Introduction
mPokket is a digital lending platform in India that provides instant personal loans to students, salaried employees, self-employed professionals, and gig workers. It is designed for those needing quick financial assistance for emergencies, education fees, rent, and daily expenses.
Key Features
Loan Amount: ₹500 – ₹50,000
Approval Time: Instant (within minutes)
Disbursal: Direct to bank account or Paytm wallet
Repayment Tenure: 6 to 12 months
Interest Rate: 2% – 4% per month (Annual up to 48%)
Processing Fee: Starts from ₹15 + 18% GST
No Credit Score Needed (Ideal for students & first-time borrowers)
No Collateral Required
Eligibility Criteria
Students: Must be 18+ years old, enrolled in an Indian college, and have a college ID.
Salaried Professionals: Minimum monthly salary ₹9,000, employment proof required.
Self-Employed: Business proof (GST certificate, bank statements).
Documents Required
Aadhaar Card & PAN Card (Mandatory for KYC verification)
College ID (for students)
Salary slips & bank statements (for salaried)
Business registration proof (for self-employed)
Application Process
Download the mPokket App (Android/iOS)
Register with mobile number & email
Complete KYC & upload documents
Select loan amount & repayment period
Loan approval within minutes
Instant money transfer to bank/Paytm
Interest Rates & Fees
| Charge Type | Details |
|---|---|
| Processing Fee | ₹15 + 18% GST |
| Interest Rate | 2% – 4% per month |
| Annual Interest Rate (AIR) | Up to 48% |
| Annual Percentage Rate (APR) | Up to 66.1% |
| Late Payment Fee | Based on amount & tenure |
Pros & Cons
Advantages
Quick approvals & instant disbursal
No credit score required
Easy for students & gig workers
Minimal documentation
Disadvantages
High-interest rates compared to banks
Late fees for delayed payments
Short repayment tenure
Limited loan amount for new users
Comparison with Other Loan Apps
| Feature | mPokket | KreditBee | MoneyView | Navi |
|---|---|---|---|---|
| Loan Amount | ₹500 – ₹50,000 | ₹1,000 – ₹2L | ₹10,000 – ₹5L | ₹10,000 – ₹5L |
| Approval Time | Instant | Instant | Few hours | Instant |
| Interest Rate | 2% – 4% per month | 1.5% – 2.5% per month | 1.33% – 2% per month | 9.9% – 45% p.a. |
Is mPokket Safe & Legit?
Yes, mPokket is a legal and RBI-compliant lending platform. However, users must be cautious of high-interest rates and ensure timely repayments to avoid additional charges.
Final Verdict: Should You Use mPokket?
mPokket is a good option for students and salaried individuals needing quick small-ticket loans. However, due to high-interest rates, users should borrow responsibly and repay on time to avoid penalties.
🔹 Best for: Students, first-time borrowers, and individuals needing urgent cash.
🔹 Not ideal for: Long-term borrowing due to high APR.
