{"result":{"lenderapidata":[{"question":"Is P2P lending legal in India? Is Faircent.com regulated?","answer":"Yes, P2P lending is regulated by RBI and recognized as NBFC-P2P. Faircent.com is India\u2019s first P2P lending platform to receive Certificate of Registration (CoR) as an NBFC-P2P."},{"question":"Can I lend more than once? Is there a cap on the number of borrowers I can fund?","answer":"We encourage you to lend to multiple borrowers. No, there is no cap on the number of borrowers. The more the better. In fact, we encourage you to lend to multiple borrowers by building an investment portfolio with at least 100 borrowers. We encourage you to use automated systems such as Auto-Invest to conveniently build a diversified portfolio spread across multiple loans. Also, as per RBI regulations you cannot invest more than Rs. 50 lacs across all P2P lending platforms and not more than Rs 50,000 per borrower."},{"question":"What is the maximum amount I can invest in one borrower?","answer":"An individual lender can invest up to 10%, HNIs (High Net Worth Individual\u2019s) up to 50% and institutional lenders up to 100% of the total loan amount requested by an individual borrower; however, it cannot exceed Rs 50,000 per borrower as stipulated in RBI P2P guidelines. This policy is to hedge the risk of the lenders by spreading their investments across borrowers."},{"question":"How can I see the returns on my investment that I have made over a period of time?","answer":"All information pertaining to investments, returns, EMIs, repayments and defaults (if any) across risk buckets is available on your account overview page. All detailed analysis of returns \u2013 past and expected \u2013 is available on the Reports section of the dashboard."},{"question":"How are repayments calculated?","answer":"Repayments are equated monthly installments (EMIs) calculated using the reducing balance method. Your installment per month will remain the same throughout the tenure of your loan. The first installment may be different depending on the date of disbursal."},{"question":"Can I choose the date to get my repayments?","answer":"No, repayment dates are fixed between 1st to 15th of every month by the Faircent support team depending on the salary credit date of the borrower. "},{"question":"What kind of rate of interest are charged on a loan?","answer":"We have an automated underwriting engine, which assigns a rate of interest to each loan depending on the credit-evaluation of the borrower by our fully-automated mechanism. It ranges between 12% p.a to 24% p.a. Unrated Borrowers are listed at 36% p.a or above. New products are often launched at various interest rates and the same are updated on the website. Currently, a new loan product is available at an interest rate of 9.99% p.a for credit-worthy borrowers."},{"question":"How can I control the returns from my investment?","answer":"You can control your returns by spreading your investment across various borrowers at different loan amounts and rate of interest. We recommend that investment should be spread, such that returns are a weighted average of the individual loan parts. This is explained through an illustration below.\n\t<br><br>On a loan of Rs. 150,000 spread across 3 borrowers, for a period of 1 year at various interest rates; the returns can be as follows:\n\t<table class=\"table table-bordered\" style=\"margin-top:10px;\">\n\t<thead style=\"background:#eee;font-weight:bold;\">\n\t\t<tr>\t\n\t\t\t<th style=\"border: 1px solid #ddd !important;\">Borrower<\/th>\n\t\t\t<th style=\"border: 1px solid #ddd !important;\">Amount Lent<\/th>\n\t\t\t<th style=\"border: 1px solid #ddd !important;\">Rate<\/th>\n\t\t\t<th style=\"border: 1px solid #ddd !important;\">Interest Earning<\/th>\n\t\t<\/tr>\n\t<\/thead>\n\t<tbody>\n\t\t<tr>\n\t\t\t<td>Mr. X<\/td>\n\t\t\t<td>Rs.50,000<\/td>\n\t\t\t<td>12% p.a.<\/td>\n\t\t\t<td>Rs.3,309<\/td>\n\t\t<\/tr>\n\t\t<tr>\n\t\t\t<td>Mr.Y<\/td>\n\t\t\t<td>Rs.50,000<\/td>\n\t\t\t<td>16% p.a.<\/td>\n\t\t\t<td>Rs.4,439<\/td>\n\t\t<\/tr>\n\t\t<tr>\n\t\t\t<td>Mr.Z<\/td>\n\t\t\t<td>Rs.50,000<\/td>\n\t\t\t<td>20% p.a.<\/td>\n\t\t\t<td>Rs.5,581<\/td>\n\t\t<\/tr>\n\t\t<tr>\n\t\t\t<td><strong>TOTAL<\/strong><\/td>\n\t\t\t<td><strong>150,000<\/strong><\/td>\n\t\t\t<td><strong>16% p.a.<\/strong><\/td>\n\t\t\t<td><strong>Rs.13,329<\/strong><\/td>\n\t\t<\/tr>\n\t<\/tbody>\n<\/table>\n\t<p>So, in the example above the lender is earning on an average 16% interest on total investment. Also, Interest earnings can be more or less depending on loan amount split across interest rates. For egs the lender may decide to lend only Rs. 20,000\/- @ 12% and increase the amount to Rs. 60,000\/- @ 16% and to Rs. 70,000\/- @ 20%. This will increase the lender\u2019s average return. At Faircent, what amount to lend at what interest rate is controlled by the lender depending on his\/her judgment.<\/p>"},{"question":"What are the risks? How is the risk managed?","answer":"As with any lending, there are some risks, the biggest being that a borrower doesn\u2019t repay. At Faircent we try to keep this risk to a minimum by  \n\t<ul class=\"risk-lists-area\">\n\t\t<li>Ensuring that every borrower registered with us is identity-checked, credit-checked and risk-assessed by our experienced team. <\/li>\n\t\t<li>All documents are verified for forgery using state-of-the-art technology.<\/li>\n\t\t<li>All borrowers have to pass physical verification at both residence and office.