mPokket Personal Loan Interest Rates

You can get an mPokket Personal Loan at interest rates starting from 2% per month. Various factors can influence the interest rates on your loan, such as your income, repayment behaviour, and more. Additionally, charges like processing fees and penal charges contribute to the total borrowing cost. Understanding these rates and charges can help you make well-informed financial decisions. You can also compare mPokket Personal Loan interest rates with those offered by other lenders on Bajaj Markets before applying.

The rates charged for getting a personal loan from mPokket are as follows:

Here are some additional charges you may be required to pay if you apply for an mPokket Personal Loan:

The following factors may influence your mPokket Personal Loan interest rate:

Loan Amount and Tenure

Smaller loan amounts or shorter repayment periods may result in higher interest rates. Meanwhile, longer tenures often attract relatively lower rates.

Income Stability

Consistent income from a stable job reassures the lender of your repayment ability. This reduces the risk associated with lending the amount to you, potentially helping you get a low interest rate.

Applicant Profile

Typically, younger applicants who are employed and have a good track record of repayments qualify for better loan terms.

Repayment Behaviour

A clean repayment track record indicates reliability, which can positively impact your interest rate. The lender may access your credit report and score to get a better understanding of your outstanding dues, repayment history, and the types of credit you have taken.

Debt-to-Income (DTI) Ratio

If a smaller portion of your income is committed to repaying other debts, the lender may consider you a low-risk borrower. This is assessed by checking your DTI ratio, which clearly indicates your capability to repay the new loan. If you can easily manage the new credit, you may be eligible to get a low interest rate.

Economic Conditions

External factors like inflation or changes in government policies may impact personal loan interest rates. Thus, it is essential to keep a close eye on the market trends and find out the right time to leverage the market conditions when applying for a new loan. 

Understanding these factors can help you take steps to improve your profile. This may enable you to secure a lower interest rate on your mPokket Personal Loan.

Knowing the total interest payable in advance can help you plan your finances effectively. These charges are usually affected by the set loan terms. Let’s understand how with the help of the following example:

Assume you have taken a loan of ₹10,000 at a monthly interest rate of 2% per month for a tenure of 3 months. Here’s a breakdown of the interest you will be required to pay each month, along with other details of your probable EMIs and loan repayment: