Only a student attending full time college under a recognized university is eligible to borrow. Students pursuing course in correspondence are not eligible.
To be able to borrow your Profile on the app has to be approved
In the Menu, click on the picture icon on the upper left to go into your Profile
You need to complete your Profile. Profile has 4 mandatory sections 1. About, 2. Education, 3. Video and 4. KYC. Bank detail is optional. Once the profile is completed the administrator approves them by verifying all the information provided by you. You will receive a notification in the App once your profile is approved.
You will receive messages from us telling you what changes are required. In any section in the profile you can tap on the colored icons on the top left to see the approval status of that section and also read any related messages. A pop up will be displayed mentioning the changes required.
Once complete accurate information is provided, the approval process can take up to 24 hours. But we try to do it in a much shorter time.
All approved users start with a credit limit of Rs.500. The limit is dynamic and can move UP and DOWN over time based on various factors. Limits are decided by our proprietary credit algorithm, which takes into account hundreds of different variables.
In general, good behavior will lead to an increase in the limit over time. Good behavior includes but is not limited to 1. Repaying the loans on time, 2. Avoid re-borrowing immediately after repaying, 3. Referring friends to mPokket, 4. Increasing your connections, 5. Increasing your mCoins balance 6. Transacting regularly, etc
On time loan repayment is good behavior and gives you a better chance of enjoying a higher limit. However, it is not the case that your limit will necessarily increase after every repayment you make.
There is no maximum limit. Every user’s credit limit is unique and can continue to increase over time.
At the time of making the lan request you can choose whether you want the money in your bank account or PayTM wallet. If you choose to receive the money in your bank account please ensure you have entered accurate information. And in case you have entered multiple bank accounts mark the one where you would like the money as PRIMARY.
Once you submit your loan request it may take a few hours to get approved, although it typically happens much faster. Only once your request is approved you will get your money transfer be processed.
If you had requested money in your PayTM wallet it will be transferred instantly when your request is approved.
Money requested in Bank Account takes up to 24 hours to process. If there are non-working days (weekend or bank holiday) in between it may take longer.
You probably requested money in your bank account. Money requested in Bank account takes up to 24 hours to process. If there are non-working days (weekend or bank holiday) in between it may take longer.
Please check that you have entered the correct IFSC code and account number for your bank. In case you have provided multiple bank account details the money has been sent to the account marked PRIMARY.
You can see the due date and namount on the transactions screen. Press PAY NOW to repay your loan any time. You can choose to repay using your PayTM wallet or Debit Card.
No, you will have to repay the entire amount due. If you need the money for a shorter period please select an appropriate loan tenure in the future.
Paying after your due date is considered bad behavior and impacts your credit limit and ability to borrow on mPokket. You will also be charged a daily penalty fee based on how many days your repayment is overdue.
Not repaying can have serious consequences. Every loan is backed by a legal contract that you digitally sign at the time you take the loan. Not repaying may impact your ability to borrow in the future or get a job (you may fail employer background checks). Among other things we may take the following actions 1. Communicate your non repayment status to any of your friends, relatives, college authorities, professors, associates and people they know. 2. Post your non-repayment status on our web site, a newspaper, or any social media such as Facebook. 3. Send people to your current or permanent place of residence to collect the dues.
Select “Friends” from the menu and then tap on “Connection”. You will be able to send connection requests to other users and accept requests from others. By connecting with other users you will be able to earn mCoins when they take loans and repay on time. If your connections delay loan repayments you also stand to lose mCoins.
mCoins is our reward program for good users. By earning more mCoins you will be able to qualify for a higher Tier rating of Silver, Gold or Platinum. Being in a higher Tier makes you eligible for cashbacks when you request a loan. A higher mCoin balance also contributes toward your credit limit calculation and potentially allows you to borrow more.
You earn mCoins in 2 ways. 1. When a user signs up for mPokket using your referral code and 2. When your connections take loan and repay on time. If your connections delay loan repayments you also stand to lose mCoins.