mPokket is an instant loan app aimed at young borrowers. It lends up to ₹2 lakh at 1.58% to 3% per month, with EMIs from 6 to 24 months and approval in about 10 minutes. Its big difference from most lenders: it accepts interns with no income and salaried people earning as little as ₹9,000 a month, even with a low or no CIBIL score.
Key features
| Loan amount | Up to ₹2,00,000 |
|---|---|
| Interest rate | 1.58% to 3% per month |
| Tenure | 6 to 24 months |
| Approval | About 10 minutes, paperless |
| Credit score | Low or no score accepted |
Know the real cost: a monthly rate looks small, but 1.58% a month is roughly 19% a year and 3% a month is roughly 36% a year. That is much higher than a typical bank personal loan, so use mPokket for short, genuine needs rather than for long-term borrowing.
How much will the EMI be?
Here are EMIs at both ends of mPokket’s stated range. These are illustrative; your rate depends on your profile and any fees are extra.
| Loan amount | Tenure | EMI at 1.58%/month | EMI at 3%/month |
|---|---|---|---|
| ₹10,000 | 6 months | ₹1,760 | ₹1,846 |
| ₹50,000 | 12 months | ₹4,607 | ₹5,023 |
| ₹1,00,000 | 24 months | ₹5,039 | ₹5,905 |
| ₹2,00,000 | 24 months | ₹10,078 | ₹11,809 |
On a ₹1 lakh loan over 24 months, total interest is about ₹20,900 at 1.58% a month and about ₹41,700 at 3% a month. Shorter tenures cut the total interest sharply.
First-time users and interns usually start with a smaller limit. Repaying on time can help you qualify for larger amounts later, and it also builds the credit record that banks look for when you eventually apply for a card or personal loan.
Eligibility
| Interns | 18 to 23 years, valid college ID, no income needed |
|---|---|
| Salaried | 21 to 45 years, ₹9,000 a month or more |
| Credit history | Not required; new to credit allowed |
| Not eligible | Self-employed, homemakers, retired |
Documents you will need
- Identity and address: ID proof and address proof
- PAN card
- Interns: a valid college ID (mandatory)
- Salaried: bank statement of your salary account for the last 3 months
Before you borrow
- Compare the annual rate: look at the yearly interest rate and the total amount repayable, not just the monthly EMI.
- Check every fee: processing fees, late-payment charges and foreclosure terms should all be shown before you accept.
- Borrow only what you need: a smaller loan over a shorter tenure costs far less in interest.
- Pay on time: missed EMIs add penalties and hurt your credit score, which makes future loans more expensive.
How to apply
- Tap Apply now on this page to open mPokket’s loan application page.
- Sign up with the mobile number linked to your Aadhaar.
- Complete verification and onboarding, including video KYC from near your Aadhaar or current address.
- Check the offered amount, rate and EMI, accept, and receive the money in your bank account.
Who it suits
A good fit for interns and young salaried earners who need a small amount urgently and cannot get a bank loan or credit card yet. Repaying on time can also help you build a credit history.
Look elsewhere if you have a good credit score and steady income. A bank personal loan or a lifetime free credit card will almost always be cheaper than borrowing at 19%–36% a year.
