mPokket provides instant personal loans to all college students in India. The loan amount is sent to you via instant credit to your bank account or Paytm wallet. You can start by borrowing 500 INR and your borrowing limit will keep increasing over time with good usage. You can choose to repay in 61 to 90 days. The overall interest payable starts at only 3.5% of the principal and maximum annual percentage rate can go up to fifty percent. For example, if you borrow INR two thousand, after three months you have to repay two thousand two hundred.
Consider us your pocket money alternative for the rainy day or emergency cash need!
Graduated and got a job or job offer? Want a salary advance? Need extra cash fast? mPokket now also provides quick personal and salary loans to students who have recently graduated from college and got a job offer or started working as a professional.
Eligibility
1. For instant student loan: You must be a college student over 18 years of age
2. For instant salary loan: You must be a recent graduate from college and have received a job offer or started working
Unlike other student personal loan providers 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.
mPokket’s purpose and the app’s core functionality is to offer you a 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 your financial SMS data (sent by banks and merchants) and calling patterns (based on your call logs). This allows us to make a loan offer best suited for your needs. The private information you share with us is stored using the best security protocols.
Documents required
For Student Loan:
1. ID Proof (College ID card)
2. Address Proof (Voter ID Card/Driving License/Passport)
For Salary Loan (we also require):
1. Offer letter or salary slip
2. Bank statement
That’s it! Isn’t it easy? Simply upload photos from your mobile and take a quick personal loan.
How it works
1. Download the mPokket College Student App
2. Upload KYC information, selfie video, and Address Proof and Student ID card
3. Wait for a few hours for your information to be verified by us. Get SMS alert when verified
4. Select the loan amount and for how long you want to borrow and where (Bank or Paytm)
5. Get money in your Bank or Paytm in an instant
6. Repay anytime before due date at your convenience using Debit Card, Paytm wallet or UPI
7. Provide some extra information if you wish to apply for higher credit limit
8. Provide your job related information if you are working or have a job offer and want an even higher borrow limit
The entire process is 100% online and really quick!!
Uses
1. College expense
2. Tuition fee
3. Exam fee
4. Hostel fee
5. Mobile recharge
6. Buy books
7. Travel – Bus, Taxi, Train, Flight
8. Eat out
9. Bike loan or 2 wheeler loan
10. Utility bill
11. Salary advance
Or literally anything else you want to use the money for 🙂
Support
For more answers visit http://www.mpokket.com/faq.html
For help email us at support@mpokket.com
Permission Required by app:
Phone
To prevent fraud by uniquely identifying the device & restricting unauthorized devices to act on user’s behalf
Contacts
To collect contact info to detect references & auto-fill forms during the loan application
SMS
To read SMS to understand purchasing behavior for assessing credit limit
Others
Location to provide serviceability of loan application.Camera & Storage to allow capture images & upload documents
