1. Overview Table
| Category | Details |
|---|---|
| App Name | PocketMitra – Personal Loan App |
| Company / NBFC | JAI FINANCE (INDIA) LIMITED (RBI-certified NBFC) |
| Loan Amount | ₹1,000 – ₹20,000 |
| Loan Tenure | 91 – 365 days |
| APR (Annual Percentage Rate) | Maximum 35% per year |
| Monthly Interest Rate | 2.92% |
| Daily Interest Rate | 0.96% |
| Processing Fee | Depends on loan amount & tenure |
| GST | 18% on processing fee |
| Downloads | 1,000,000+ |
| Rating | 4.6 ★ (36.5K reviews) |
| Updated On | 27 Oct 2025 |
| Version | 1.0.3 |
| Offered By | JAI FINANCE (INDIA) LIMITED |
| Android Requirement | 5.0 and above |
| App Size | 46 MB |
2. About PocketMitra
- A digital lending app providing small personal loans.
- Entire process is online and paperless.
- Loans issued by an RBI-registered NBFC.
- Focuses on quick processing, minimal documentation, and small short-term credit.
3. Loan Features
- Loan amount from ₹1,000 to ₹20,000.
- Loan tenure 91 to 365 days.
- Maximum APR 35% per year.
- Interest calculated daily/monthly depending on tenure.
- Processing fee varies based on amount and duration.
- GST of 18% applied on processing fee.
4. Loan Cost Example
Example from the app:
- Loan Amount: ₹10,000
- Tenure: 6 months
- Interest Rate: 22% per year
- Total Interest: ₹1,100
- Processing Fee (4%): ₹400
- GST on Processing Fee (18%): ₹72
- APR: 31.44%
- Total Amount Payable: ₹11,572
5. Eligibility Conditions
- Must be an Indian citizen.
- Minimum age 18 years.
- Must have a stable monthly income.
- Should complete KYC and provide accurate personal details.
6. Documents Required
(All done digitally within the app)
- PAN card
- Aadhaar or any valid address proof
- Bank account details
- Basic personal and employment information
7. How the Loan Process Works
- Download PocketMitra and register with mobile number.
- Select the loan amount and enter required personal details.
- Submit application for verification.
- A verification call may be received.
- Approval status is updated in the app and also via SMS.
- After approval, user must give consent to the loan agreement.
- Money is transferred to the provided bank account.
8. Advantages Mentioned by the Company
- Backed by RBI-certified NBFC.
- Simple, fast, and paperless application.
- Secure data transfer through HTTPS.
- No physical documentation required.
- Better credit history may increase loan limit over time.
9. User Experience Feedback (from Play Store)
Common Positive Comments
- Easy to apply.
- Fast disbursal.
- Good for small emergency needs.
Common Negative Comments
- Some users report very short repayment periods (e.g., 15 days) even though app claims 91+ days.
- Frequent complaints of rude customer support.
- Users reporting audit failure issues after entering details.
- Low credit limit even for regular users.
- Complaints about data collection concerns.
10. Contact Information
- Phone: 080-31290850
- Email: service@pocketmitra.in
- Address:
Khykha Khyrr, 18/1, Castle Street,
Ashok Nagar, Bengaluru, Karnataka – 560025
11. Additional Technical Information
- App released on 21 May 2025.
- Works on most Android devices (Android 5.0+).
- Data is encrypted in transit.
- Users can request deletion of their data.