<\/li>\n\t\t<li>We encourage you to spread your investment across a number of borrowers to reduce risk. At Faircent, we don\u2019t allow individual investors to fund more than 10% of a borrower\u2019s fund requirement and not more than Rs.50,000. <\/li>\n\t\t<li>The loan is disbursed only after the borrower signs a legally-bound loan agreement. <\/li>\n\t\t<li>We collect post-dated cheques from the borrower at the time of signing of the loan agreement and bank them when the borrower does not pay even after repeated follow ups. <\/li>\n\t\t<li>Auto reminders (SMS and Call) are sent to all borrowers 3-5 days before the EMI due date. <\/li>\n\t\t<li>In case of default, Faircent will facilitate the collection through our in-house collection mechanism and also send a legal notice on behalf of the lender to the borrower.<\/li>\n\t\t<li>In case the money is still not recovered we hire reputed, legally-compliant, recovery agencies. The expenses incurred by the recovery agency will be borne by the lender.<\/li>\n\t\t<li>If the borrower still does not pay, then the lender can directly seek legal recourse as the agreement is between him\/her and the borrower, Faircent also provide legal recourse support on behalf of lenders where service costs are charged to lenders.  <\/li>\n\t<\/ul><br\/>\n\tThough we do our best to manage the risk at every step, defaults can happen. We encourage you to read and understand the Terms and Conditions of Use and Faircent Policy clearly before investing.\n\t"},{"question":"What is the recovery process followed by Faircent?","answer":"In case of default, Faircent follows a 4-step soft recovery process to collect pending payments on behalf of Lenders\n\t\t<ul class=\"risk-lists-area\">\n\t\t<li>In-house collection team establishes communication with defaulting borrower and follows-up for pending payments (Call\/SMS)<\/li>\n\t\t<li>Legally-compliant collection agencies follow-up<\/li>\n\t\t<li>Legal-notice is sent on behalf of the lenders<\/li>\n\t\t<li>Legally-compliant recovery agencies try to recover pending amount on behalf of lenders<\/li>\n\t\t<\/ul>\n\t\tAll collection and recovery related activity undertaken on defaults, if any, is updated on lender\u2019s dashboard on real-time basis with last action taken. Hence, the lender is not dependent on human interface to stay updated on all phases of recovery and can do so by simply logging in to his account.<br\/>\n\t\tPlease note that Faircent provides only automated collections support for Unrated Borrowers. Expenses incurred for sending legal notices and by recovery agency are borne by the lender. Collection and Recovery Process is on best-effort basis which may not result in recovery and hence the risk of loss of both principal and interest exists.\u00a0\n\t"},{"question":"What penalties are applicable in case of delayed or non-payment by Borrowers?","answer":"In case the EMI is not paid by the due date (delayed), an additional penal interest of 18% p.a on the amount due for time period lapsed after the due date. <br\/>In the worst-case scenario, Faircent will send a legal notice on behalf of the lender to the borrower. In case the money is still not recovered we hire reputed, legally-compliant, recovery agencies. The expenses incurred for sending the legal notice and by the recovery agency will be borne by the lender. <br\/>For example, say the amount to be recovered was Rs. 200\/- and the recovery agency recovers Rs. 150\/- then they will deduct their charges (say, Rs. 20\/-) and return the balance Rs. 130\/- to the lender."},{"question":"Are the returns guaranteed or is it speculative in nature?","answer":"Faircent does not guarantee any assured returns. We encourage you to read and understand the Terms and Conditions of Use and Faircent Policy clearly before investing. "},{"question":"How safe is my money? Does Faircent insure my money? Does Faircent take any collateral security from the borrower?","answer":"All borrowers listed in the Faircent marketplace are curated through various data points. In fact, Faircent has a strict borrower selection criterion. This is unsecured lending and we do not take any collateral security from the borrowers. Lenders can seek legal help and Faircent also has a soft recovery and collections process to ensure the safety of the monies invested through the platform. However, you must understand that this does not ensure guaranteed returns or zero defaults. Your money is not insured and is not risk-free. Defaults can and do happen. Please read and understand Terms and Conditions before investing. Contact Us for any clarifications."},{"question":"How can I fund or recharge my escrow account?","answer":"You can fund or recharge the Lender Escrow account using the payment methods:\n\t\t<ul class=\"risk-lists-area\">\n\t\t<li>NEFT\/RTGS<\/li>\n\t\t<li>Netbanking\/Debit card<\/li>\n\t\t<li>UPI<\/li>\n\t\t<li>PayTM<\/li>\n\t\t<li>Cheque<\/li>\n\t\t<\/ul>"},{"question":"I used UPI payment method to recharge my Lender Escrow account. Why is the transaction not reflecting?","answer":"To avoid delay in the recharge reflecting in your escrow account when using the UPI payment method make sure to scan the UPI QR code properly using an app on mobile that supports UPI. If you do not do a fresh QR code scan, then transaction may get delayed and will not reflect immediately in the Escrow passbook."},{"question":"How can I use the UPI payment method to recharge my Lender Escrow account?","answer":"Every Lender Escrow account is assigned a UPI Virtual Payment Address which is like \u201cFAIXXXXXXXXXXXXXX@icici\u201d and can be found in the \u201cVirtual Escrow Account details\u201d section of your Escrow Passbook. You can use any UPI payment app like Google Pay, Phone pe or Bhim etc. to recharge your Escrow account by sending funds to the UPI virtual payment address (VPA) of your Virtual Escrow Account."