College students and young professionals can avail instant personal loan up to Rs. 45,000 from mPokket app for their daily cash needs or end of the month cash crunch. Complete process is online and takes only a few minutes. All you need to do is download the app on your smartphone through Google Play Store and complete the online application process to get the money disbursed into your account instantly. The mPokket app download feature is available only for Android users currently.
Before you apply for a loan, you need to understand the repayment that you have to make towards it. This is why calculating the equated monthly instalment (EMI) beforehand is very important. You can use the Personal Loan EMI Calculator available on MyMoneyMantra’s website to calculate your personal loan EMI instantly. All you need to do is enter the details of your loan, including the MPokket interest rate, loan amount, and tenure.
Loan Features
Here are the key features of mPokket Loan app:
- Purpose: To provide personal loans to college students and salaried employees in India.
- Flexible loan amount: Upto Rs. 45,000
- Repayment mode: Paytm wallet, Debit Card, or UPI.
- Tenure: 120 days.
- Interest rate: Starting from 2%.
- Processing fee: Rs. 34 to Rs. 203 + 18% GST.
Documents Required for MPokket Loan
The documentation process for mPokket Personal Loans is completely paperless and online. Documents requirement is based on the type of loan you are availing. You will need the following documents to apply for the loan:
Documents Required for Instant Student Loan
- Identity proof: Voter Card/ Driving License/ Passport/ Aadhaar
- College ID card
- PAN card is mandatory if you are producing Aadhaar card as an identity proof and optional for other identity proofs.
Documents Required for Instant Salary Loan
- Identity proof: Voter Card/ Driving License/ Passport/ Aadhaar
- PAN card
- Form 16
- Company’s ID card
- Salary slip of the bank account where your salary is credited by your company
MPokket Loan Eligibility Criteria
Eligibility criteria for students:
- They must be 18 years old or above to apply for the student loan.
- They must provide identity and address proof documents to be eligible.
- They must have an identity card from their college for verification.
- They must be enrolled in a college or institution.
- They should have a bank account.
- They should have an android mobile device.
Eligibility criteria for salaried professionals:
- They must be aged below 40 years.
- They must be receiving their salary in a bank account.
- They must attach their salary slip along with their bank statement to be eligible.
- They must provide identity and address proof documents to be eligible.
- They must be working full time in a company.
- They should have an android mobile device.
