Decoding mPokket's Loan Terms: A Closer Look at 16.95% Interest and the True Cost of Borrowing

 

Decoding mPokket's Loan Terms

mPokket charges 6.7% interest, which is 134 rupees, on a 2000 rupee loan. So, you will get 1866 rupees as the loan amount. After that, you have to repay the loan along with an additional 10.25% interest, which is 205 rupees.

(Screenshot 01)


Therefore, the total amount you have to pay is 2071 rupees, which includes 339 rupees as interest charges. These charges are applicable for a month. To be precise, you pay a total of 16.95% interest to mPokket.

The chargers taken by mPokket at the time of getting loans (check out the Screenshot 01)

mPokket does not offer any assistance on their app, including support or contact options. Additionally, their student loans have high interest rates.

It is recommended that you consider taking a loan from your bank instead of using mPokket.