Financial Planning

Contribution Margin: What Is It, Overview, Examples, And More

Contribution Margin

Businesses use the contribution margin to measure how profitable it is to produce a product. Here, the business finds out how much revenue is left after the deduction of variable costs like transportation expenses and raw materials. A product is only profitable if the left-over revenue, after the deduction of variable costs, is higher than the fixed costs (insurance and salaries) of the business.

In this article, you will learn about what contribution margin is and how it helps to measure the profit of a company. In addition to this, we will also share with you the formula for contribution margin and how to calculate using that formula. In the latter case, we will explain with the help of an example. You will also learn the uses of contribution margins in business. Finally, we will discuss some ways to improve this margin for businesses.

What Is The Contribution Margin?

What Is The Contribution Margin

According to Investopedia,

The contribution margin can be stated on a gross or per-unit basis. It represents the incremental money generated for each product/unit sold after deducting the variable portion of the firm’s costs. The contribution margin is computed as the selling price per unit minus the variable cost per unit.

The term contribution margin is also known as dollar contribution per unit. The factor also helps the business to measure how much a particular product contributes to a company’s overall profit. The measure helps in getting an idea of the profit potential of a particular product that the company offers.

Apart from that, it also helps in showing the portion of sales with the help of which the company is covering its fixed costs. After the company has covered all its fixed costs, the amount left is the profit that the company made in the given timeframe.

Read More: Market Orientation – What Is It, And How Does It Work?

How To Calculate The Contribution Margin?

How To Calculate The Contribution Margin

To calculate the contribution margin of a business, you will first need to calculate the sales revenue of the business. Then, you will need to subtract the variable costs of the business from the sales revenue. The amount that is left is used to cover the company’s fixed costs. Some of the major examples of fixed costs include rent, salaries, insurance, etc. 

This resultant amount that the company is using to fulfill the fixed costs is the contribution margin of the company.

Here is the formula for the contribution margin of a company:

Contribution Margin = Net Sales Revenue of the business – Variable Costs of the business
Or,
Contribution Margin = Fixed Costs of the business + Net Income of the business

Here is the formula for the contribution margin ratio:

Contribution Margin Ratio = (Net Sales Revenue of the business – Variable Costs) / (Sales revenue of the business)

A Simple Example Of The Contribution Margin

You can understand the contribution margin here with the help of a simple example –

A Machine for manufacturing pencils is priced at $10,000. (Fixed Cost)

The cost of manufacturing one pencil requires $0.2 of wood, pigment, color, etc.

The electricity charges that go for manufacturing one pencil is $0.1.

The labor charge is $0.3 for manufacturing one pencil.

Therefore, the variable cost for manufacturing one pencil = $ (0.2+0.1+0.3) = $0.6 per pencil.

So, the cost of manufacturing 10,000 pencils = $0.6 x 10,000 = $6,000.

Hence, the total manufacturing cost = the variable cost + fixed cost

= $6,000 + $10,000 = $16,000.

Therefore, the cost of one pencil = $16,000 / 10,000 = $1.6.

Hence, if the selling price of one pencil is $2, then profit  = $2 – $1.6 = $0.4 per pencil.

However, to measure contribution costs, we will need to consider only variable costs. Therefore, the incremental profit = $2 – $0.6 = $1.4 per pencil.

What Are The Uses And Applications Of Contribution Margin?

According to the Corporate Finance Institute,

It is important to assess the contribution margin for break-even or target income analysis. […] To resolve bottlenecks, contribution margin can be used to decide which products offered by the business are more profitable and, therefore, more advantageous to produce, given limited resources. Preference is given to products that provide a high contribution margin.

Hence, businesses can use this to find out those products that bring the highest profits despite consuming the same set of manufacturing resources. Let’s say a company manufactures two types of pencils. The one that brings the highest profit will be given the higher production preference. This also helps the management to allocate resources in the most efficient manner.

How To Improve Contribution Margin?

According to TheForage.com,

The more revenue available after variable costs are covered, the better, especially considering how expensive fixed expenses like rent and salaries can be. At the very least, a product must have a positive contribution margin to be worth producing. So, even if the product isn’t that profitable, the company can break even as long as the margin is high enough to cover fixed expenses.