},{"question":"I prefer to recharge my Lender Escrow account directly from my bank account. What precautions should I take?","answer":"Please keep the following in mind to ensure smooth transactions when recharging from your bank account:\n\t\t<ul class=\"risk-lists-area\">\n\t\t<li>Currently, the system does not support IMPS and hence you can use only RTGS\/NEFT facility<\/li>\n\t\t<li>Make sure you have entered the correct account number, IFSC code and amount as provided by Faircent team. Do cross check to make sure.<\/li>\n\t\t<li>When transferring funds from any bank other than ICICI bank, please ensure that you choose the option \u201cTransfer to the same bank\u201d<\/li>\n\t\t<li>When transferring funds from any bank other than ICICI bank, please ensure that you choose the option \u201cTransfer to other bank\u201d<\/li>\n\t\t<\/ul>"},{"question":"Which payment mode should I use when recharging my escrow account through PayTM?","answer":"While recharging through the PayTM option, wallet is selected as a default mode. The same can be changed to debit card, net banking or UPI, as convenient. Net banking has the lowest fees applicable and hence could be preferred over other modes."},{"question":"Do I need to inform Faircent after recharging my Lender\u2019s escrow account?","answer":"While it is not mandatory to inform (except in case of cheque deposits), in order to ensure smooth recharge please do share screenshot, especially for NEFT transactions, with your portfolio manager. If screenshot is not available then send an email with details such as mode of payment, Lender Investment ID, Transaction ID."},{"question":"How can I recharge my escrow account through cheque deposits and inform Faircent?","answer":"Cheques for the desired amount can be deposited directly in to Faircent\u2019s bank account. Bank account name and number can be provided by your point of contact or portfolio manager. It is mandatory to share cheque details and deposit date and amount with your portfolio manager so that your escrow account can be updated once the cheque clears."},{"question":"Do I have to put money upfront into my Faircent account?","answer":"Yes. To ensure secure, fast and smooth transfer of funds with every transaction on the platform, Faircent has opened a Lenders Escrow account with ICICI Bank under the trusteeship of IDBI. Lender\u2019s will get a virtual account number with an IFSC code linked to escrow account. They need to transfer the amount they wish to invest through Faircent into this virtual account. Once their loan transactions with the borrower is complete, Faircent will transfer the amount from the Escrow account directly to the borrower\u2019s bank account."},{"question":"What is the Lenders Escrow account? How does it work? ","answer":"To ensure secure, fast and smooth transfer of funds with every transaction on the platform, Faircent has opened a Lenders Escrow account under the trusteeship of IDBI. Lender\u2019s will get a virtual account number with an IFSC code linked to escrow account. They need to transfer the amount they wish to invest through Faircent into this virtual account. Once their loan transactions with the borrowers is complete, Faircent will transfer the amount from the Escrow account directly to the borrower\u2019s bank account. The salient features of this account are:\n\t<ul class=\"risk-lists-area\">\n\t<li>Faircent has no right to intervene or option to withdraw monies for its own use from this account.<\/li>\n\t<li>Lenders give instruction through Faircent to ITSL (IDBI Trusteeship Services Ltd.) who in turn will forward these instructions to ICICI for execution.<\/li>\n\t<li>Faircent cannot do any transactions, only view the transactions done through this account.\u00a0<\/li>\n\n\t<li>The trustee will independently audit the operations of this account on a regular basis.<\/li>\n\t<li>A lender can withdraw money from the Escrow account anytime by simply clicking on the Withdraw Money button on their dashboard, verify the withdrawal using an OTP sent to both lender\u2019s registered mobile number and email ID and the money will be transferred to their bank account within 24 banking hours.<\/li><\/ul>\n\t"},{"question":"How is the lenders escrow account beneficial to me?","answer":"Escrow account ensures secure, fast and smooth transfer of funds with every transaction on the platform. Some benefits are listed as under:\n\t<p class=\"top_phar_contain\">Higher Efficiency<\/p>\n\t<ul class=\"risk-lists-area\">\n\t<li>Electronic transfers are seamless, paper-less processes requiring least human interface creating higher efficiency.<\/li>\n\t<\/ul><br\/>\n\tFaster Repayments\n\t<ul class=\"risk-lists-area\">\n\t<li>Faster disbursal of loan amount means faster repayments that can lead to higher earnings.\nBetter Collection and Recovery Process<\/li>\n<li>Borrowers Escrow account will be linked with their bank account and EMI\u2019s will be auto-debited on a pre-set date. <\/li>\n<li>Process of maintaining accounts will be simpler and more effective.<\/li>\n<li>Consolidation of accounts will be smoother and faster.<\/li><\/ul><br\/>\nEase of Use<br\/>\n<ul class=\"risk-lists-area\"><li>Adding every borrower\u2019s account details to transfer funds is now a thing of past\nCompete with only genuine lenders <\/li>\n<li>Who intend to actually invest and earn through the platform <\/li>\n\n\t<\/ul>\n\t"},{"question":"When does the money go out of my Escrow account to the borrower\u2019s account?","answer":"Once a loan transaction is closed with the borrower, he has signed the loan agreement and provided the PDCs, the lender is officially informed by Faircent and the loan amount is transferred from the lenders virtual account to the borrower\u2019s bank account."