In a fast-paced world, financial emergencies can strike at any time, and having access to a quick and reliable source of funds is crucial. This is where instant loan apps like mPokket come into play. In this mPokket Personal Loan review for 2023, we’ll delve into the critical aspects of this popular loan app to help you make an informed decision regarding your financial needs.
About mPokket Personal Loan
mPokket is a well-known instant loan app in India that offers personal loans to both students and salaried individuals. With over 15 million users, it’s evident that mPokket has carved a niche for itself in the lending market. Let’s explore its various facets in detail.
mPokket Personal Loan Amount and Tenure
One of the essential considerations when seeking a personal loan is the loan amount and tenure options available. mPokket offers relatively small loan amounts, with a maximum of Rs. 10,000 for students and Rs. 20,000 for salaried individuals. While this might be sufficient for covering urgent expenses, it’s essential to gauge whether it aligns with your financial requirements.
mPokket Personal Loan Review – Documents Required
When applying for a personal loan, the documentation process is a pivotal step. mPokket, like many other loan apps, has specific document requirements. Typically, you must provide proof of identity, address, and income. It’s vital to ensure you have these documents ready to expedite the loan application process.
mPokket Personal Loan Review – Pros and Cons
Before diving into the world of mPokket personal loans, it’s crucial to weigh the pros and cons to make an informed choice.
Pros
Convenience: mPokket offers a hassle-free online application process, ensuring you can secure a loan from the comfort of your home.
Quick Approval: The app is known for its swift loan approval process, with funds being disbursed within 24 hours.
Flexibility: mPokket provides various repayment options, enabling borrowers to select a plan that fits their financial situation.
Competitive Interest Rates: The app offers competitive interest rates, making it a cost-effective choice for borrowers.
Cons
High Fees: mPokket imposes several fees, including processing fees, late payment fees, and prepayment fees, which can add to the overall cost of the loan.
Limited Loan Amounts: The maximum loan amount mPokket offers might not meet the needs of those seeking larger loans.
Customer Service Concerns: Some users have reported difficulties securing loan approval and issues with customer service.
Who Should Apply for a mPokket Personal Loan?
mPokket personal loans are tailored for those who need a small loan quickly. These loans are ideal for students and salaried individuals with immediate financial requirements. However, it’s essential to evaluate whether the loan amount and terms align with your specific financial situation.
Also read – How to Check If a Loan Company Is Legitimate
mPokket Personal Loan Review – Application Process
The application process for mPokket personal loans is straightforward. Users must download the app, complete the necessary documentation, and await loan approval. This user-friendly process ensures that borrowers can swiftly access the funds they need.
Securing a personal loan through mPokket is a relatively straightforward process. This step-by-step guide will walk you through the process, ensuring you can access the funds you need quickly and efficiently.
Step 1: Download the App
The first step in securing a mPokket personal loan is downloading the mPokket app from your respective app store. It’s available for both Android and iOS devices. Simply search for “mPokket” and click on the official app to initiate the download.
Step 2: Register and Verify Your Mobile Number
Once the app is installed, open it and begin the registration process. You’ll be asked to provide your mobile number. Make sure the number you use is active and accessible, as you’ll receive important communication and OTPs (One-Time Passwords) on this number throughout the loan application process.
Step 3: Provide Basic Personal Information
After verifying your mobile number, the app will prompt you to provide basic personal information. This includes your name, date of birth, and gender. Ensure your details are accurate, as this information will be used for verification purposes.
Step 4: Complete Your Profile
To facilitate the loan application process further, you’ll need to complete your user profile. This involves providing additional information such as your email address, educational institution details (for students), and employment details (for salaried individuals).
Step 5: Document Verification
Document verification is a crucial step in the loan application process. You must submit certain documents for identity, address, and income verification. Ensure you have the following documents ready:
- Proof of Identity: This can be your Aadhar card, PAN card, or passport.
- Proof of Address: Documents such as your Aadhar card, passport, or utility bills can be proof of address.
- Income Proof: For salaried individuals, this typically includes your salary slips, while students may need to provide their college ID or other relevant documents.
Step 6: Set Your Loan Amount and Tenure
Once your documents are verified, you’ll have the opportunity to specify the loan amount and tenure you require. mPokket offers relatively small loan amounts, with a maximum of Rs. 10,000 for students and Rs. 20,000 for salaried individuals. Choose the amount that suits your financial needs and the tenure you’re comfortable with.
Step 7: Review and Submit Your Application
Before finalizing your loan application, carefully review all the details you’ve provided. Ensure that there are no errors or discrepancies. Once you’re confident everything is in order, click the submit button to send your application for processing.
Step 8: Loan Approval and Disbursement
After submitting your application, mPokket will review it and conduct a swift approval process. If your application is approved, you can expect the loan amount to be disbursed directly to your registered bank account within 24 hours.
Step 9: Repayment Planning
Once you’ve received the funds, it’s crucial to plan for timely repayments. You can choose from various repayment options mPokket provides, such as EMI plans. Select a plan that aligns with your budget and financial situation to ensure you can comfortably repay the loan.
By following this step-by-step guide, you can navigate the loan application process with ease, ensuring that you receive the funds you require on time. Use the app responsibly and consider the associated fees and terms to provide a positive borrowing experience.
Is mPokket Personal Loan a Safe Loan App or Not?
Safety is a paramount concern when it comes to loan apps. Users should exercise caution and ensure they are dealing with a reputable platform. mPokket, being a registered NBFC with the RBI, is a legitimate loan provider. It provides loans for three categories:
- College Students
- Working Professionals
- Self Employed
They might provide you with loans at higher interest rates, but they fulfill your needs at your convenience so that you don’t have to borrow money from your family and friends. However, it’s essential to be aware of potential scams and use the app responsibly.
Scam-Free Loan Ratings
To assess the safety and legitimacy of an instant loan app, it’s advisable to check for user reviews and ratings. These can provide insights into the experiences of others who have used the app. While mPokket has a substantial user base, it’s important to scrutinize both positive and negative reviews to make an informed decision.
Conclusion
mPokket is a convenient and affordable option for securing small loans quickly. However, potential borrowers should be cautious regarding the associated fees and the relatively limited loan amounts. To ensure a safe and positive experience, it’s crucial to use the app responsibly and be aware of the potential challenges that may arise during the loan process. Ultimately, mPokket can be a valuable tool for addressing immediate financial needs, but it’s essential to make well-informed decisions and understand the terms and conditions before proceeding with a loan application.