In addition to this, a business can also improve its contribution margins if it adjusts its production costs and considers making its processes more efficient.

The company can also reduce its variable costs, such as by lowering the expenses of factors like shipping and marketing. The company can reduce costs by choosing better and more affordable alternatives. Apart from that, the company can also find ways to improve its revenues. However, these need to be done with care, as improper implementation can backfire for the company.

Read More: Market Cannibalization – Definition, How Does It Work, Example, And More

Wrapping Up

Hope this article was helpful for you to understand the concept of contribution margin. You can see from this article that the contribution margin is nothing but the portion of a product’s sales revenue, which is not taken up by variable costs. Hence, this left-over value contributes to the fixed costs of the company.

Companies that are labor-intensive (the ones with small fixed expenses) have low contribution margins. On the other hand, the ones that are capital-intensive, such as industrial companies with higher fixed costs, have high contribution margins. Do you think that this margin is a very important indicator to understand a company’s profit? Share your answers with us in the comments section below.

Read Also:

author-img

Soumava Goswami

A passionate writer and an avid reader, Soumava is academically inclined and loves writing on topics requiring deep research. Having 3+ years of experience, Soumava also loves writing blogs in other domains, including digital marketing, business, technology, travel, and sports.

Leave a Reply

Your email address will not be published. Required fields are marked *

Related Articles

Navi

Navi: Information, Eligibility Criteria, Interest Rates, Review & More

You can get Navi personal loan with minimal documentation. Furthermore, if your documentation and your Navi loan application are cleared, you will be able to get the loan even within a few minutes. You can get fast personal loans at 9.9% per annum onwards. This digital instant loan app of Navi gives you fast loans, and also at zero processing fees. In this article, you will mainly learn about some of the essential features of Navi personal loans. Apart from that, you will also learn about the Navi personal loan interest rates, as well as eligibility criteria, documentation required, and more. Hence, to learn more about the Navi personal loans, read on through to the end of the article. Navi Personal Loans – A Brief Overview A personal loan is something that you need to meet any financial requirement if you somehow lack finances at the moment. The loan might be needed to pay your credit card bills, wedding, health expenses, buy something important, and many more reasons. Hence, you need a financial company like Navi to offer you personal loans. Navi is just like personal loan-offering companies like India Lends, CASHe, and others. Navi, also known as Navi Finserv, offers personal loans up to ₹20 lakhs (INR). The borrower of the loan can get the amount through the Navi app, and also with zero processing fees. Apart from that, the loans are fully paperless and are available after you share your PAN and Aadhar number. Once your documents are verified, and your loan application is cleared, then you can get the loan in as fast as ten minutes. According to the official website of Navi, “Navi offers instant personal loans with minimal documentation in a 100% paperless manner. Download the Navi app from Play Store or App Store, apply and get your preferred loan amount disbursed to your account within minutes.” One of the best things about Navi personal loans is that you will have access to unsecured loans. This means you will not offer any collateral for the loan, nor do you need a guarantor for the loan. Like just any other personal loan option, you will only need to repay the amount you have borrowed in Equated Monthly Instalments or EMIs. Furthermore, if you want to get returns by investing in mutual funds, you can do that by looking for Navi mutual fund or Navi nifty 50 index fund. In addition to that, there is also Navi health insurance, which you can buy to purchase health insurance plans. Navi Loan Interest Rate, And Other Loan Highlights The following are some of the highlights of Navi personal loans that you will need to know about: Navi Personal Loan HighlightsRate of Interest9.9% to 45% of the principal amountAvailable Loan AmountLoans of up to ₹ 20 lakhs are availableTenure of the LoanThe loan is available for up to 6 yearsPreclosure fees of the loanThere is no preclosure