Q: Who can apply for an mPokket loan?

mPokket loans are designed for Students : Those who are 18 years or older and currently enrolled in a recognized college or university. Professionals : Individuals aged between 21 and 30 who have a reliable income of at least ₹10,000 every month.

Q: What are the interest rates on mPokket loans?

Interest rates range from 0.1% to 1% per day , depending on your profile and loan amount. New users may start with higher rates, which can decrease with timely repayments.

Q: Can I repay my loan early?

Yes! mPokket allows early repayment with no prepayment penalties . In fact, repaying early can help you save on interest and improve your borrowing limit.

Question 1

What is mPokket, and how does it work?

Accepted Answer

mPokket is a digital lending platform that provides quick personal loans to students and young professionals. You can apply for a loan through their mobile app, and if approved, the money is transferred directly to your bank account within hours.

Question 2

Who can apply for an mPokket loan?

Accepted Answer

mPokket loans are designed for

Students: Those who are 18 years or older and currently enrolled in a recognized college or university.

Professionals: Individuals aged between 21 and 30 who have a reliable income of at least ₹10,000 every month.

Question 3

How much can I borrow from mPokket?

Accepted Answer

You can expect a range from ₹500 to ₹30,000, and this really depends on your profile and how well you've managed repayments in the past. If you're a first-time user, you'll typically begin with smaller amounts, but as you build a good track record, those amounts can increse.

Question 4

Are there any hidden charges?

Accepted Answer

No, mPokket is transparent about its fees. You’ll see the interest rate, processing fee (5-10% of the loan amount), and any other charges upfront before accepting the loan.

Question 5

What are the interest rates on mPokket loans?

Accepted Answer

Interest rates range from 0.1% to 1% per day, depending on your profile and loan amount. New users may start with higher rates, which can decrease with timely repayments.

Question 6

Can I repay my loan early?

Accepted Answer

Yes! mPokket allows early repayment with no prepayment penalties. In fact, repaying early can help you save on interest and improve your borrowing limit.

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