What is mPokket Personal Loan Interest Rate?

The mPokket personal loan interest rate ranges from 2% to 4% per month (equivalent to 48% to 66.1% annual percentage rate (APR)). But let me tell you, this rate can vary based on several aspects. The exact rate depends on:

1. Loan Amount

2. Repayment Tenure

3. Borrower’s Credit Profile

I have added more details on it below.

What is the Interest Rate of mPokket?

As I mentioned earlier, it starts at 2% p.a. However, it depends on the factors like.

1. First-Time Users: May get lower introductory rates for initial loans as promotional offers.

2. Flexi Loans: Interest is calculated on a daily reducing balance, meaning early repayments reduce interest costs.

There will be no hidden charges, but a one-time processing fee applies. It varies by loan size.

Example Calculation

1. For a Rs 10,000 loan at 3% monthly interest repaid in 3 months:

2. Total Interest: ~Rs 900 (Rs 300/month)

3. Effective APR: ~36%

You can download the mPokket app, enter your basic details, to see the personalized loan offers with applicable interest rates. This is all about mPokket loan rate of interest.

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mPokket offers personal loans with interest rates that vary based on the borrower\'s profile and loan specifics. According to mPokket\'s Interest Rate Policy, the rates are as follows:

Loan Amounts between ₹500 and ₹4,000:

Tenure: 6 months

Interest Rate: 30% to 48% per annum

Loan Amounts between ₹5,000 and ₹25,000:

Tenure: 9 to 12 months

Interest Rate: 24% to 30% per annum

Mpokket

These annual interest rates translate to monthly rates ranging from approximately 2% to 4%. For instance, a loan of ₹25,000 with a 12-month tenure may have an interest rate of 24% per annum, equating to a monthly interest rate of about 2%.

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It\'s important to note that the exact interest rate offered to a borrower depends on factors such as the loan amount, tenure, and the borrower\'s credit profile. Additionally, mPokket charges a processing fee ranging from ₹50 to ₹200 plus 18% GST, depending on the loan amount.

Credit Mantri

For the most accurate and personalized information, it\'s advisable to check the mPokket app or website, as terms and conditions may change over time.

The mPokket loan interest rate changes quite frequently and depends on two primary factors: the tenure of the loan and the principal. Recently, I visited their official website and learnt that the interest rate starts at 24% and goes up to 48%. They have even provided a PDF about the same in their portal so if you want more details, you can go through it.

What is the Interest Rate of mPokket?

As I mentioned above, the mPokket personal loan interest rate depends on two primary factors: principal amount and interest rate. Here is the list I am aware of:

You can visit the

and verify the details again. In fact you can apply for a loan here in this very portal. Just provide your mobile number there, enter the OTP you receive and proceed.

They even have a detailed PDF about the interest rate and policies listed there. Here is the link to it:

I hope this was helpful.

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