fee for Navi Loans. (There is no disclosed amount. Contact the lender of the loan to know more.) You can see from here that the minimum rate of interest for Navi personal loans is 9.9%. However, the rate of interest can rise to 45% based on a variety of factors. These include – monthly income, age, job profile, loan repayment history, credit score, and many more. Navi Personal Loan Eligibility Criteria The following are some of the essential eligibility criteria of the Navi personal loan that you need to clear if you want to avail of personal loans: FactorsEligibilityNationality- Borrower must be a citizen of IndiaOccupationIt must be either of the two:- Salaried- Self-employedAge- The loan applicant must be aged between 18 to 65 years.- The minimum required age can be increased to 21, 23, or 25 years in special cases.Credit Score- To avail of the Navi personal loan, a borrower needs to have a minimum credit score of 650 (CIBIL score).Documents Required- PAN Card- Aadhar Card How To Apply For Navi Personal Loan? – Steps To Follow Once you are okay with the essential features associated with Navi personal loans, you will need to apply for a personal loan from the Navi app. Here are the steps you need to follow to apply for a personal loan from Navi: Step 1: Go to Play Store or App Store, and download the Navi personal loan app. Install the app on your Android phone or iPhone. Step 2: Register your mobile number on the Navi server through your app. Step 3: Check the eligibility of the loan, and fill in your personal details through the app. Step 4: On the app, go to the next page, and select the loan amount and the EMI amount. Step 5: Once you have the amount, you need to complete the KYC process, where you need to produce your Aadhar and PAN numbers and upload a selfie of yourself. Step 6: Enter your bank account details which are needed for the transfer of money. Step 7: Apply for the loan. Once your loan is verified, you will get your loan fast. The money will be transferred to your amount within the time specified to you. Is Navi Approved BY RBI? Now many people ask whether Navi is approved by RBI or not. Then, in this case, the Navi official website claims, “RBI does not approve digital lending apps. The Navi App is operated by Navi Technologies Limited. Navi Finserv Limited is an RBI registered Systemically Important Non-Deposit Taking NBFC (ND-SI) which lends through the Navi App. Navi Technologies is the digital lending partner of Navi Finserv.” Frequently Asked Questions!!! (FAQ): Q1. Does NAVI Provide A Personal Loan?    Ans: Navi offers personal loans for attractive interest rates that start from 9.9% with some flexible EMI options upto 72 months. You need to get through the right options that can assist you in attaining your requirements with complete ease. Q2. Is Navi Loan Real Or Fake? Ans: NAVI loan is a legit application that offers you health insurance services as per your requirement. You have to get through the complete process that can make things easier for you to attain your requirements with complete clarity. Q3. Is Navi Personal Loan Approved By RBI? Ans: Yes!! Navi personal loan is approved by RBI. You have to get through the complete process that can make things easier and effective for your business in the correct order. You should follow the right process that can make things easier for you to get the loan on time. Q4. Who Is Eligible For Loan? Ans: If your age bracket is between 18-45 years then you are eligible for the Navi Loans. You have to get through the complete loan process can make things easier for you to get the loans on time. Try to figure out the reasons for getting or not getting the loans. Q5. What Is The Minimum Salary For Navi Loan? Ans: You need to be an Indian citizen within a period of 21-65 years. You cannot make your selection and choices in the incorrect end. You need to have 3 lakhs of money as your salary. Summing Up Hope this article was helpful for you in getting a comprehensive idea of what to expect from Navi personal loans. If you are looking for a quick personal loan, you can apply for one through the Navi app; however, as you have seen that the rate of interest can change as per the loan amount and the applicant's details. Do you know of any other app that offers similar loan rates? Share your answers in the comments section below. Read More: What Is SHLL? Is SHLL Stock A Good Stock To Buy In Future? SBE Stock – Present Price, Forecast, Statistics – Should You Invest? SRNG Stock – Present Price, Forecast, Statistics – Should You Invest?

ipoe-stock

IPOE Stock – Present Price, Forecast, Statistics – Should You Invest In It In 2022?

