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 Aspects | What mPokket offers you? |
| Loan Amount | ₹ 500 – ₹ 20,000 |
| Loan Tenure | Up to 3 months or 90 days |
| Rate of interest on loans | 10% to 12% per annum |
| 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 | – Application of Penalties every day based on the overdue the loan(if you pay early, there are some discounts available) |
| Loan Repayment | Loan repayment is made automatically from the provided bank details as per the approved schedule. |
mPokket Loan Eligibility
| Loan Requirements | Eligibility |
| Age of The Borrower | 22 to 35 years old |
| mPokket Credit Score | Depends on the type of loan applied for. |
| Type of Employment | Salaried professionals and self-employed individuals. |
| Minimum Monthly Income | Any monthly income is eligible to take loans |
| Work Experience | Work experience requirements change with the amount of the loan demanded. |
| Required Documents | 1. 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 2400 |
| mPokket Contact Number: | 033- 6645 2400 |
| mPokket Customer Care Number India: | 033- 6645 2400 |
| mPokket Complaint Number: | +9133 6645 2400 |
| mPokket Address | PS Srijan Corporate Park, Tower 1, 12th Floor, Unit No. – 1204, 2, EP & GP, Sector V, Bidhannagar, Kolkata, West Bengal 700091 |
| Greivance Redressal Officer | Souvik Das |
| mPokket CIN | U65999WB2019PTC233120 |
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.
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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 AspectsWhat FlexSalary Offers You?Loan Amount₹ 4000 - ₹ 2,00,000Loan Tenure10 months to 36 months (Based on the loan applied for)Rate Of Interest On loans10% to 12% per annumLoan Processing Fees₹ 650 only (One-time payable only upon Loan Disbursement)Collateral Or MortgageNo collateral requiredLoan Review TimeDepending upon the amount of the loan (may take from 5 minutes to 7 days)Late Payment Of The LoanUp to 5 %, depending on the type of loan applied for.Loan RepaymentLoan 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+919100038349CIN NumberCIN U65923TG2016PTC110767AddressUnit 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 RequirementsEligibilityAge Of the Borrower22 to 60FlexSalary Credit ScoreDepends on the type of loan applied for.Type of EmploymentSalaried professionals only.Minimum Monthly Income₹ 8000 (However, it can change depending on the loan amount applied for)Work ExperienceWork experience requirements depend on loan terms and amounts. Required Documents1. 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. Explore More: The Amazon Store Card All You Need To Know About BNKU Stock: MicroSectors US Big Banks Index 3X Leveraged ETNs IPOE Stock – Present Price, Forecast, Statistics – Should You Invest In It In 2022?
Apr 28, 2023