MPokket loan platform to disburse instant loans of Rs 1,200 cr in FY21


The mPokket lending platform announced on Monday that it will provide a loan of Rs 1,200 crore to students and young professionals in this fiscal year, an increase of more than 70% from 2019-2020.

mPokket, an instant loan application, had disbursed around Rs 700 crore in the last fiscal year.

“MPokket will pay Rs 1,200 crore in 2020-2021,” the company said in a statement.

The company has a user base of over one million KYC-approved borrowers and that number is expected to grow to 1.5 million by the end of this fiscal year ending March 2021.

“Driven by our focus on the new segment of professionals under 40, we expect to close the 2020-21 fiscal year with 1.5 million KYC approved clients. Significantly, September 2020 disbursements are now set to exceed pre-COVID February disbursements, indicating increased consumer demand, ”said Gaurav Jalan, CEO and founder of mPokket.

After low cost personal loans to students, the company recently expanded its portfolio to meet the financial needs of salaried professionals.

Borrowers are eligible for loans of up to Rs 30,000, with the amount instantly credited to the user’s bank account or digital wallet, the company said.

The company has more than 700,000 users registered as salaried professionals on its platform.

“Growth in the remaining half of FY2021 and FY2022 is expected to be driven by the expansion of this new segment of loans to young working professionals,” the company said.

The September 2020 disbursement is expected to exceed the pre-COVID February 2020 disbursements, he added.

(Only the title and image of this report may have been reworked by Business Standard staff; the rest of the content is automatically generated from a syndicated feed.)

Dear reader,

Business Standard has always strived to provide up-to-date information and commentary on developments that matter to you and have broader political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering has only strengthened our resolve and commitment to these ideals. Even in these difficult times resulting from Covid-19, we remain committed to keeping you informed and updated with credible news, authoritative views and cutting edge commentary on relevant current issues.
However, we have a demand.

As we fight the economic impact of the pandemic, we need your support even more so that we can continue to provide you with more quality content. Our subscription model has received an encouraging response from many of you who have subscribed to our online content. More subscriptions to our online content can only help us achieve the goals of providing you with even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practice the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital editor

Leave A Reply

Your email address will not be published.