In case you have invested in IPOE stock and looking for its best review, you have arrived at the right place. In this guide, I will be answering whether IPOE stock is worthy of investment in 2022. Through a step-by-step analytical process, I have extracted the final answer by conducting proper research. So stay tuned with us and keep reading till the end. IPOE Stock - The Origin IPOE Stock is issued by Social Capital Hedosophia Corp CI A (IPOE), a financial services company that is a next-generation leader. It's a publicly listed acquisition business with a unique purpose. They completed their previously announced deal on May 28, 2021, and brought SoFi public. SoFi technologies, INC, a publicly listed consumer-focused financial technology platform, was founded as a result of this deal Current Price Of IPOE Stock At present, that is on April 18th, 2022, the price of IPOE stock is $22.010 USD. Prediction Of IPOE Stock Price Below, a prediction of IPOE Stock has been put forward for better accuracy while giving the verdict. I have taken into consideration both the historical and forecast data. Take a look: 1. Historical Data  DateOpening priceClosing priceMinimum priceMaximum price2022-04-14Open: 0.510Close: 0.580Low: 0.470High: 0.5802022-04-13Open: 0.5075Close: 0.550Low: 0.465High: 0.5502022-04-12Open: 0.5010Close: 0.550Low: 0.5010High: 0.5502022-04-11Open: 0.510Close: 0.510Low: 0.510High: 0.6202022-04-08Open: 0.452Close: 0.452Low: 0.452High: 0.5702022-04-07Open: 0.550Close: 0.538Low: 0.529High: 0.5502022-04-06Open: 0.540Close: 0.550Low: 0.490High: 0.5502022-04-05Open: 0.450Close: 0.490Low: 0.450High: 0.5302022-04-04Open: 0.570Close: 0.577Low: 0.550High: 0.5772022-04-01Open: 0.460Close: 0.460Low: 0.460High: 0.4602022-03-31Open: 0.450Close: 0.450Low: 0.450High: 0.4502022-03-30Open: 0.450Close: 0.450Low: 0.450High: 0.4502022-03-29Open: 0.450Close: 0.465Low: 0.450High: 0.4802022-03-28Open: 0.451Close: 0.480Low: 0.451High: 0.481 Analysis: The historical IPOE Stock price demonstrated above indicates that from 28th March to 14th April, the IPOE stock price has got an increasing trend. This rising trend is observable in opening price, closing price, maximum and minimum prices. 2. Predicted Future Data May 2022Open: 30.021Close: 31.466Min: 30.021Max: 31.645Change: 4.59 % ▲June 2022Open: 31.296Close: 32.150Min: 30.960Max: 32.396Change: 2.65 % ▲July 2022Open: 32.584Close: 33.335Min: 31.711Max: 33.335Change: 2.25 % ▲August 2022Open: 32.462Close: 33.737Min: 32.462Max: 34.086Change: 3.78 % ▲September 2022Open: 33.840Close: 35.025Min: 33.401Max: 35.025Change: 3.38 % ▲October 2022Open: 34.152Close: 34.903Min: 34.152Max: 35.776Change: 2.15 % ▲November 2022Open: 35.597Close: 36.178Min: 35.091Max: 36.527Change: 1.61 % ▲December 2022Open: 36.281Close: 37.466Min: 35.842Max: 37.466Change: 3.16 % ▲ Analysis: The IPOE stock forecast data above denotes a rise in price from May 2022 to December 2022. This rising trend is observable in all the opening, closing, minimum and maximum prices. 