mPokket is a digital platform that provides short term personal loans to college students and young professionals in India. The platform was launched in 2016 and has since provided loans to thousands of students and young professionals who require quick access to cash for various reasons including educational expenses, medical bills, travel expenses and other personal needs.
The mPocket Loan process is completely online, and applicants can get loan approval within minutes of submitting their application. To apply for the loan, users need to download the mPocket app, register on the platform and submit their personal and financial details. Once approved, users can avail loan amounts ranging from a few hundred rupees to several thousand rupees, which can be repaid in a few days to a few weeks, depending on the terms of the loan. mPocket charges interest on the loan, which varies depending on the loan amount and tenure.
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What is mPokket:-
mPocket is a digital lending platform that provides short-term personal loans to college students and young professionals in India. The platform was launched in 2016 and aims to provide quick and convenient access to credit for those who are not typically served by traditional banks or financial institutions.
To apply for the loan, users need to download the mPocket App and complete the registration process. They are then required to provide personal and financial information and upload supporting documents. Once the application is submitted, mPokket uses its proprietary algorithms to assess the creditworthiness of the applicant and determine the loan amount and terms.
When approved, the loan amount is disbursed directly to the user’s bank account, and they can use the funds for various personal needs such as education expenses, medical bills, travel expenses, or other financial emergencies. Loan repayments are usually made in a few days to a few weeks, depending on the terms of the loan.
mPocket charges interest on the loan, which varies depending on the loan amount and tenure. The platform also encourages responsible borrowing and there is a limit on the number of loans a user can take out at any one time. Additionally, mPocket provides education and financial literacy resources to help users make informed lending decisions and better manage their finances.
mPokket Loan Features:-
| Loan Amount | Ranges from a few hundred to several thousand rupees |
| Loan Duration | Repayment within a few days to a few weeks, depending on the loan terms |
| Eligibility | College students and young professionals in India |
| Loan Process | Entirely online, quick application process, and approval within minutes |
| Interest Rate | Varies depending on the loan amount and duration |
| Loan Fees | One-time processing fee charged on loan disbursement |
| Repayment | Done through the mPokket app using net banking or debit card |
| Late Payment Fees | Charges for late repayment of the loan |
| Loan Limits | Users can take only a limited number of loans at a time |
| Additional Features | Financial education resources, flexible repayment options, easy loan renewal, and a referral program |
Documents Required for MPokket Loan:-
| Document | Description |
|---|---|
| ID Proof | A government-issued ID card such as Aadhaar card, PAN card, passport, or driver’s license |
| Address Proof | A document that shows the applicant’s address such as Aadhaar card, passport, or utility bills |
| College ID | A valid college ID card that shows the applicant’s enrollment |
| Bank Statement | A bank statement that shows the applicant’s transaction history and balance |
| Selfie | A selfie of the applicant holding their ID card for identity verification |
| Other Documents | Additional documents may be required based on the loan amount and the applicant’s profile, such as income proof, academic records, or employment details |
It is worth noting that the documents required may vary depending on the loan amount and terms offered by mPocket as well as the individual circumstances of the applicant. Additionally, mPokket may request additional documents during the loan application process to verify the applicant’s identity, income, or other information.
MPokket Loan Eligibility Criteria:-
| Eligibility Criteria | Description |
|---|---|
| Age | 18-32 years old |
| Nationality | Indian |
| Education | Enrolled in a recognized college or university or employed |
| Income | No minimum income required, but the applicant must have a regular source of income |
| Credit Score | No minimum credit score required, but mPokket will evaluate the applicant’s creditworthiness based on other factors such as income and payment history |
| Loan History | No prior loan history required, but mPokket may limit the number of loans an individual can take at a time |
| Documents | The applicant must provide the required documents, such as ID proof, address proof, and college ID |
| Other Criteria | Other factors, such as the applicant’s location and loan purpose, may also be considered during the loan approval process |
It is worth noting that the exact eligibility criteria may vary depending on the loan product and terms offered by mPocket. Additionally, meeting the minimum eligibility criteria does not guarantee loan approval, as mPokket uses its proprietary algorithms to evaluate the creditworthiness of each applicant and determine the loan amount and terms.
MPokket Loan Customer Care:-
For any queries or complaints you may have, you can contact MPokket Loan Customer Care.
- You can contact their MPocket Helpline Number: 033 66452400
- You can send request online through the form available under “Contact Us” section.
- Provide all the details of the issue you are facing and mPockket representative will get in touch with you. You can also send email to: [email protected]
How to Delete mPokket Account:-
To delete your mPokket account, you can follow these steps:
- Open the mPokket app on your mobile device.
- Click on the “Profile” tab in the lower right corner of the screen.
- Scroll down and click on “Settings”.
- Click on “Account Deactivation”.
- Select the reason for deactivating your account from the given options.
- Click on “Submit Now”.
Once you submit an account deactivation request, your mPockket account will be deactivated, and your loan history, account details and personal information will be deleted from the Platform. Please note that if you have any outstanding loans, you will be responsible for repaying them even after deactivating your account.
If you encounter any issues or have any further questions, you can contact the mPokket customer support team for assistance through the app or their website.
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