Financial Planning

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

Sudip Roy

Financial Planning

Published on: Apr 28, 2023 Last Updated on: Sep 20, 2023

The FlexSalary App is a loan app that is run by an Indian NBFC named Vivify India Finance Pvt. Ltd. The company is registered with the Reserve Bank of India. However, there are not many good reviews regarding the app. However, the app and the company seem legit. Hence, we have dived deep and reviewed the app in this article for you.

This article will consist of a review of FlexSalary, which claim to be one of the “Best instant loan app in India without salary slip.” Furthermore, we will also give you details about the interest rates, eligibility, and other loan-related information. Finally, we have also added some useful customer reviews regarding Flex Salary. Hence, to get fully informed about FlexSalary, read on through to the end of the article.

FlexSalary – What Does It Offer?

FlexSalary is an app where you can get a loan if you are a salaried individual. According to the official website of the company,

“FlexSalary is an instant salary advance credit line that covers emergency needs of Indians before they get paid. It aims to aid all individuals who face a mid-month crisis by providing short-term lines of credit loans until they receive their salaries. We offer instant loans from Rs. 4,000 to Rs. 2,00,000 with flexible repayment terms.”

It basically offers a personal line of credit. Even if you do not have a credit history, you will be eligible to get a loan from FlexSalary. If there are people who cannot find any other way to get financing, FlexSalary offers an unsecured line of credit.

Loan Aspects	What FlexSalary Offers You?
Loan Amount	₹ 4000 – ₹ 2,00,000
Loan Tenure	10 months to 36 months (Based on the loan applied for)
Rate Of Interest On loans	10% to 12% per annum
Loan Processing Fees	₹ 650 only (One-time payable only upon Loan Disbursement)
Collateral Or Mortgage	No collateral required
Loan Review Time	Depending upon the amount of the loan (may take from 5 minutes to 7 days)
Late Payment Of The Loan	Up to 5 %, depending on the type of loan applied for.
Loan Repayment	Loan repayment is made automatically from the provided bank details as per the approved schedule. Repayment should be made through the mobile app of FlexSalary.
FlexSalary Customer Care Number	+91-40-4617-5151+919908935151+919100038349
CIN Number	CIN U65923TG2016PTC110767
Address	Unit A, 9th Floor, MJR Magnifique, Survey No 75 & 76, Khajaguda X Roads, Raidurgam, Hyderabad, Telangana – 500008.

Is FlexSalary Safe?

Yes. FlexSalary is fully legit and safe. The website is also safe to use as it is HTTPS-secured and SSL certified as well. However, regarding the customer service of the company, many borrowers of loans have complained. Despite that, as per our experience, we think the app works quite well and is legit. Furthermore, the company has a CIN number, and it is registered through the Reserve Bank of India.

When Can Flex Salary Comes To Rescue?

There are certain circumstances where flex salary comes to the rescue. You need to get through the possible solutions that can make things easier for you. You need to follow certain steps that can make things easier for you to attain your requirements with ease.

1. Don’t Have Collateral

Flex salary will offer you unsecured lines of credit loans. You do not have to pledge to your assets if the collateral gets approved for your loan. You need to get through the complete process that can develop things in perfect order.

2. If Your CIBIL Score Is Low

Flexsalary will not focus on your CIBIL score to provide you with the loan you need in times of crisis. If you have a low CIBIL score then you must go through the best flex salary options to meet your requirements with ease.

3. Need An Emergency Cash

If you are facing a medical emergency and you need the loan on an immediate basis, then you must consider using Flex salary. You need to identify the perfect solution that can make things lucid for your business development.

4. Loan Is Rejected By Banks

If you have low income, bad credit history, and banks have rejected your loans, then Flex salary can be the best option for you. Flex salary will offer you loans at times of crisis. You do not have to pay any kind of interest to get these loans.

5. Don’t Want To Pay Excess Interest

If you are afraid of bearing the higher interest rates on your loan, then Flex interest loan amounts can be one of the best options for you. If you do not use money, you do not have to pay the interest.

6. If You Need A Loan For A Lifetime

Flex salary personal line of credit you can receive for a lifetime. Your credit limit gets filled up once you pay back the withdrawn amount. It works almost like that of a credit card. You need to identify the perfect solution that can make things easier for you.

Can You Get An Instant Personal Loan For Your Marriage From Flex Salary?

Yes!! You can receive an instant personal loan for your marriage when you opt for the flex salary. If you have an urgent need for cash in order to meet your marriage-related expenses, then Flex salary can be of great help to you.

You will get the help for money within a few hours. It can help you to get the desired amount of money for a personal loan when you need it the most from your endpoints.

How To Do FlexSalary Login? – Steps To Follow

The following are the steps through which you can apply for a loan through FlexSalary:

Step 1: Visit their official website and click on “Apply for an Instant Loan.”

Step 2: You will get a form on the next page, which you will need to fill out and add information into. Add all the documents required to get a loan from the FlexSalary platform.