52 Week High And Low Of IPOE Stock Price Here are the 52-week high and low values of IPOE Stock in 2022. I have bifurcated the data into two parts - Historical and forecast data. 1. Historical Data 52 Week High52 Week Low21.814.14 2. Predicted Future Data 52 Week High52 Week Low31.64521.007 IPOE Stock Performance By 2022 Analysis: As you can see in the graph above, the 4-year IPOE stock forecast is explained. From April 2023 to April 2026, a sharp upward rising trend is noticeable in IPOE stock price. So, it’s evident that it’s worthy of investment in 2022. IPOE Stock Performance By 2023 January 202336.59338.03836.59338.2173.8 % ▲February 202337.86838.78937.53238.9682.37 % ▲March 202338.61939.90738.28339.9073.23 % ▲April 202339.03440.65839.03440.6583.99 % ▲May 202339.78541.06139.78541.4093.11 % ▲June 202341.16342.34840.72442.3482.8 % ▲July 202341.47542.22741.47543.0991.78 % ▲August 202342.92043.60442.41443.8501.57 % ▲September 202344.03844.78943.16644.7891.68 % ▲October 202343.91745.36143.91745.5403.19 % ▲November 202345.19246.04544.85646.2921.85 % ▲December 202346.47947.23145.60747.2311.59 % ▲ Analysis: For the coming year, that is 2023, the IPOE stock price would rise from January 2023 to December 20223. The changes highlighted in the extreme right column are all positive which is quite impressive. Frequently Asked Questions (FAQs) 1. What Is The IPOEStock Price Today? The IPOE Stock Price today is $22.010 USD. 2. Will IPOE Stock Price Go Up? Yes. In a year, the IPOE stock price might rise from 22.010 USD to 31.645 USD. 3. Is It Profitable To Invest In IPOE Stock? Yes. In a single year, the long-term earning potential is +43.77 percent. 4. What Will Be IPOE Stock Price In 5 Years? According to the IPOE Stock Forecast, the future price will be 70.355 USD. 5. What Is IPOE Stock Forecast 2025? As per IPOE Stock forecast 2025, the prices will remain positive along with an increasing trend. Should You Invest In IPOE Stock In 2022? To summarise, IPOE stock appears to be a viable investment opportunity in 2022. It's mostly due to the long-term earning potential of +43.77 percent in a single year, as well as the possibility for profitability. However, because this business is so volatile, make sure you follow every change, volatility, highs, lows, and statistic. See you in the comment section. Disclaimer: Respected Readers, the IPOE Stock price facts, and the data we presented above are all assumptions. All the data refers to those present on the leading cryptomarket websites. The actual values might be different on the basis of the market situation. Please note that share/stock prices are subject to market risks. Read all the documents and examine them carefully before investing. Also Read: BNKU Stock: MicroSectors US Big Banks Index 3X Leveraged ETNsTUI Share Price Forcast: Everything You Should KnowPooCoin Stock Forecast: Everything You Should Know