},{"question":"How much control do I have over the money I have transferred to my Escrow account?","answer":"Your money is always in your control. All transactions take place only with your prior instructions. There is also an independent Trustee who governs all transactions being made from your escrow accounts. Moreover, you can withdraw money from the Escrow account anytime by simply clicking on the Withdraw button, verify the withdrawal using an OTP sent to both your registered mobile number and email ID and the money will be transferred to your bank account within 24 banking hours.\n\t"},{"question":"When is the EMI amount received in my Escrow account?","answer":"The EMI amount will start reflecting in your wallet within 2-3 working days from the date of receipt of the EMI from the borrower. This time is taken to reconcile the actual amount received from the borrower with the amount due to you that should be credited to your account.  This lag does not attract any penalty."},{"question":"How can I withdraw money from my escrow account?","answer":"You can withdraw money from the Escrow account anytime by simply clicking on the \u201cWithdraw Money\u201d button available on your dashboard under the \u201cEscrow Passbook\u201d tab, verify the withdrawal using an OTP sent to both your registered mobile number and email ID and the money will be transferred to your bank account within 24 banking hours"},{"question":"I have received a SMS notification from ICICI that my EMI has been credited. However, it is not reflecting in my Faircent wallet. Why?","answer":"You will receive a notification from the bank on the date the EMI is received from the borrower. However, the amount will reflect in your Faircent wallet only after 2-3 working days, post reconciliation of actual amount received and amount due to you.\u00a0This lag does not attract any penalty."},{"question":"What is Auto-Invest?","answer":"Auto Invest makes investing easier, less time consuming and ensures that you are amongst the first to invest in Borrowers that meet your criteria. You no longer need to spend time browsing borrower profiles to find loan requests that meet your criteria.  Auto-Invest ensures that our tech-enabled, fully-automated system will invest your funds based on your investment approach \u2013 Aggressive, Balanced or Conservative \u2013towards investing.<br>\n\t\tThis will help you build a diversified portfolio at optimum returns with minimized risk in a faster and more efficient manner."},{"question":"How does Auto-Invest work?","answer":"Using data analytics and machine learning, 3 configurable investment approach under auto-invest have been designed by the system:\n\t\t<ul class=\"risk-lists-area\">\n\t\t<li><strong>Aggressive:<\/strong> Auto-Invest allocates the lenders money across loans with potential to deliver higher returns but at higher risk<\/li>\n\t\t\t\n\t\t\t<li><strong>Balanced:<\/strong> Auto-Invest allocates the lenders money across loans with potential to deliver returns at medium risk<\/li>\n\t\t\t<li><strong>Conservative:<\/strong> Auto-Invest allocates the lenders money across loans with potential to deliver optimized returns at minimum risk<\/li>\n\n\t\t<\/ul>\n\n\t\tYou can simply select the approach that best meets your investment objective, and then sit back and relax, while the system ensures real-time investment and funding of your investments as per the criteria set by you."},{"question":"How will Auto-Invest help me earn more?","answer":"Auto-Invest is based on the 3 fundamental tenets of earning higher returns from P2P lending:\n\t\t<ul class=\"risk-lists-area\">\n\t\t<li><strong>Diversity:<\/strong> Auto Invest helps spread a lender\u2019s funds across loans at various interest rates so as to build a diversified portfolio faster and in a more efficient manner.<\/li>\n\t\t\t\n\t\t\t<li><strong>Fractionalization:<\/strong> Minimum proposal size can be set at as low as Rs. 500\/- under auto-Invest. Fractionalization helps lenders invest smaller amounts across a large number of borrowers thereby spreading their risk and earning higher returns. <\/li>\n\t\t\t<li><strong>Reinvestment:<\/strong> Reinvestment is a default setting in auto-invest. While a lender can always change the setting, reinvestment of monthly repayments is highly recommended. EMI when re-invested earns further returns that add to the returns already made through the original investment. This compounding effect leads to higher NAR.<\/li>\n\n\t\t<\/ul>\n\n\t\tYou can simply select the approach that best meets your investment objective, and then sit back and relax, while the system ensures real-time investment and funding of your investments as per the criteria set by you."},{"question":"Why should I choose Auto-Invest?","answer":"<b>Automated investment (Auto-Invest) option empowers Lenders<\/b>\n\t\t\t<ul class=\"risk-lists-area\">\n\t\t\t<li>You have full control over your investment\n\t\t\t\t<ul class=\"risk-lists-area\"><li> a. You decide and set the approach best suited to your investment objective<\/li><\/ul>\n\t\t\t <\/li>\n\t\t\t\t<li>Jump the queue\n\t\t\t\t<ul class=\"risk-lists-area\"><li>a. Real-time access to borrowers. Your funding proposal is received by borrowers that meet your criteria as soon as they go live without any need for manual intervention. <\/li>\n\t\t\t\t<li>b. Real-time investment: Immediate allocation of funds in loans you desire leads to faster deployment.