Step 3: There are various verification processes available. You can either apply for Net Banking Verification or you can upload the documents on your own.

Once you upload the documents, they will verify your credentials and will tell you what you are eligible for. Through the app, it is almost the same. All you need here is to download the app and register your account with it.

FlexSalary – Eligibility Of The Loan

Loan Requirements	Eligibility
Age Of the Borrower	22 to 60
FlexSalary Credit Score	Depends on the type of loan applied for.
Type of Employment	Salaried professionals only.
Minimum Monthly Income	₹ 8000 (However, it can change depending on the loan amount applied for)
Work Experience	Work experience requirements depend on loan terms and amounts.
Required Documents	1. Salaried Employees- Identity Proof (Aadhaar / Driving License / Passport / Voter ID) – PAN card – Address Proof (Driving License / Utility Bills / Aadhaar / Passport / Bank Statements / Voter ID) – Last three months Pay Slips – Photo with the applicant’s face clearly visible. (The applicant will be prompted to take a selfie or upload a photo while applying for a loan through the FlexSalary mobile app) – Net banking verification to validate the bank account and salary information of the applicant 2. Self-Employed Individuals- No loan is allowed for self-employed- The applicant must have an employment

FlexSalary Reviews From Customers

The following are some of the useful customer reviews regarding FlexSalary that you can benefit from:

Syed Abrar:

“I’m very happy much satisfied with the service Uma Maheshwari are very nice she was helped me through out the process I got the loan amount as soon as the documents were collected best app.”

Manjeera Dhfm:

“My credit limit was activated in 1day. But I was not able to withdraw amount,due to my account issue, then customer support team interacted with me continuously and solved the problem. Thank you team. They are well mannered employee’s who have patience to listen the issue and resolve it quickly.”

Selva Raj:

“Last month urgently required some amount, one of my friend referred me Flexsalary and they had treat me as a friend and pay me the amount with very minimum documents. Thank you Flexsalary very fast, very effective good customer service really appreciate your overall performance.”

Summing Up

Hope this article was helpful for you in getting a better idea of the FlexSalary platform. If you are hoping to get a loan from this platform, you need to download the app and register your account. Furthermore, you need to upload all the necessary documents. They will verify and give you the loan within one to five days if you are eligible for it. Do you know of any better loan app, which is registered by the Reserve Bank of India, and offers instant personal loans? Share some of them with us in the comments section below.

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Sudip Roy

Sudip Kumar Roy is a versatile SEO Professional and an accomplished author with a knack for creating compelling content. With a strong background in digital marketing and a deep understanding of SEO best practices, he has helped numerous businesses achieve their online goals.

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

The Amazon Store Card All You Need To Know About

Many people shop a lot on Amazon. For them, the amazon store card will be the best choice. Synchrony bank is providing this card to the purchasers who shop a lot. In this facility, you will be able to 5% back on every purchase. Whenever you will but a thing, you will get a percentage back on your account. Found this interesting, right? It is an exciting thing that you can get right now. To activate the amazon store card, firstly, you have to become a prime member of Amazon, then they will allow you to shop on amazon with great offers. So, start shopping onwards on amazon and get the best products in less amount of money. Also Read: 5 Differences Between Mass-Market Paperback Vs. Paperback How Does Store Card Works? As we have said earlier, the amazon store card is available only for amazon prime members. So, you want to get this offer, register yourself in exchange for money. If you are already a premium member, getting these fantastic deals will be easier for you. When you buy something, Amazon gives some points that generally get credited to your account. So, the next time you buy from Amazon, you have to pay less for the products. This feature is beneficial for regular buyers. The company also gets profits because their product selling increases. Grab this free financing facility and get products by paying less. Then, when you become a regular buyer, you will get more exciting offers. In this way, the amazon store card works for the users. Read More: How To Build An Ecommerce Website To Boost Your Business Features Of Using Amazon Store Card If you do not have any prime membership, let us tell you that it will hugely affect your purchasing on Amazon. If you take the premium membership and an Amazon store card, you will also get permission to watch films absolutely for free. However, what amount will you pay? You will get all right back through the features. Today, you subscribe as a prime member and also pay for recharge, bills, and other things. So, don’t wait and get the features of prime membership and an Amazon store card. 1. Financing On Purchases After purchasing the amazon store card, you will be able to do financing for six months up to $149. It is a fascinating thing because here, you will get an option for funding for six months. If you don’t have the Amazon store card, then you must apply for the card. Get the best benefits onwards. 2. Purchase Products On Amazon In amazon, the product price is affordable. And when you have an Amazon store card, the cost of the products will be decreased. For example, suppose a regular product price is 30$. Then, when you have an Amazon store card, the price of the product will be reduced. In addition, you will get 5%back on every purchase. However, there are no other sites that provide their customer this type of feature. Buy the necessary items from Amazon. You don’t have to visit the store, just order, and pay. The product will come to your door. 3. No Interest Facility When you get the financing option, you don’t have to pay any kind of interest. So, for twelve months, you will get a no-interest facility. After that, however, get the financing up-gradation and get the benefits soon. 4. Amazon Gift Card When the gift card application is approved by the amazon authority, you can gift someone using this card. Up to 60$ is free for months. 60$ is a considerable amount. So today, make an application for the amazon store card and get the best benefits after the approval. How To Create Amazon Store Card You have already learned that the amazon store card is popular and also effective for users. Now you need to know how you will apply for the amazon credit card directly. Stay with us for some more time and see the steps. So, let’s start it now. 1. Amazon Prime Membership When you want to get the amazon store card, you have to get the amazon prime membership at the beginning. So, open your Amazon account and then go for the premium membership. Here you have to pay a bit for taking the prime membership. Pay the amount and instantly become a member of the amazon store card. It is high time to get the card. And getting a prime membership is its first stage. So, buy the package and enjoy other activities as well. 2. Apply For The Amazon Store Card The approval from amazon premium generally takes few times. After getting the membership, there will be a software option to click to get the amazon card. Then, press the button and apply for the amazon store card. You will get it quickly. 3. Give The Necessary Details When you press the apply button, you will see some details they want from you. Of course, you have to fill up the details soon, like your name, age, subscription type, package details, etc. After completing the whole work, you will be able to sen request the amazon store card. First, however, fulfilling the requirements. 4. Request For The Store Card If you have done with the details, you have to send a request for getting the approval from Amazon. After successful submission, you don’t have to do anything. Now you wait for amazon approval. When the approval message comes, you will get the facilities. The Last Lines However, these are all about the Amazon store card, and if you have more questions regarding this card, you can watch a video to get more information. So, apply for the card and wait for its approval. Then when amazon accepts your request, you will be able to get the features onwards. However, it is the best time to start taking amazon prime membership if you are still not a member. So, start shopping using the card. You May Like : Is Dropshipping Legal? Things You Have To Considered When Doing Dropshipping How To Open A Small Restaurant With Less Budget? What Is Network Marketing And How To Do It In 2021