NIRA

NIRA Instant Personal Loans: Are They Really Instant?

Do you have debts to pay off? Do you wish to buy a new smartphone, but the price tag makes you think otherwise? If you have such thoughts on your mind, and are looking for ways to get a loan as quickly as possible, then NIRA is the one you should be looking for. This new quick loan establishment can provide you with various kinds of loans. But why be interested in them? Because they can provide these loans quicker than most banks and do not have a lengthy application period either! To learn more about this company, read this post till the end. NIRA Company Overview NIRA was founded by entrepreneurs Rohit Sen and Nupur Gupta. They aim to provide people with instant cash loans as quickly as possible. These two came up with this idea when they learned that banks take a long time to approve loans and credit the money to your account. Since they often find themselves in dire situations where they need cash within 48 hours, banks would often fail to do so. This is where NIRA comes in to provide you with instant loans. They are instant because you can apply for them using their NIRA smartphone app or website. The amount will be credited to your account in under 48 hours. So far, NIRA has good reviews on various online publications s a trustable money-lending agency. However, their aggressive behavior towards clients when requesting their money back has been criticized a lot. NIRA Instant Cash Loans Instant Cash Loans by NIRA is the perfect financial solution if you need more money while planning your next vacation. Or you want to buy a new smartphone or laptop that you have wanted for a long time. Getting instant cash in such dire situations can be a pain, and NIRA understands that. Getting instant cash loans from banks can be time-consuming since they have a lot of procedures and paperwork to follow. With NIRA, things are different. This company provides cash loans instantly after approval, which will reflect in your account within 48 hours. Plus, it's less heavy on your pocket since you only have to pay a monthly interest rate of only 4%! This Instant cash Loan can provide you anywhere between Rs. 5,000 to Rs. 1,00,000 in a matter of hours! NIRA Instant Cash Loan Eligibility To become eligible for NIRA Instant Cash Loans, you: Must be a graduate Should have a monthly income of Rs. 20,000 Must be employed Why Apply For NIRA Cash Loans? There are various reasons why NIRA Instant Cash Loans will benefit you a lot. 1. Customizable Loans Unlike pre-set loan amounts and fixed payment terms, NIRA allows you to customize it to your liking. You can get the amount you want and choose the period to pay it off. Pay off in 6 months? Yes, you can! Pay off in 12 months? Sure, why not! 2. Reasonable Interest Rates The interest you pay depends on your credit score. Therefore, you will pay less interest if you have a high enough credit score! The interest rates will vary from 1.5% to a maximum of 4%. 3. Flexible Withdrawals There are no withdrawal limits to your loan. You can pocket it all in one go or keep it in your account for the right time! 4. Credit History Not Required While it's beneficial to have a credit history and score, it’s not required here. The company understands that this might be your first loan. Therefore, CIBIL scores are unnecessary for newcomers. However, if you have a CIBIL score, you must ensure it’s above 681. 5. Quick Application If you want a cash loan instantly, complete the online form and get it approved in under 3 minutes! NIRA values your request and your time as well! 6. Get Credited Within 24 Hours Once your loan request gets approved, you will get the money sent directly to your bank account in 48 hours! NIRA Personal Loans Whenever people request loans, banks believe it’s to pay off large amounts of debt. Or maybe start a new business, who knows? However, NIRA has your back if you don’t wish to disclose your reasons for taking a loan. I mean, personal loans should remain personal, right? NIRA Personal Loan Eligibility You can become eligible for NIRA Personal Loans as long as you: Must be a graduate Should have a monthly income of Rs. 12,000 Must be employed Should have a linked Aadhar card Why Apply For NIRA Personal Loans? You should apply for such personal loans because of various benefits like: 1. The Approval Process Is 100% Paperless When you apply for a NIRA Personal Loan, you can do it online, anytime, anywhere. You don’t need to visit their headquarters and sign on piles of documents. Simply go to their official website, and fill out the loan application form in minutes! 