This is one portal, which majorly specialises in short-term loans for students and salaried people. It helps in getting fast instant cash with prior approval so that you can get rid of your cash crunch and get done with daily transactions and chores. The best part about the low-interest loan app is that you can directly credit your approved short-term loan money to any digital wallet like PayTm, bank accounts, etc. You do not need to open a different bank account or start a new UPI system. You can also buy directly from online portals, which makes it easier for people to handle transactions. This is one of the reasons why people love using mPokket regularly. Salaried people can avail short term loans up to INR 30,000, with just their proof of employment and salary credits. Students do not need any proof apart from their membership to any institution.
- Interest Rate Per Month
- – Starts from 3.5 percent
- Maximum Loan Amount – 30,000
- Minimum Loan Amount – Rs. 500
- Documentation – (A) For Student Loan – Identity proof (voter card/ driving license/ passport/ Aadhar card), College ID card, PAN card; (B) For Salary Loan – Identity proof (voter card/ driving license/ passport/ Aadhar card), PAN card, Form 16, Company’s ID card, Salary slip of the bank account where your salary is credited by your company
- Features – Apply directly using an ID card, 100% online process with minimum documentation, Application is approved within 24 hours and you can get the money credited into your bank account or PayTM wallet, Easy repayment through various options, Provides good credit scores
- Paytail is India’s fastest growing finance led commerce platform. Use this application to shop f
- rom nearby Merchant stores and also get exciting EMI options and cashback offers
- Wish to finance your shopping? Use Paytail EMI
- Eligible members (users) get offered instant loans via Paytail EMI – an instant line of credit offered through Paytail’s partner lending institutions for your shopping.
- Loan Amount: Minimum & Maximum loan amount offered through Paytail EMI are Rs. 3,000/- and Rs. 5,00,000/- respectively.
- Loan tenure: Varies from 3 months to 12 months
- Loan rate of interest: It starts from 18% per annum* and the maximum Annual Interest rate can go upto is 25% per annum*
- NBFC Partner: Cholamandalam Investment and Finance Company Limited
- *Sample Loan cost calculation*
- For ₹1,00,000 loan borrowed for 1 year, with interest rate @18% per annum*, a consumer would pay:
- 1. Applicable fee = 0
- 2. Monthly payment (EMI) = INR 9168/-
- 3. Total Interest payable for the tenure of 1 year = INR 10,016/-
- 4. Total cost of the loan i.e Total amount to pay later after a year = INR 1,10,016/-
- *Interest Rate varies based on user profile
- For any concerns feel free to reach us at [email protected] or alternatively raise a support ticket from the app. Our team is going to make it a mission to resolve all your concerns ASAP.
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