Loan App Details & Reputation
App Name
mPokket
Tagline/Description
Instant Loan App for College Students and Salaried Employees
Developer/Company Name
mPokket Fintech Private Limited
Website URL
Social Media Handles
Facebook: @mPokketOfficial | Twitter: @mPokketOfficial
Contact Information
Not publicly listed (in-app support available)
License and Registration Details
RBI registered NBFC
Latest News/Updates
August 2023: mPokket announced a partnership with CASHe to offer joint loan products.
May 2023: Launched a new feature allowing borrowers to increase their credit limit by referring friends.
Loan Details
Loan Amount (Minimum and Maximum)
₹500 to ₹30,000
Interest Rate (Daily, Weekly, Monthly, Annually)
0% to 4% per month (APR varies, up to 142%)
Loan Tenure (Minimum and Maximum)
15 days to 3 months
Repayment Options
Bullet repayment or EMIs
Fees (Processing, Late Payment, etc.)
₹50 to ₹200 + 18% GST (depending on loan amount)
Eligibility Criteria (Age, Income, Credit Score, etc.)
- Age: 18+ years
- Indian resident
- College student or salaried employee
- Valid KYC documents
Documents Required
PAN card, Aadhaar card, college ID (if student)
Loan Purpose
Any personal need
App Ratings and Reviews
Google Play Store Rating
4.1 stars (10M+ downloads)
Apple App Store Rating
Not available
Trustpilot Rating
Not available on Trustpilot
Google Reviews
Mostly positive, highlighting quick disbursal and easy process. Some complaints about high-interest rates and customer service.
User Reviews and Feedback
Positive Reviews
Convenient for small, urgent loans, fast approval process.
Negative Reviews
High-interest rates, hidden charges, aggressive collection practices reported by some users.
Customer Support
Contact Channels
In-app support, email
Support Hours
Not explicitly mentioned
FAQs and Knowledge Base
FAQ section available on the website and app
Loan Disbursal and Repayment
Disbursal Time
Within minutes upon approval
Repayment Options
UPI, debit card
Late Payment Fees and Penalties
High penalty charges for late repayment
Additional Features
Credit Score Check and Reporting
Not explicitly mentioned
Loan Calculator and EMI Simulator
Available on website and app
Financial Education Resources
Limited resources on website
Regulatory Compliance
RBI or NBFC License Details
RBI registered NBFC
Compliance with Indian Banking Regulations
Yes
Step-by-Step Guide to Using MoneyTap
Download and Install
From Google Play Store
Google Play Store Link
Apple Store Link
Not available
Registration
Using mobile number and OTP
Profile Completion
Personal, education/employment details
KYC Verification
Upload documents (PAN, Aadhaar, etc.)
Loan Application
Select amount and tenure
Approval and Disbursal
If approved, funds transferred to bank account or Paytm wallet
Repayment
Through app using UPI or debit card
Disclaimer
The information presented in this document regarding loan apps is intended for general informational purposes only and is current as of the date of this post. It is compiled from sources believed to be reliable, including official websites, app stores, and user reviews. However, the financial landscape, app features, interest rates, and terms can change rapidly.
Instantloansindia does not endorse any specific loan app or guarantee the accuracy, completeness, or timeliness of the information provided. It is crucial that users verify all information directly with the respective loan app or financial institution before making any financial decisions.
Instantloansindia shall not be held liable for any damages, losses, or liabilities arising from the use or reliance on the information herein. Users are solely responsible for their financial choices and should consult with qualified professionals for personalized financial advice.