2. Super Quick Credits If you want a cash loan instantly, complete the online form and get it approved in under 3 minutes! NIRA values your request and your time as well. Once your loan request gets approved, you will get the money sent directly to your bank account in 48 hours! 3. Lower Interest Rates The interest you pay depends on your credit score. Therefore, you will pay less interest if you have a high enough credit score! The interest rates will vary from 1.5% to a maximum of 4%. 4. Highly Flexible Payment Scheme Unlike pre-set loan amounts and fixed payment terms, NIRA allows you to customize it to your liking. You can get the amount you want and choose the period to pay it off. Pay off in 6 months? Yes, you can! Pay off in 12 months? Sure, why not! NIRA Mobile EMI Loans Having a good smartphone has become a necessity in 2023. A high-end smartphone is a significant investment for work, photography, or gaming. However, most good smartphones that you want cost above Rs. 40,000. Higher-end models by brands like Samsung, OnePlus, iPhone, and Motorola cost a lot. Paying the entire amount upfront in cash can take time and effort. However, paying it in EMI is an option everyone will agree with. Therefore, why not apply for a NIRA Mobile EMI Loan and get the latest smartphones of your dreams? NIRA EMI Loan Eligibility To be eligible for Mobile EMI loans, you: Must be a graduate Should have a monthly income of Rs. 20,000 Must be employed Should have a linked Aadhar card Why Apply For NIRA Mobile EMI Loans? The various benefits of applying for NIRA Mobile EMI Loans are: 1. Easily Liquefiable Paying for a mobile phone way out of your budget can take time and effort. Therefore, save your liquid money for emergencies. Pay for the phone little by little over time! 2. Spend Less, Get More Since you spend only a small amount of money every month, you can save a lot, which is only possible if you pay the entire amount in one go. 3. Zero Stress I know how stressful situations can be when you have a broken phone and no money to buy a new one. However, if you can pay the price in installments, that will take the stress out of you! NIRA Small Loans If you are short of cash to pay for something you need, you should apply for a NIRA Small Loan. These are bite-sized loans that you will get instantly. Since these are small amounts, you can pay them in a few months' time without any high-interest rates! NIRA Small Loans Eligibility To be eligible for NIRA Small Loans, you: Must be a graduate Should have a monthly income of Rs. 20,000 Must be employed You should have a linked Aadhar Card Why Apply For NIRA Small Loans? The benefits of applying for NIRA Small Loans are: 1. The Entire Process Is 100% Paperless When you apply for a NIRA Small Loan, you can do it online, anytime, anywhere. You don’t need to visit their headquarters and sign on piles of documents. Simply go to their official website, and fill out the loan application form in minutes! 2. Super Quick Credits, Directly To Your Bank Account If you want a small loan instantly, complete the online form and get it approved in under 3 minutes! NIRA values your request and your time as well. Once your loan request gets approved, you will get the money sent directly to your bank account in 48 hours! 3. Lower Interest Rates The interest you pay depends on your credit score. Therefore, you will pay less interest if you have a high enough credit score! The interest rates will vary from 1.5% to a maximum of 4%. 4. Flexible Payment Schemes Unlike pre-set loan amounts and fixed payment terms, NIRA allows you to customize it to your liking. You can get the amount you want and choose the period to pay it off. Pay off in 6 months? Yes, you can! Pay off in 12 months? Sure, why not! 5. Want Multiple Loans? No Problem! Since these loans are typically in small amounts, you can apply for multiple small loans at once. You will get what you want if you have a good credit score! Conclusion NIRA loan services have ventured into a section of the Indian money market that hasn’t been explored before. Providing loans in under 2 days just after filling up an application using a mobile phone is something other Indian banks have failed to do. So what are you waiting for? Explore More: Dhani Loans & Services Limited – Background And Services California No Credit Check Loans: A Solution For Those With Poor Credit StashFin Personal Loan Review – Interest Rates, Loan Amount, Eligibility, And More

