| Interest Rate | 39% |
| Duration | From 14 Days |
| Access Level | Public |
| Company Name | Money Pocket |
| Phone 1 | |
| Phone 2 | |
| Website or Store | |
| Address | 705 GALAV CHAMBERSSAYAJIGUNJ BARODA Gujarat INDIA |
| Category | Dangerous Loan |
| Company Email | kotakrupiahdixon@gmail.com |
| Views | 193 |
Navigating financial needs has never been easier than with Money Pocket, the online loan application and credit platform designed specifically for professionals across India. Whether you're in need of a small loan to cover immediate expenses or a larger sum for significant investments, Money Pocket provides a seamless and secure way to access funds. Here’s how you can benefit from our services:
Key Features of Money Pocket
Loan Amounts and Interest Rates
- Loan Amounts: Apply for loans ranging from ₹1,000 to ₹200,000 to cover various financial needs.
- Interest Rates: Enjoy competitive interest rates from 0% to 29.95% per annum, making borrowing affordable and manageable.
Flexible Loan Tenure
- Tenure: Choose from flexible repayment periods ranging from 91 days to 15 months. This flexibility ensures that you can select a repayment schedule that suits your financial situation.
What is Money Pocket?
Money Pocket is an online platform that facilitates loan transactions between borrowers and registered Non-Banking Financial Companies (NBFCs) or banks. We do not directly participate in lending activities but provide a secure and efficient platform for NBFCs and banks to offer loans to users. Our primary partner, SRI CHAKRA INFOWAYS LTD, is a Systemically Important NBFC within the group companies carrying the Money Pocket brand, ensuring reliability and trustworthiness.
Loan Types Available
Standard Online Loan
Perfect for those who need a smaller loan amount, this option allows you to borrow between ₹1,000 and ₹50,000 for a tenure ranging from 91 days to 6 months. All you need is your PAN Card and Address Proof to get started.
Salaried Professional Loan
Designed for salaried professionals, this loan option provides amounts from ₹10,000 to ₹200,000 for a tenure ranging from 3 to 15 months. Required documents include your PAN Card, Address Proof, and Salary Proof.
Example Loan Calculations
Online Loan for Salaried
- Loan Amount: ₹50,000
- Tenure: 12 months
- Interest Rate: 20% per annum
- Processing Fee: ₹1,250 (2.5%)
- New Customer Onboarding Fee: ₹200
- GST on Fees: ₹261
- Total Interest: ₹5,581
- EMI: ₹4,632
- APR: 23.2%
The total amount to be repaid is ₹55,581, with the disbursed amount being ₹48,289.
Other Online Loan Example
- Loan Amount: ₹10,000
- Tenure: 3 months
- Interest Rate: 27% per annum
- Processing Fee: ₹500 (5%)
- GST on Fees: ₹90
- Total Interest: ₹453
- EMI: ₹3,484
- APR: 34%
The total amount to be repaid is ₹10,453, with the disbursed amount being ₹9,410.
Features and Benefits
- 100% Online Process: The entire loan application and approval process is conducted online, ensuring convenience and speed.
- Fund Safety: Advanced server security protects your funds and personal information.
- Direct Bank Transfer: Loan amounts are transferred directly to your bank account for immediate use.
Eligibility Criteria
To qualify for a loan through Money Pocket, applicants must:
- Be residents of India.
- Be above the age of 18 years.
- Have a stable monthly source of income.
How to Get Started
- Install the Money Pocket App: Download the app from the Google Play Store or Apple App Store.
- Create Your Account: Sign up by providing your basic details.
- Check Eligibility: Fill out your basic information to check your initial eligibility.
- Upload KYC Documents: Submit your ID, Address Proof, and PAN card.
- Avail Loan: Once approved, choose to receive the loan as a bank transfer or E-voucher, depending on your preference.
Fees and Charges
Interest rates range from 0% to 29.95% per annum, with an equivalent monthly interest rate of 0% to 2.49%. A small processing fee is charged for loans, typically ranging from 0% to 7% of the principal amount, depending on the risk profile. Money Pocket also charges a one-time service fee during onboarding or upgrades, ranging from ₹20 to ₹350.
Money Pocket offers a reliable and efficient solution for accessing loans online. With competitive interest rates, flexible loan tenures, and a secure application process, Money Pocket stands out as a trusted platform for managing your financial needs. Whether you need funds for personal expenses or professional investments, Money Pocket provides a seamless and user-friendly experience. Download the Money Pocket app today and take control of your finances with confidence.
Expert Counsel
While loan apps may provide a quick fix for financial issues, they often come with significant risks that can impact your financial health. Here are ten crucial tips to keep in mind when using these online loan applications:
1. Expect Aggressive Messaging for Late Payments
Even a single day's delay in repayment can trigger a barrage of harassing messages, especially on platforms like WhatsApp. If this happens, block the sender to maintain your peace of mind and avoid unnecessary stress.
2. Avoid Borrowing from Multiple Loan Apps
Resorting to other loan apps to repay existing debts can trap you in a never-ending cycle of borrowing. This practice often worsens your financial situation rather than improving it, leading to deeper debt.
3. Be Aware of High Penalty Interest Rates
Missed payments can result in daily interest rates ranging from 5% to 7%. These penalty rates can quickly balloon your debt, making repayment even more challenging. Always strive to meet your payment deadlines to avoid these additional costs.
4. Download Apps Only from Official Sources
Ensure you're downloading loan apps from trusted platforms like the Google Play Store. Downloading from unofficial sites puts your personal information at risk and exposes you to potential fraud or harassment.
5. Consider Skipping Loan Apps Altogether
Many loan apps are designed to trap users in cycles of debt, often compromising their privacy and financial health. It's often safer to explore alternative, more secure financial options, such as credit unions or traditional bank loans.
6. Watch for Short Repayment Periods
Some loan apps offer repayment periods as short as 6 to 14 days. These short terms can make it difficult to repay the loan on time, increasing the risk of falling into a debt trap. Ensure you’re comfortable with the repayment schedule before borrowing.
7. Protect Your Personal Reputation
Loan apps may contact your friends or family to publicly shame you if you fall behind on payments. This tactic can be distressing and damaging to your reputation. Avoid these apps altogether to protect your personal relationships and peace of mind.
8. Stop Borrowing to Break Free
The best way to escape the clutches of loan sharks is to stop borrowing. Although it may be difficult, taking this step is necessary to regain control of your financial life and prevent further debt.
9. Use Call Management Tools Like Truecaller
Truecaller is a helpful tool for blocking unwanted calls from loan apps, helping you manage stress and reduce harassment from lenders. This can provide relief from persistent and intrusive calls.
10. Report and Block Harassing Messages
If you receive threatening messages, especially on platforms like WhatsApp, take immediate action by blocking the sender and reporting them to WhatsApp and the Google Play Store. This helps protect others from similar harassment and can lead to the removal of predatory apps from the platform.
By following these guidelines, you can protect yourself from the risks associated with predatory loan apps and safeguard your financial well-being. Staying informed and cautious will help you make better financial decisions for your future. Remember, your financial health is paramount, and taking proactive steps to protect it is essential for long-term stability. Stay vigilant and prioritize secure financial practices to ensure a healthier financial future.
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