<\/li>\n\t\t\t\t<\/ul>\n\t\t\t\t<\/li>\n\t\t\t\t<li>Convenient\n\t\t\t\t<ul class=\"risk-lists-area\"><li>a. Effortless & Time Saving<\/li>\n\t\t\t\t<\/li>\n\t\t\t\t<li>b. Manual Log-in and browsing for borrowers not required<\/li>\n\t\t\t\t<\/ul>\n\t\t\t\t<\/li>\n\t\t\t\t<li>Flexible\n\t\t<ul class=\"risk-lists-area\"><li>a. Option to Pause or Cancel Auto-Invest whenever you want<\/li>\n\t\t<li>b. Modify pre-selected criteria whenever you want<\/li><\/ul>\n\t\t\t\t\t <\/li>\n\n\t\t\t<\/ul>"},{"question":"How can I choose Auto-Invest?","answer":"<div class=\"row\">\n\t\t\t    <div class=\"col-md-12\">\n\t\t\t        <p><strong>Step 1<\/strong><\/p>\n\t\t\t        <p>Select Auto Invest from left navigation panel on your dashboard and enter your preferences<\/p>\n\t\t\t    <\/div>\n\t\t\t    <ul class=\"risk-lists-area autoinvest\">\n\t\t\t\t\t<li>Amount that you would like to set aside for Auto-Invest<\/li>\n\t\t\t\t\t <li>Preferred Employment type of Borrowers \u2013 Salaried or Self-employed<\/li>\n\t\t\t\t\t <li>Your Auto-Invest Strategy. Choose from: \n\t\t\t\t\t\t<ul class=\"risk-lists-area\"><li>Aggressive<\/li>\n\t\t\t\t\t\t<li>Moderate<\/li>\n\t\t\t\t\t\t<li>Conservative<\/li><\/ul>\n\t\t\t\t\t <\/li>\n\t\t\t\t <\/ul>\n\n\t\t\t\t <div class=\"col-md-12\">\n\t\t\t        <p><strong>Step 2<\/strong><\/p>\n\t\t\t        <p>Categories are divided as per interest rates assigned to the loans:<\/p>\n\t\t\t    <\/div>\n\t\t\t    <ul class=\"risk-lists-area autoinvest\">\n\t\t\t\t\t<li>High-Range (loans at >22% p.a, min proposal Rs. 500\/-)<\/li>\n\t\t\t\t\t<li>Mid-Range (loans at >18%-<=22% p.a, min proposal Rs. 1000\/-)<\/li>\n\t\t\t\t\t<li>Low-Range (loans at <=18% p.a min proposal Rs. 2000\/-)<\/li>\n\t\t\t\t <\/ul>\n\t\t\t\t <p>Based on the Auto-Invest Strategy selected by you in Step 1, the system will configure %age allocation of funds to be allocated to each category which you can change as desired.<\/p>\n\n\t\t\t\t<div class=\"col-md-12\">\n\t\t\t        <p><strong>Step 3<\/strong><\/p>\n\t\t\t    <\/div>\n\t\t\t    <ul class=\"risk-lists-area autoinvest\">\n\t\t\t\t\t<li>Set max proposal amount to allocate per category: Again, you can either approve the amount configured by the system or select your own.<\/li>\n\t\t\t\t <\/ul>\n\n\t\t\t\t <div class=\"col-md-12\">\n\t\t\t        <p><strong>Step 4<\/strong><\/p>\n\t\t\t    <\/div>\n\t\t\t    <ul class=\"risk-lists-area autoinvest\">\n\t\t\t\t\t<li>Click on Activate and sit back to relax<\/li>\n\t\t\t\t\t<li>As soon as a Borrower\u2019s loan request that meets your selection is made live on the platform, the system will automatically send an offer from your end<\/li>\n\t\t\t\t <\/ul>\n\t <\/div>"},{"question":"What happens in case a borrower wants to foreclose a loan?","answer":"Pre-closure of loan can be done after three months from the disbursal of the loan. Prior to three months, in order to protect lender interest, pre-closure can be done after paying balance interest due to lenders for a period of three months from the date of disbursal. This is payable directly to Lenders. At any given time, borrowers actively looking for funds are available on the website and we encourage you to reinvest this amount by offering loans to more borrowers. "},{"question":"Can a lender remain anonymous?","answer":"Currently, a Lender cannot remain anonymous and his name and details are published online on his profile for all borrowers to view."},{"question":"Is my income through Faircent taxable?","answer":"Repayments are received by you in the form of EMI = Principal + Interest. The interest income component of the EMI that you receive from the borrowers is taxable. The Annual Income Statement in the Reports section of your dashboard can be downloaded and used for the purpose of calculating your earnings through Faircent that are taxable. These earnings should be shown as \u201cIncome from other sources\u201d while filing tax returns and will be taxable as per the income tax rules that apply to you. Faircent is simply a facilitator, ensuring the flow of earnings from the borrower to the lender through the escrow account and hence does not deduct tax at source. Paying the applicable tax on income earned is your responsibility and Faircent is not liable for any default on the same."},{"question":"Does the borrower deduct TDS on the repayments made?","answer":"The Borrower (Individual or Hindu Undivided borrower) shall deduct TDS if the amount of such interest paid per lender exceeds Rs. 5,000\/- and the Individual borrower was liable for Tax audit under Income Tax Act, 1961 in the previous year. Both conditions should be fulfilled. Reference: Section - 194A, Income-tax Act, 1961-2018"},{"question":"How long does it take to find Borrowers?","answer":"You can find active borrowers on the Faircent platform at all times. Credit worthy borrowers at low interest rates get funded immediately and borrowers listed at high interest rates sometimes take a few days. It\u2019s an open market place and finding a borrower matching your loan amount and desired rate of interest is dependent on how quickly you can make an offer. Innovative tools like Auto-Invest help select Borrowers faster."},{"question":"Can a non-individual lend through Faircent? Can I invest through my company?","answer":"There is option for institutional lenders and NBFCs to fund through the website provided they meet the set criterion and the T&Cs. Please do contact us to discuss this further."},{"question":"Can I invest from overseas?","answer":"Non-resident can invest through an NRO account."},{"question":"How do I change my bank details or select direct credit?","answer":"Due to operational issues involved, we do not encourage changing your bank account especially when a loan is not closed yet. However, if its unavoidable, please write to\u00a0support@faircent.com. We charge a swapping fee of Rs. 500 per swap. Repayments will be directly credited to your Escrow account from where they can be withdrawn. Contact your portfolio manager for more details."