mPokket is a fast and simple loan app in India. It gives small, quick loans to college students and working people. You don’t need paperwork or a long wait. The money goes straight to your bank or Paytm wallet.
In this guide, you’ll learn:
- How mPokket works
- What documents do you need
- How fast it approves loans
- What fees it charges
- And if it’s safe to use
What is mPokket?
mPokket is an app that gives short-term personal loans. It helps students and new job holders when they need quick cash. Loan amounts range from ₹500 to ₹30,000.
You can use the money for anything—like bills, rent, or emergencies.
How Does mPokket Work?
Using mPokket is simple:
- Download the app from the Play Store or App Store.
- Sign up and fill in your details.
- Upload your documents for KYC.
- After checking, the app shows your loan limit.
- Pick how much money you want and for how long.
- The money is sent to your bank or Paytm.
Documents Required for mPokket Loan
The documents you need depend on whether you’re a student or a salaried professional:
For College Students:
- College ID card
- Government-issued ID (like Aadhaar or PAN)
- Selfie for verification
- Optional: Fee receipt or college admission proof
For Salaried Employees:
- Aadhaar and PAN card
- Salary slip or bank statement
- Company ID or Offer Letter
- Selfie for identity verification
mPokket Loan Approval Time
- Profile approval time: Usually within 24–48 hours after document submission.
- Loan disbursal: Once approved, the loan is transferred instantly — often within minutes.
The speed is one of mPokket’s biggest advantages, especially during emergencies.
mPokket Charges and Interest Rates
mPokket does charge fees and interest, which vary based on the loan amount and repayment period:
| Feature | Details |
|---|---|
| Loan Amount | ₹500 to ₹30,000 |
| Interest Rate | 1% to 6% per month |
| Processing Fee | ₹34 to ₹203 (plus GST) |
| Repayment Period | 7 to 90 days |
| Late Fee | Applicable if EMI is missed |
Always read the terms before accepting a loan to avoid hidden charges.
Is mPokket Safe?
Yes, mPokket is a legitimate and RBI-registered NBFC-backed platform. It uses encryption and follows regulatory guidelines for KYC and data protection. However, as with any financial product:
- Only borrow what you can repay.
- Avoid late payments to protect your credit score.
How to Apply for mPokket Loan Online
Here’s a step-by-step guide:
- Download the App: Search for com.mpokket.app on the Play Store.
- Sign Up & Verify OTP
- Complete Profile: Choose if you’re a student or working professional.
- Upload Documents: As listed earlier.
- Wait for Approval: Usually 24–48 hours.
- Choose Loan: Select the amount and duration.
- Get Disbursal: Instant payment to your chosen method.
mPokket Reviews: What Users Are Saying
Positive Reviews
- Quick Disbursal
“The loan process is super fast. I got the money in my account within minutes after approval—really helpful during emergencies.” - Helpful for Students
“As a student with no credit history, mPokket was a lifesaver. It’s one of the few platforms that gives small loans to students without much hassle.”
Negative Reviews
- High Interest Rates
“The interest is way too high for short-term loans. You end up paying much more than you borrowed, especially if you delay repayment.” - Aggressive Collection Calls
“The recovery team gets very aggressive if there’s a delay. Even a small delay leads to constant calls and messages.”
Also Read: How to Add Bank Account in Flipkart
Conclusion
mPokket is a handy app when you need quick, small loans without the hassle of paperwork. It’s especially useful for students and first jobs who may not have access to traditional credit. As long as you borrow responsibly and repay on time, mPokket can be a reliable financial backup.
Frequently Asked Questions (FAQs)
1. Is mPokket safe to use?
Yes, it’s a verified NBFC-backed platform with over 10 million downloads. Just be cautious about repayments.
2. What’s the minimum and maximum loan I can get?
Loans range from ₹500 up to ₹30,000 based on your eligibility and repayment history.
3. Can I apply without a salary slip?
If you’re a student, salary slips aren’t needed. For salaried professionals, income proof is required.
4. How fast is the loan disbursed?
Once approved, loans are disbursed almost instantly — typically within 10 minutes.
5. Are there any hidden charges?
mPokket is transparent about fees, but always read the breakdown before confirming the loan.
6. What is the interest rate on mPokket loans?
The mPokket loan interest rate ranges between 1% to 6% per month, depending on your profile, loan amount, and repayment term. Always check the exact interest before confirming a loan.
7. What is the loan limit in mPokket?
The mPokket loan limit starts at ₹500 and can go up to ₹30,000. Students usually get lower limits, while salaried professionals may get higher amounts over time with good repayment history.
8. What happens if mPokket loan is not paid?
If your mPokket loan is not paid, the app may:
- Add late fees to your amount
- Report you to credit bureaus, which hurts your credit score
- Contact you through reminders or calls
- In some cases, take legal action if the loan remains unpaid for long
It’s important to repay on time to avoid penalties.
9. Are there other loan apps like mPokket?
Yes, here are a few loan apps like mPokket you can try:
- KreditBee – Personal loans for salaried individuals
- Slice – Card-based credit for students and new earners
- TrueBalance – Small loans with a simple process
- NIRA – Personal loans for salaried people with monthly income above ₹12,000
Always compare interest rates and user reviews before using any loan app.
10. Can I increase my mPokket loan limit?
Yes. Your mPokket loan limit can increase if:
- You repay your loans on time
- Keep your documents updated
- Stay active on the app
With a good repayment record, mPokket may gradually offer you a higher credit limit.
