A financial emergency can arise at any time. Pledging gold ornaments to get a loan is not always possible. Approaching a bank or a financial institution for a personal loan also takes time and the completion of various documentation procedures. Under such circumstances, an instant loan through a mobile app is welcome. mPokket is one such instant loan app that can prove handy for young salaried professionals and college students to overcome cash crunches and meet their daily requirements.
What is mPokket?
mPokket is an instant loan mobile app available on Google PlayStore, providing short-term personal loans to salaried employees and students to tide over their financial emergencies. The younger generation loves this facility because the loan application process is quick, simple, and paperless, with the loan approval in minutes.
Features of mPokket
The following features make mPokket an endearing facility to generate instant cash in an emergency.
- Flexibility – Loan amounts ranging from Rs 500 to Rs 30,000 get approved within minutes, with the disbursal directly into the applicant’s bank account.
- Paperless – The entire process is online without any physical submission of documents. Applicants can scan their documents and send them online along with a selfie.
- Collateral-free – There is no need for the applicant to furnish collateral when availing of this instant loan. It is equivalent to an early salary.
- 24 x 7 Support – Dedicated support is available 24 x 7 to enable applicants to cater to their emergent needs.
- Data Privacy – Data privacy is paramount, as evident from the experience of 7+ million users of this instant loan app.
Types of Loans Available
mPokket caters to two categories, students and salaried employees.
- Instant Loan for Students
- Loan Purpose – The education costs are skyrocketing. Besides the university fees, students require money to meet emergent requirements. It can be for education-related expenses, an educational trip, fees for an additional course, a medical emergency, or even paying monthly bills for rent and other utilities.
- Loan Amount – mPokket offers personal loans up to Rs 20,000 to students to meet their expenses. These loans are directly disbursed to the student’s savings accounts.
- Security and Repayment – The student does not have to furnish any collateral for such short-term loans. The repayment period does not exceed four months.
- Eligibility Criteria – The eligibility criteria are simple.
v The student should be at least 18 years old.
v They should have a valid college ID card and address proof.
v Voter ID, driving license, Aadhar Card, and passport are acceptable as ID and address proof.
v PAN card is compulsory if the student submits Aadhar Card as ID proof. Otherwise, it is optional.
- Instant Loan for Salaried Professionals
Salaried professionals depend on their monthly salaries for their sustenance. There can be emergent requirements requiring the employee to avail of personal loans at times. mPokket offers easy personal loans.
- Loan Purpose – The purpose of the instant loan is to cater to emergent expenses such as medical needs, purchase of household appliances, educational requirements of children, or any personal payment.
- Loan Amount – Instant loans ranging from Rs 1,000 to Rs 30,000 are available to cater to all emergencies. It is equal to getting an early salary that can be repaid in easy installments.
- Repayment Period – The usual repayment tenure for mPokket instant loans is four months.
- Security – These instant loans are collateral-free loans.
- Eligibility – Applicants should meet the following eligibility criteria.
v Salaried employees are eligible for mPokket loans. The applicant should furnish a scanned copy of the latest salary slip or the offer letter from the employer.
v KYC requirement is mandatory. The documents accepted are voter ID, driving license, passport, and Aadhar card.
v PAN Card is a compulsory requirement.
v The applicant should submit copies of the bank statement of their salary account for the last three months.
The Loan Application Process
The loan application process is entirely online.
- Applicants should download the mPokket Instant Loan app available on Google PlayStore.
- The mobile number verification by OTP is the next step.
- The applicant can sign up using their Google or Facebook credentials on successful verification.
- Set a secure password with a minimum of eight characters, including numbers and letters.
- Select the profile such as student or salaried employee.
- Submit copies of KYC documents online. The documents include any one of Voter ID, driving license, passport, or Aadhar card.
- Salaried professionals should upload the bank statement reflecting salary credits for three months.
- The next step is to record a selfie video with the face visible and read out the text appearing on the screen.
- Depending on the loan eligibility, the approval is within minutes. Then, the loan gets disbursed to your bank account or PayTM wallet.
Benefits of mPokket Instant Loan
mPokket instant personal loans are beneficial for low-income earners, students, and young professionals who have been recently employed.
- Instant loans are available between Rs 1,000 and Rs 30,000 for multiple purposes without furnishing any collateral.
- mPokket offers personal loans to low-income earners having salaries below Rs 12,000. However, banks usually do not entertain such applicants.
- The mPokket instant loan can be treated as an early salary and used to meet financial crunches without stress.
- This instant personal loan is available for various purposes such as purchasing a gadget, pursuing an educational course, meeting medical emergencies, or even funding a marriage.
- The repayment period is up to four months.
- The entire loan process is online without the physical submission of documents.
- The loan disbursal is instantaneous into the applicant’s bank account or PayTM wallet.
- mPokket ensures complete data privacy by offering the best encryption. Thus, your personal information is safe.
- This instant loan facility is available in Delhi, Bengaluru, Chennai, Mumbai, and Hyderabad.
- mPokket is amongst the best instant loan apps for applicants having repayment capacity but a low or NIL credit score.
A financial emergency can come unannounced. It can be challenging to approach a bank for a personal loan. mPokket offers instant, short-term personal loans repayable in a maximum of four months. Since the application, approval, and disbursal processes are online and instant, it is akin to an early salary for salaried employees, allowing them to meet any financial crunch comfortably and with respectability. mPokket is indeed a friend whom one can rely on when in need.