},{"question":"Can I re-lend my repayments from Borrowers?","answer":"The repayments will be directly credited to your Escrow account and you may utilize the funds to register for another investment request. "},{"question":"What responsibility do I have for the information I provide about myself?","answer":"The information provided by the lender is self-attested. Hence, the lender is fully responsible and legally liable for the authenticity of the information provided to us. Please do read and understand the Terms and Conditions of Use and Faircent Policy before investing."},{"question":"Is it possible for a lender to speak to the borrower?","answer":"No. Faircent does not provide the contact numbers of the lenders or the borrowers on their profile. "},{"question":"Can a lender check the documents submitted by a borrower?","answer":"No. All documents provided by a borrower are verified by our risk assessment team and only verified information is provided on the borrower profile. "},{"question":"What happens after I make a loan proposal to a borrower?","answer":"All proposals made to a borrower are immediately visible on the borrower dashboard. The amount of the proposal will get blocked from your available escrow account balance.  <br\/>\n\tOnce the borrower is funded, has signed the loan agreement and we have collected the PDCs or ECS mandate towards EMIs on your behalf, the amount is directly transferred from your escrow account to the borrower\u2019s bank account.<br\/>\n\tIn case, the borrower is not funded or does not complete the disbursement formalities such as providing security cheques or signing the agreement, the amount will be reversed back to your escrow account and reflect again your account balance.<br\/>Once the proposal made by you is accepted by the borrower, we need to disburse funds to him and hence you will not be able to withdraw your proposal."},{"question":"What is the process to be followed for disbursement of loan?","answer":"Once a borrower profile is minimum 75% funded, we start the process of loan disbursal. Once the loan agreement is digitally signed by the borrower and the required number of post-dated cheques towards security and repayments has been collected by Faircent, the loan amount is transferred from the lender\u2019s escrow account directly to the borrower\u2019s bank account immediately."},{"question":"What is the process of online\/digitally-signing the loan agreement?","answer":"Online agreement, is a seamless, paper-less and presence-less process of signing a legally-binding loan agreement between the borrowers and lenders online. The agreement is available online on the borrowers Faircent account. They login to their respective accounts, read and understand the terms and conditions, \u201cdigitally sign\u201d by clicking on the acceptance box under the agreement and the process is complete. The agreement is then sent to both the borrowers and lenders through email for their records. The process, though legally binding just like a physical agreement, is faster and more efficient."},{"question":"Is virtual agreement safe and legal? How does it help me?","answer":"Its benefits include:\n\t<ul class=\"risk-lists-area\">\n\t<li>Legally-binding just like a physical agreement<\/li>\n\t<li>Two-way process: It\u2019s completed with signatures from both borrower and lender<\/li>\n\t<li>Paper-less and presence-less: physical presence of neither borrower nor lender is required<\/li>\n\t<li>Convenient and less time consuming<\/li>\n\t<li>Reduced human interface<\/li>\n\t<li>Leads to faster disbursal of loans<\/li>\n\t<li>Enhanced Operational efficiency<\/li>\n\t<\/ul>\n\t"},{"question":"In case of a dispute in a deal signed online through the dashboard, what are the requirements or what are the documents\/certificate required to be used as evidence before court of law?","answer":"In such a scenario, the procedure to be followed is as prescribed in The Indian Evidence Act 1875 Section 65B (Admissibility of electronic records) which refers to admissibility of electronic evidence in court in matters related to legal dispute. "},{"question":"Are virtual loan agreements exempt from payment of stamp duty?","answer":"Simply put, virtual agreement is digital signing of a loan agreement by two parties \u2013 borrower and lender. All agreements \u2013 physical or virtual \u2013 need franking and payment of stamp duty (this can be done online or offline through physical payment). The stamp duty can be paid at the stage when its virtually signed by both borrowers and lenders. However, stamp duty or franking of the agreement is a requisite only if the agreement goes to court due to dispute. In such a scenario, the franking can be done or stamp duty can be paid (along with late fee payment) at the time of legal action being taken. In the worst-case scenario, where the lender decides to approach the courts and file the case against the defaulting borrower, Faircent.com will reimburse the stamp duty (along with the late fee) to the lender. Hence, the agreement will be a legal document admissible in court.\u00a0"},{"question":"Do witness need to sign the loan agreements under the virtual agreement process?","answer":"No, witnesses are not required for virtual agreement."},{"question":"What are the safeguards to ensure that virtually signed agreement is not revoked by either the borrower or the lender before or during the period of agreement?","answer":" Once virtually signed, the contract is legally binding on both the borrowers and lender and they cannot retract out of the same. It is similar to retracting out of a physical agreement and will be considered breach of agreement.  "},{"question":"How do I change my contact details?","answer":"An individual lender can change or update his\/her contact details by logging into their respective accounts."