a bank account or Paytm wallet post-approval. The loans feature an interest rate of 1% to 6% monthly and provide the flexibility to repay over a 3-month tenure through debit cards, UPI, or Paytm.

• Interest Rates: 1% to 6% per month
• Loan Amounts:
  • Rs. 500 to Rs. 10,000 for students
  • Rs. 1,000 to Rs. 20,000 for professionals
• Tenure: 61 to 90 days
• Processing Fee: Rs. 34 to Rs. 203 + 18% GST

mPokket App: Loan Solution for Students and Professionals

The mPokket app delivers a seamless borrowing experience, enabling quick personal loans up to Rs. 30,000. The process is online, quick, and geared towards students and young professionals to cover daily expenses or month-end cash shortfalls. Available exclusively for Android users, the app can be downloaded from the Google Play Store for easy application and fund disbursement.

Features of mPokket Loans

• Empowers college students and salaried employees with easy access to personal loans
• Flexible loan options: Rs. 500 to Rs. 10,000 for students; Rs. 1,000 to Rs. 20,000 for professionals
• Varied repayment methods: Paytm, Debit Card, UPI
• Short-term tenure of 61 to 90 days
• Monthly interest rate between 1% and 6%, translating to an annual rate of 12% to 72%
• Processing Fee ranging from Rs. 34 to Rs. 203, plus GST

Required Documents

The mPokket loan application requires different documentation depending on the loan type and all transactions are completed paperlessly online.

Student Loan Documents:

• Identity proof: Voter ID, Driving License, Passport, or Aadhaar
• College ID card
• PAN card (mandatory with Aadhaar; optional otherwise)

Salary Loan Documents:

• Identity proof: Voter ID, Driving License, Passport, or Aadhaar
• PAN card
• Form 16
• Company ID card
• Salary slip from the account where salary is credited

Eligibility Criteria

For Students:

• At least 18 years old
• Provide identity and address proof
• Must have a college ID card
• Currently enrolled in an institution
• Possess a bank account
• Owns an Android device

For Professionals:

• Under 40 years
• Receive salary in a bank account
• Provide bank statement and salary slip
• Provide identity and address proof
• Employed full-time
• Owns an Android device

Using the mPokket App

The app caters to immediate cash needs of students and professionals. Here’s how it works:

1. Download from Google Play Store
2. Verify phone with OTP
3. Login via Google/Facebook
4. Set a password and profession
5. Submit KYC documents
6. Salaried users to provide bank statements
7. Record a selfie video
8. Receive funds quickly

Calculating Loan EMI

Before borrowing, precisely calculating the EMI can guide repayment plans. Utilize the EMI Calculator on MyMoneyMantra’s website with details like mPokket’s interest rate, loan sum, and period for instant results.

Customer Care

For support, mPokket's customer care options include:

• Helpline: 033 66452400
• Online: Use the 'Contact Us' form on the website for prompt assistance.
• Email: support@mpokket.com