Are you a student or a young working professional? Need urgent funds? mPokket instant loan app would be the best choice for many reasons.
There are so many reasons people required loans. Whether you want to buy a flat, or car, or want to start a business and need funding, or for education, you need credits. These are loans in massive amounts, and you must have to go to a bank for these types of loans where documentation is strictly required, and if you failed to comply with any of the policies or documentation, you would straightly be rejected. Also, to get a loan, you just have to show the bank that you have an income source from where you are going to repay the loan amount.
But if you are a student, then there are almost possibilities to have an income source because you are studying. But it does not mean that college students do not require money. For many purposes, like a party at the end of the month, or need urgent cash to pay bills. As college students do not have a sustainable income source, most of the bank and financial platforms will deny to give you a loan. But there is a platform, an online mobile application available which provides college students loans of short amount without going through the lengthy documentation process. The app we are talking about is mPokket. It is an excellent platform for borrowing amount. Not only college students but also the employees can borrow money for a short period.
What is mPokket:
mPokket is an online mobile application based lending platform that offers loans to college students and salaried individuals. The processing of the loan amount is effortless. Borrowers can avail the amount directly to their bank accounts or through Paytm Wallet.
mPokket company details:
Maybright Ventures Private Limited operates the platform which is a Calcutta-based company. Also, they have their registered office in Calcutta. Gaurav Jalan is the Founder & CEO of mPokket. The company was started in 2016.
Features of MmPokket mobile application:
The mPokket instant loan app is specialized for college students and offers some exciting features which make it attractive for borrowers. The features are as follows.
With the mPokket mobile application, you can do all the process to borrow the money is digital. To fulfill the whole process, you do not need a single piece of paper. All the procedures, documentation, applying for the loan, giving your KYC data, your information can be done with a smartphone and an internet connection.
Flexible repayment option:
mPokket offers flexible repayments of loans. The loans are for the short term, but with your good behavior and using for a long time’s timely repayment; you can pay between 61 to 90 days.
Get cash instantly:
The disbursal of your amount is very fast in mPokket. After sanctioning the loan amount, it is disbursed to your bank account or Paytm wallet.
Even though we all use smartphones, many mobile applications, it is often hard for many people to use loan apps. mPokket instant loan app offers 24/7 assistance for the borrowers, whether you are about to take a loan or want to repay your loan amount.
mPokket offers a referral program to its users. If you share this app with your friends or family, you will be rewarded with mCoins and cashback. The mCoins will help you build better rankings on mPokket. That will lead to getting an extended loan amount and more offers.
No need for collateral:
To get a loan, you must have to place something for a guarantee. If you are going to take a loan of significant amounts, surely you will need to. But mPokket instant loan app does not ask for any collateral or guarantee to disburse the loan amount.
How to get started with the mPokket instant loan app?
mPokket is available only for Android users. So, firstly you have to install the app from Google Playstore. You can install the app from here: mPokket app download.
- After installing the app, you have to tap on “GET STARTED when you will open the app.”
- After that, you have to enter the mobile number you will use during login. When you are giving the number, make sure it is the same number associated with your bank account or the Paytm wallet.
- After providing the number, click on the proceed. Then an OTP will come to that number. Enter the number manually if the number is not on your phone on which you are installing the app. If the number is on your same mobile, the OTP will be automatically added. Then you have to sign up for the app with your Facebook account. You must have to sign with Facebook because there is no other option has given.
- After login with Facebook, you have to enter your name, your email id password, and again the password. Finally, click on SIGN UP. There is Facebook linking has been given, but it is optional. You can leave it too. While providing the passwords, make sure it comes under their password setting criteria.
- After that, you can give a referral code to someone if someone has referred you. That is how you can get cashback. If you haven’t, you can skip that.
- Then you have to choose your current status, that means what you are right now. There are three options has given to choose from; Student, Employed full-time, and self-employed. Afterward, selecting the right one, click on Finish.
- After finishing the process, you will see a dashboard. There you will see “Available borrowing limit is Rs. O. As you are a new user, you have to click on Apply for Limit increase.
- After that, you have to click on Get started. Then you will be notified that you can borrow the amount within 15-20 minutes just after completing the registration process. Now tap on the Start.
- Then enter your date of birth. After that, you have to verify your AADHAR CARD. When you tap the ACCEPT button, you need to place your AADHARD CARD QR code in front of the camera scanner. You can also skip this process and manually enter your AADHAR CARD number and photo of your AADHARD CARD.
- After the AADHAR CARD verification, you have to upload your selfie, personal information, selfie video, and then click “NEXT.”
- Then, you have to enter your student information. As it is for the college students, you have to enter the area PIN code of your college, and the name of the colleges will come there, and you have to choose your college. Here are couples of college verification options you have to fill.
mPokket maximum limit:
mPokket provides the highest Rs. 20000 loan to people. Even though the students or salaried persons won’t get the maximum limit at first, as you get the older client in mPokket, and fulfill their requirements, you can get extended loan limits.
How to increase mPokket loan amount?
There are criteria, either you are completing your graduation soon, or you already have completed that, getting a higher loan amount in mPokket.
To increase the borrowing limit, firstly, you have to open your mPokket app. There you will see your borrowing limit. There you need to tap on the “Apply for higher borrowing limit.”
After that, you have to upload your Student ID or other documents that justify that you are about to complete your graduation or have already completed it.
Then your application will be pending. s soon it gets approved, you will be notified from your mPokket application.
Eligibility for getting a loan in the mPokket instant loan app:
This app is mainly for college students, so if you are a college student and wants to take a loan,
- You must have to be 18 years or above.
- You must have to be a college student of a recognized university where you are attending any full-time course.
- If you are a worker, you must be work in a company as a full-time employee.
- You have to receive your salary in bank accounts.
While applying for an instant loan, you must attach your salary slip along with the bank statement.
As of this article’s writing, it has over 5 million installs on the Google Play store and has a 4.3 rating. mPokket is an excellent app for the students which gives loan from Rs. 5000 with very minimal documents.
There are many instant loan apps which can be a good alternative. We are mentioning them below.