},{"question":"I'm locked out of my account - what do I do? How do I reset my password? What do I do if I\u2019ve lost my log in details?","answer":"In case you are facing any account\/log-in\/technical-access related concerns, please contact your portfolio manager or contact us on support@faircent.com"},{"question":"What are pool loans?","answer":"Funds from multiple lenders are pooled together, then this pool is used to finance a group of loan requests from captive borrowers such as merchants and distributors of a partner who require short-term loans (daily\/weekend) to meet the day-to-day needs of their business operations."},{"question":"How are pool loans evaluated?","answer":"The merchants\/distributors eligible for this loan product are pre-chosen through Faircent\u2019s automated credit evaluation mechanism, basis certain parameters such as business size, stability, continuity, daily transaction size, repayment track and credit report and other data provided by the partner."},{"question":"When are repayments received from pool loans?","answer":"Interest income from pool loans is credited to lenders escrow account on a monthly basis. However, the Principal is reinvested into the same pool loan during the tenure of the loan."},{"question":"Is there a limit to investing in pool loans?","answer":"Pool loans have a minimum ticket size to enter and a maximum limit till which lenders can fund a loan request. This varies with partner. Please contact portfolio manager for more clarity."},{"question":"How are returns from pool loans calculated?","answer":"Returns from pool loans depend on complete utilization of the amount invested in the pool. Please note that if the total requirement of money from the borrowers in the pool is less than the money put by all the lenders in the pool then some money will remain unutilized and not earn interest as it hasn\u2019t been given out. <br>While certain partners ensure that all the money provided by the lenders in a pool is loaned out so that all the money provided by the lenders is earning interest, this may not be the case for all pool loans."},{"question":"What is the tenure for pool loans?","answer":"For investments in a pool loan starting October 12, 2020, the minimum investment period is 150 days (except for AEPS\/Micro ATM Pool 2 it is 60 days). During the minimum investment period the reinvestment is activated as default setting. The option to disable reinvestment is made available post the min investment period. If a lender opts out of reinvestment, then the repayments of borrowers are not reinvested and instead are credited to the lenders escrow account from the next quarter end as they are repaid by borrowers. Hence, tenure of the investments is 5 to 8 months. However, tenure for InstaCredit pool loans is 12 months."},{"question":"What is Line of Credit loans?","answer":"The <strong>Line of Credit<\/strong> loans are short duration loans (up to 3 months) where the borrower can withdraw money up to an assigned credit limit and repay anytime within the duration of the loan. This loan product is popular with small businesses who often need quick funds for short durations to stay updated on their cash flows. "},{"question":"How is the borrower\u2019s limit set in Line of Credit?","answer":"The pre-set maximum amount of credit for every borrower is fixed by Faircent.com\u2019s automated credit evaluation mechanism basis careful evaluation of financial and credit information such as business size, stability, continuity, daily transaction size, repayment track and credit report etc."},{"question":"How are repayments from Line of Credit received by the lender?","answer":"Interest earnings are calculated basis the amount of money actually withdrawn by a borrower from the credit limit provided to him. The borrowers pay interest on the outstanding principal until the complete withdrawal is repaid. Such interest is calculated on a daily basis on a flat rate. All interest and principal repaid by the borrower is distributed back to the lenders in proportion of their investment in the withdrawal. Please note that as the borrower is free to repay any amount at any time there is no EMI in an Line of Control loan."},{"question":"Are any foreclosure charges payable on Line of Credit?","answer":"No. The borrower can repay the amount borrowed anytime within the duration of the loan."},{"question":"Are any penalty charges applicable on Line of Credit?","answer":"The borrower has 3 months in which to repay the entire withdrawal but is free to repay the complete principal outstanding any time within the 3 months. At the end of the 3 months, the withdrawal becomes overdue and penalty charges are applicable."},{"question":"What are group term loans?","answer":"Term loans are loans with fixed tenure, EMI, interest rate and repayment date. Group term loans are term loans launched in association with partners with the intention to provide more investment opportunity to you to diversify your portfolio with borrower representation from across the country. Partners will onboard KYC compliant borrowers through underwriting as per mutually agreed parameters and facilitate in disbursement, collection and recovery. These offer a better spread to risk ratio as you will be lending to borrowers based on categorisation of loans for better fractionalisation of your investment."},{"question":"How is the interest in pool loans, group term loans and Line of Control calculated?","answer":"Simple Interest calculation methodology is applied in pool loans and Line of Credit loans while on term loans its calculated basis reducing balance method."