mPokket is a digital lending platform that provides short-term loans to college students and young professionals in India. The platform was founded in 2016 by Gaurav Jalan and provides instant personal loans ranging from Rs. 500 to Rs. 20,000 to individuals who require quick access to cash for their personal needs. In this article, we will review the mPokket app, its features, and explore its pros and cons, along with some alternatives and frequently asked questions.
About the App
The loan application process on mPokket is simple and can be completed online through the company’s mobile app. To apply for a loan, users need to download the Mpokket app, create an account, and provide some basic personal and financial information. Once the application is approved, the funds are disbursed directly to the user’s bank account.
mPokket has gained popularity among college students in India who require short-term loans to pay for their educational expenses, such as tuition fees, textbooks, and other related costs. The platform has also helped young professionals who require instant cash to meet their personal expenses.
You are charged an interest rate on the loans, which varies depending on the loan amount and the duration of the loan. The platform also offers incentives to users who repay their loans on time, such as higher loan amounts and lower interest rates.
Mpokket App Review by Users
Here is a review of the platform based on its features, benefits, and drawbacks: Features:
- Easy application process: Users can apply for loans through the MPOKKET app, which is available for both Android and iOS devices.
- Instant loan approval: mPokket claims to provide instant loan approval within 10 minutes.
- Flexible repayment options: Users can repay their loans in multiple instalments as per their convenience.
- High loan amount: Users can borrow up to Rs. 30,000 depending on their creditworthiness.
- No collateral required: mPokket provides unsecured loans, which means users don’t need to provide any collateral to avail the loan.
- Competitive interest rates: The interest rates offered by mPokket are competitive compared to other digital lending platforms in India.
- Quick access to funds: App provides instant loan approval, which means users can access funds quickly in case of an emergency.
- No credit history required: The app provides loans to students and young professionals who may not have a credit history or have a low credit score.
- Easy eligibility criteria: Users can avail loans if they are above 18 years of age and have a valid college ID or government-issued ID proof.
- Secure platform: mPokket uses advanced security measures to protect user data and ensure secure transactions.
- High late payment charges: App charges a high penalty for late repayment, which may be a concern for users who may face difficulty in repaying the loan on time.
- Limited loan tenure: It provides loans for a maximum of 60 days, which may not be suitable for users who require a longer repayment period.
- Limited availability: mPokket is currently available only in select cities in India, which may limit its reach and accessibility.
Alternative Apps to Mpokket
There are several alternatives to mPokket that offer short-term personal loans to students and young professionals in India. Here are some of the popular options:
- KreditBee: KreditBee is a popular digital lending platform that offers instant personal loans of up to Rs. 1 lakh with flexible repayment options.
- CashBean: CashBean is a subsidiary of P C Financial Services Private Limited that offers short-term personal loans ranging from Rs. 1,500 to Rs. 60,000 with a repayment tenure of up to 90 days.
- EarlySalary: EarlySalary is an online lending platform that offers instant personal loans to salaried individuals with minimum documentation and flexible repayment options.
- Buddy Loan: Buddy Loan is a digital lending platform that offers instant personal loans of up to Rs. 15 lakh with a repayment tenure of up to 60 months.
- MoneyTap: MoneyTap is an app-based lending platform that offers instant personal loans of up to Rs. 5 lakh with a flexible repayment tenure of up to 36 months. Frequently Asked question
Frequently Asked Questions
How much can I borrow on Mpokket?
Users can borrow a minimum amount of Rs. 500 and a maximum of Rs. 30,000 on Mpokket.
What is the interest rate charged by Mpokket?
Mpokket charges a daily interest rate of 1.33%, which translates to an annual interest rate of around 48.69%.
Who is eligible to apply for a loan on Mpokket?
To be eligible for a loan on Mpokket, applicants must be Indian citizens, between the ages of 18-30 years, and have a valid college ID or proof of employment.
What documents are required to apply for a loan on Mpokket?
To apply for a loan on Mpokket, users need to submit their Aadhaar card and PAN card details, as well as proof of their college enrollment or employment.
How does Mpokket work?
To apply for a loan on Mpokket, users need to download the app, create an account, and complete the KYC (know your customer) process. Once approved, users can request a loan amount of up to Rs. 30,000 and choose a repayment tenure of up to 3 months. The loan amount is disbursed to the user’s bank account within a few hours of approval.
What happens if I miss a repayment on Mpokket?
If a user misses a repayment on Mpokket, they will be charged a penalty fee and their credit score may be affected.
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