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  • mPokket Personal Loan

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  • Strapped for cash during an emergency? Worry not because with mPokket you can now get money in minutes. A mobile application, mPokket is a marketplace for lenders. It allows anyone above the age of 18 who has a mobile phone and a functioning bank account to apply for a loan. The best part is that this loan isn’t a long-term personal loan. It can be repaid within 3 months, so you do not have to worry about making instalment payments over many months or years.

    How does it work?

    Once you download the mPokket mobile app, getting your money is extremely simple. All you need to do is create a profile. You will need to upload verification documents such as your Aadhar Card, student ID card, and provide general information about yourself. After your profile has been approved, you can apply for a loan.

    The app functions like a credit card. So, instead of you swiping your card to buy something, you apply on the app to get a loan. The money you want to borrow is instantly credited to either your bank account or your Paytm wallet. The amount you can borrow is determined by mPokket’s proprietary algorithm. The minimum amount for all users, however, is Rs.500.

    Repaying is also convenient. You can repay using your debit card, UPI, or your Paytm wallet.

    Additionally, you can also earn rewards known as mCoins. Each time you make a ‘Connection’ with a user who proceeds to take a loan and makes repayments on time, you earn mCoins. As you earn mCoins you will qualify for different tiers. Each tier makes you eligible for higher cashback when you need a loan.

    How to apply

    To apply for a loan, download the app from the Play Store and create your profile. Once the profile is approved, you can apply for a loan and request for the money to be credited either in your bank account or Paytm wallet.

    Eligibility

    To be eligible to apply on the app, you need to be 18 years and above and attending a full-time course under a recognised university. If you are pursuing a course via correspondence, you will not be eligible to apply for this loan.

    Features and benefits

    • Flexible: You can borrow any amount up to your borrowing limit. This limit may be increased or decreased depending on your repayment behaviour. You can also choose to repay the amount you have borrowed within 1, 2, or 3 months.
    • Paperless: You don’t have to waste time photocopying numerous documents in duplicate and triplicate. All you need to do is upload verification documents.
    • Rewarding: You get to connect with others on the platform and get rewarded for their good payment behaviour with mCoins. These coins make you eligible for cashback the next time you take a loan.
    • Instant: Probably the best feature of mPokket is the fact that the money is instantly credited to your bank account or Paytm wallet. Of course, if you have requested for a loan during non-banking hours or during weekends and public holidays, there could be a slight delay in the loan disbursement.

    FAQs

    1. How long does it take for a profile to get approved?

    In general, profiles are approved within a few hours. However, in some cases, it could take up to 24 hours to get your profile approved.

    2. How do I ensure that my profile gets approved?

    While you can’t ensure your profile getting approved, you can increase your chances of it getting approved by completing the registration process. Make sure you fill in all details in the ‘About’ section and in the ‘Education’ section. Also, ensure that you upload the mandatory selfie video, and KYC details.

    3. If my profile is not approved, will I know what changes I need to make?

    Yes. If your profile hasn’t been approved due to minor errors, mPokket will send you a message regarding the changes that need to be made.

    4. Is there a late payment fee?

    Yes, a daily penalty will be charged from the missed payment date until the payment is made.

    5. Is there any way to increase the amount I can borrow?

    Each borrower is assigned a credit limit which can be changed. One way to increase your credit limit is to ensure that you repay your loans on time. This doesn’t guarantee an increase in credit limit, but it will be considered. Also, ensure that you do not immediately re-borrow after repaying a loan. This will increase your chances of your credit limit being increased.

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