mPokket – Best Instant Loan App for Students

About mPokket – Best Instant Loan App for Students

mPokket is an app that provides Instant Loans for Students & Young Working Professionals
Get Instant Personal Loan starting from Rs. 500 – Rs. 20,000/-
Processing fees of ₹ 34 to ₹ 203 + 18% GST. Interest rates starting from 1% to 6% per month (12% to 72% per year). Tenure is 61-90 days. For example, if the loan amount is ₹1,000 and applicable annual interest rate 50%, the amount to be repaid at the end of the tenure of 90 days would be processing fee plus interest of ₹1,000 x 50% x 90/365 = ₹123.

mPokket is the best loan app for college students& young working professionals where the loan amount is sent to you via instant credit to your bank account or Paytm wallet. You can start by borrowing INR 500 and your borrowing limit will keep increasing over time with good usage. You can choose to repay in 61 to 90 days.

Loan Eligibility

1. Loan for College Student: You must be a college student over 18 years of age.
2. Loan for Young Professionals: You must be working full time to avail instant personal loan.

Unlike other instant loan apps, we do not restrict our services to a limited set of cities or colleges. You can be studying in or have graduated from any college in India or be working in any city in India. This is what sets us apart and has helped us become one of the best instant loan app for college students in India.

mPokket's purpose and the app's core functionality is to offer you an instant personal loan in your time of need, which is virtually impossible to obtain otherwise in India as a college student. We are able to accomplish this by using our proprietary algorithms to create a credit risk profile based on various data points, including your financial SMS data (sent by banks and merchants). This allows us to make a personalized loan offer best suited for your needs. The private information you share with us is stored using the best security protocols.

Documents Required for Quick Loan Approval:
We focus on providing instant loans with minimum documentation & focus on providing paperless loans to all our users:

Loan for College Student:
1. ID Proof (College ID card)
2. Address Proof (Voter ID Card/Driving License/Passport)

Loan for Young Working Professionals:
1. ID and Address Proof (Voter ID Card/Driving License/Passport)
2. Salary slip
3. Bank statement

That’s it, isn’t it easy? Simply upload photos from your mobile and take a personal loan instantly!

How it Works:
1. Download the mPokket App.
2. If you are a student, upload KYC information, Selfie video, Address Proof and Student ID card.
3. If you are a working professional, upload KYC information, Selfie video, Address Proof, Bank statement and Salary Slip.
4. Wait for your information to be verified by us. Get SMS alert when verified.
5. Select the loan amount and for how long you want to borrow and where (Bank or Paytm).
6. Get instant money in your Bank or Paytm.
7. Repay any time before the due date at your convenience using Debit Card, Paytm wallet or UPI.
8. Provide some extra information if you wish to apply for a higher credit limit.

The entire process is 100% online and quick!

Uses
1. College expense
2. Tuition fee
3. Exam fee
4. Hostel fee
5. Mobile recharge
6. Buy books
7. Travel – Bus, Train, Flight
8. Eat out
9. Bike loan or 2-wheeler loan
10. Utility bill
11. Salary advance
12. Pocket Money

Support
For help email us at [email protected]

Permission Required by app:
Phone
To prevent fraud by uniquely identifying the device & restricting unauthorized devices to act on the user's behalf
Contacts
To collect contact info to detect references & auto-fill forms during the loan application
SMS
To read SMS to understand transacting behavior for assessing credit limit
Others
Location to provide serviceability of loan application. Camera & Storage to allow capture images & upload documents