mPokket: Information, Eligibility Criteria, Interest Rates, Review & More

You might have heard of the mPokket loan app that claims to offer loans to self-employed and salaried individuals. It is a financial company based in Kolkata, India, and offers instant loans starting from ₹500 to ₹20,000. The major objective of mPokket is to offer loans to students, and small professionals, who need a quick and small sum of money for a few days. In this article, we will talk about the mPokket app and how you can get loans from mPokket easily. Furthermore, we will also discuss the legitimacy of mPokket, and also give you information regarding its safety. Moreover, you will get a listed overview of all the offerings of mPokket loans. Hence, to get fully informed, read on through to the end of the article. mPokket Loan - What Is mPokket? The mPokket app offers you instant loans if you are a young working professional or a student. The loan amounts are not high. According to the website, “With the goal to provide loans for students and young professionals in India who were not eligible for loans via traditional lending institutions, Gaurav started mPokket, an instant loan app, in 2016.” It is really easy to download and install the app from Google Play Store, and you can borrow instant cash from ₹ 500 to ₹ 20,000 within a few minutes. All you need is proper verification and state the reasons. The best part is that you do not need to have a credit history since most of the borrowers are students, and the borrowing amounts are not very high. mPokket App: How It Works! Are you a college student or a young professional needing immediate financial assistance? mPokket has got you covered! Here's a quick guide on how the mPokket app works, ensuring a hassle-free experience for those looking to meet their daily expenses or tackle end-of-month cash crunches: Download The App Head to the Google Play Store on your mobile device and download the Pocket instant loan app. Verify Your Number After installation, verify your mobile number by entering the one-time password (OTP) sent to your registered number. Sign Up or Log In Complete the registration process by signing up or logging in with your Google or Facebook account. Set A Password Secure your account by setting a password of your choice. Additionally, select your profession to tailor the loan offering to your needs. Submit KYC Documents Streamline the process by submitting your Know Your Customer (KYC) documents online, ensuring a secure and efficient verification. Bank Statements For Salaried Professionals Salaried professionals can expedite the process by uploading bank statements showcasing their salary credits. Selfie Video Add a personal touch to your application by recording a quick selfie video. Swift Disbursement Once all steps are completed, experience the convenience of having your loan amount disbursed in just minutes.With the mPokket app, access to instant cash is at your fingertips, providing a solution for your financial needs in a timely and efficient manner. Is mPokket Safe? Firstly, as we visited the website it seemed safe, as there is HTTPS security, as well as SSL security. Regarding the technicalities of the app, we could not find any problems either. However, as per the reviews of the customers, we found that they are mixed. Some of them really praised the company, while some were furious with them. mPokket Loan – What Do You Get? Loan AspectsWhat mPokket offers you?Loan Amount₹ 500 - ₹ 20,000Loan TenureUp to 3 months or 90 daysRate of interest on loans10% to 12% per annumCollateral or mortgageNo collateral requiredLoan review timeDepending upon the amount of the loan (may take from 5 minutes to 7 days)Late payment of the loan- Application of Penalties every day based on the overdue the loan(if you pay early, there are some discounts available)Loan RepaymentLoan repayment is made automatically from the provided bank details as per the approved schedule. mPokket Loan Eligibility Loan RequirementsEligibilityAge of The Borrower22 to 35 years oldmPokket Credit ScoreDepends on the type of loan applied for.Type of EmploymentSalaried professionals and self-employed individuals.Minimum Monthly IncomeAny monthly income is eligible to take loansWork ExperienceWork experience requirements change with the amount of the loan demanded. Required Documents1. Salaried Employees- Need to fill out KYC- Verification of KYC- Need to submit bank details- Bank account number & IFSC- Net banking is required for auto-repayment.2. Self-Employed Individuals- PAN card required- Address proof (Voter ID or Passport)- Aadhar Card- Bank account number & IFSC- Net banking is required for auto-repayment. mPokket Loan - How To Do mPokket Login? The following are the steps by following which you can log in to mPokket: Step 1: Download the android app. Step 2: Allow the app to access your device. Hit "Allow." Step 3: Sign up to mPokket with the help of Google or Facebook. Step 4: Register your account with mPokket on the next page. Based on your profile, select whether you are a student, salaried or self-employed. Step 5: You will get a borrowing limit on the next page. Just move on to the next page by clicking “Get Started.” Step 6: Add all the information related to KYC Verification, Basic Information, and Employment Information, and also add your Selfie Video on it. How To Delete mPokket Account? To delete mPokket account, you need to contact customer service by phone or email. However, you will need to clear your borrowings first. Follow the steps given in the mail to get details. Finally, you will get a confirmation email that your account has been deleted. mPokket Customer Care Number And Address mPokket Helpline Number (WhatsApp):033- 6645 2400mPokket Contact Number:033- 6645 2400mPokket Customer Care Number India:033- 6645 2400mPokket Complaint Number:+9133 6645 2400mPokket AddressPS Srijan Corporate Park, Tower 1, 12th Floor, Unit No. - 1204, 2, EP & GP, Sector V, Bidhannagar, Kolkata, West Bengal 700091Greivance Redressal OfficerSouvik DasmPokket CINU65999WB2019PTC233120 You can also get to see the mPokket Loan Defaulter List on the official website. mPokket – Top Customer Reviews Here are some mPokket loan reviews: roddyrex009: “I have paid l the dues and they stay scamming me now by saying you need to pay again. In my bank the transaction was successful but they said if it still shows in the app then u haven't paid lol what low class company don't ever take loan from @mpokket” Source arunn2514: “The features of this app that it provides small loans to students to satisfy their daily needs.once you apply for loan you have to wait for its approval and then you will get money.after paying your previous loan, you can apply for another loan.” Source saikrishnamothuku: “This is my monthly pocket bank and I'm using this app from 3 months nd it is used alot for me very very thanks to the founders of mpokket and every student must use it and it is very very useful for students. this app giving money in just 24 hours just try it.” Source Summing Up Hope this article was helpful for you to have a better idea of how the mPokket app is and how the financial company operates. If you want to know more about the mPokket app, we recommend you visit the website. Do you know about similar apps that offer loans to students and young professionals? Share with us in the comments section below. Explore More: 10 Best Investment App IPOE Stock – Present Price, Forecast, Statistics – Should You Invest? SUIC Stock – Present Price, Forecast, Statistics – Should You Invest?