Faircent Pocket Loan

Looking for a way to get a small loan to cover unexpected expenses? Look no further than Faircent Pocket Loan!

With Pocket Loan App, you can get the cash you need quickly and without having to have awkward conversations with friends and family to borrow money.

Get started with a loan amount of ₹1,000 going to ₹25,000. Your good track record of repayment of your loan will help you to access loans for a higher amount that can go up to Rs. 25000.

Easy 4-Step application process complemented by fast approval with instant disbursement makes getting the money in your account a breeze.

Low interest rates are determined by the Faircent automated credit appraisal mechanism.

Re-apply once your loan is paid to get Instant Repeat Loans within minutes.

Brought to you by India’s 1st and largest (P2P) lending platform, Faircent.

Faircent Pocket Loan helps salaried and self-employed people all over India to get quick personal loans.

Loan Amount: Rs 1,000 to Rs 25,000

Tenure Flexibility: 2 Months to 6 Months

Minimum Salary: Rs 25,000

Documentation: No Documentation, just PAN and AADHAAR details

Disbursement: Fast Disbursement

What’s more? Free Faircent Credit Score based on your relationship and financial history

The key eligibility criteria for taking an instant personal loan from Pocket Loan App are as follows:

Age: 21 to 58 years

Income above Rs. 25,000 per month

Good Credit History

Salaried or Self Employed Citizen of India

Complete your loan application and get an offer.

Choose loan amount, tenure and accept the offer based on your requirements.

Complete your e-verification and setup Auto Debit of EMIs from your Bank account.

Sign Agreement and get the loan amount credited into your Bank account.

Rate of Interest: Flat 2% to 3% per month depending on your chosen Loan Tenure.

Processing Fees % (Including GST): 10% of the loan amount.

Late Payment Charges: For loan amount upto ₹5,000 late payment charges of ₹50 per day and for loan amounts above ₹5,000 late payment charges of ₹100 per day will be applicable. Late payment charges is applied for each missed EMI and are charged after the 4-day grace period for the entire period of delay from the first overdue EMI date.

Bounce Charges: For every missed EMI a one-time bounce charge of ₹100 for loan amount upto ₹10,000 and ₹500 for loan amount above ₹10,000 will apply.

Overdue Interest: An overdue interest calculated at the rate of 18.00% per annum will be applicable after the 4-day grace period. Overdue Interest will be charged on Overdue Principal for the entire period of delay from the first overdue EMI date.

Pay your EMIs on time and you will not have to pay any overdue interest, late payment, or bounce charges. It will help you build a healthy Credit Score, and unlock higher loan limits for you.

For ₹25,000 borrowed for 6 months, with an interest rate of 3.00 % per month (@36% per annum)*, a user would pay:

Processing fee (@ 10%) = ₹2500 (Include GST of 18%)

Interest (@3 % per month)= ₹2690

Amount Disbursed = ₹22,500

EMI (per month)= ₹4615 (Calculated on Reducing Balance Method)

Total amount to be repaid = ₹ 27690

The penalty is charged only when someone delays their scheduled payment.

*Interest Rate varies based on your Loan Tenure