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

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? 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? 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 businessOr,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: Entrepreneur : Who Coined The Term ‘Entrepreneur’? Intrapreneurship – Definition, Importance, Duties, And Responsibilities What Is a Franchise, And How Does It Work? – Examples, Benefits & 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. MPokket-Is it a Safe Personal Finance Option? Many individuals are taking NBFC loans nowadays. No doubt, these loans made personal financing easier. Gone are the days of hectic loan applications. You can actually get a personal loan in minutes. But how do such fast microloans affect your financial habits? Let's find out. After the pandemic, many salaried individuals faced unprecedented financial challenges. Many of us gave in and took several unsolicited loans. In some cases, private cooperatives lent money. In other instances, people resorted to individual lenders. However, MPokket is a considerably safer and RBI-accredited loan option. It makes our lives easier. We are often faced with small fund crunches. Experts say that such loans are not to be looked upon. However, there are no better options to ward off imminent fund crunches. Why do People Resort to Apps like MPokket? The answer is simple. People can get loans in the blink of an eye. All they need to do is get their KYC done. After that, your loan amount is credited to your bank account directly. The quick service may seem appealing. However, you may encounter a debt trap when dealing with such microloan apps. In India, more than 50% of Gen Z and millennials face the lurking debt trap. They suffer from financial mismanagement and debt issues. That's another reason why apps like mPokket are gaining growth. The Indian debt challenge is reaching its vulnerable apex. In the first place, individual debts are piling up. At the same time, the country's global market debt is also increasing. Loan platforms like mPokket deduct hefty taxes and charges when you borrow from the platform. That money goes to the government coffers. So, the Indian government also gives licenses to such apps. So, they are leveraged to operate freely. mPokket Loan Interest Rate The mpokket loan interest rate is a concern for borrowers. Microlending companies like mPokket give lucrative microloans. At the same time, the interest that they charge is hefty. At mPokket, loans start from 11.99% p.a. A common explanation is that interest rates are higher as the loan is collateral-free. However, experts say small-scale earners or students mainly apply for such loans. Charging a strapping interest won't help their cause. MPokket's website data, however, says that the starting mPokket loan interest rate is 2%. But there's a big catch. The interest rates are indirectly proportional to the CIBIL score or your creditworthiness. The lower your score, the higher the rate of interest payable. Based on your creditworthiness, mPokket may charge 0 to 48% annual interest against your loan amount. But most people are not concerned with mpokket loan interest rate only. Borrowers must pay other charges as well. For instance, there's a processing fee, a security fee, a channel fee, and GST and allied charges. Your mpokket loan interest rate will increase, even if you want to pre-close the loan. The same also applies to loan extensions or payment deadline extensions. I checked that the mPokket loan interest rate also increases when you choose a lengthy payback tenure. 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?

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