},{"question":"What is a household account?","answer":"Household Account allows an entire family to invest together. Members of a household can link their accounts under a single log-in window and the primary account holder can invest on behalf of all family members."},{"question":"How does the household account benefit me?","answer":"<ul class=\"risk-lists-area\">\n\t<li>Household account allows the family to login using a single login ID and password.<\/li>\n\t<li>The primary account holder can invest on behalf of all family members including minors.<\/li>\n\t<li>The entire family can view and track their portfolio\u2019s performance through a single login window.<\/li>\n\t<li>It is a fast and efficient way to invest for the entire family.<\/li>\n\t<\/ul>"},{"question":"How can I open a household account for my family?","answer":"First, all individual members should register as lenders on the platform and pay the lender registration fee. You can then ask your portfolio manager to link these individual accounts together under a single household account."},{"question":"Do I have to pay registration fee for household account?","answer":"There is no extra charges or fee for a household account."},{"question":"Can I open an account on behalf of my minor child?","answer":"Yes, a minor\u2019s account can be opened with the following documents:\n\t<ul class=\"risk-lists-area\">\n\t\t<li>PAN Card and Residence Proof of both guardian and minor<\/li>\n\t\t<li>Canceled cheque of minor\u2019s bank account<\/li>\n\t<\/ul><br\/>The account is managed by the guardian, but all financial transactions happen through the minor\u2019s escrow account linked to his\/her bank account."},{"question":"What are the KYC documents required from a registered lender\/HNI?","answer":"The following documents are required for KYC compliance:\n\t<ul class=\"risk-lists-area\">\n\t\t<li>PAN card<\/li>\n\t\t<li>Any Residence proof or copy of the Adhaar card (both sides)<\/li>\n\t\t<li>Cancelled cheque with the name printed on the cheque<\/li>\n\t<\/ul>\n\tYou can email these documents to <a style=\"display:inline;text-decoration:none;border-bottom:none;padding:0;\" href=\"mailto:kyc@faircent.com\">kyc@faircent.com<\/a> ."},{"question":"What is the maximum investment limit on Faircent?","answer":"As per RBI regulations for the NBFC-P2P lending sector, you can invest up to \u20b950,00,000\/- across all P2P lending platforms."},{"question":"Why is my maximum limit on the platform set at \u20b910,00,000\/-?","answer":"As per guidelines, to increase your limit beyond \u20b910,00,000\/- you must submit a Net Worth certificate certifying minimum net-worth of \u20b950,00,000\/- signed by a practicing Chartered Accountant (CA)."},{"question":"How can I provide this certificate to Faircent?","answer":"You can upload this certificate on your lender dashboard by clicking on the \u201cInvestment Limit\u201d tab on the left panel. Once the form submitted has been verified, you will receive an email confirming the increased limited."},{"question":"Is there a format for the Net Worth certificate?","answer":"There is no fixed format, but you can download a sample template for the certificate by clicking on the \u201cInvestment Limit\u201d tab on the left panel on your dashboard. Your portfolio manager will also be able to help you in case of any clarifications."},{"question":"How can I get the net-worth certificate to increase my lending limit to Rs. 50 lacs?","answer":"You can contact a practicing Chartered Accountant (CA), provide all relevant documents and procure the certificate. Faircent also facilitates this service at a nominal charge. To avail, please contact your Portfolio or Relationship Manager or reach out to us on support@faircent.com. The team shall share the list of documents required by the CA which you can email to us. After due diligence, the CA will issue the certificate which shall be emailed to you. Upload this certificate on to your dashboard to avail increased investment limit."},{"question":"Will Faircent guarantee the issuance of the certificate by the CA?","answer":"No. Faircent is simply facilitating the service. The Chartered Accountant is a third party service provider and Faircent is not liable or responsible for (i) the information that you provide to the Chartered Accountant to obtain the Net Worth Certificate; and (ii) the Net Worth Certificate that the Chartered Accountant provides to you after processing the information provided by you."},{"question":"Is this service chargeable?","answer":"A non-refundable, one-time fee of Rs. 2,000\/- (exclusive of taxes) is payable towards this service. The same shall be deducted from your escrow account at the time of issuance of the net-worth certificate."},{"question":"Can I withdraw my proposal to fund a borrower\u2019s loan?","answer":"Once the proposal made by you is accepted by the borrower, you will not be able to withdraw it. Only if the proposal is not accepted by the Borrower will it be deemed to be withdrawn. This is because once the borrower has accepted, we need to disburse funds to him and hence withdrawal at that stage is unfair to him. You will appreciate there are multiple alerts, notifications and checks built in the user flow to ensure that your decision to fund the borrower\u2019s loan is an informed decision."},{"question":"How can I activate reinvest option in Group Term Loans?","answer":"You will be able to activate this feature:\n\t\t\t\t\t<ul class=\"risk-lists-area\" type=\"1\">\n\t\t\t\t\t\t<li>While investing in a Group Term Loan: After you enter your Investment Amount and click on Invest, you will see the above pop up with the Reinvest Option on the top right. It will be switched on as default setting. If you do not change the default setting then in that Group Term Loan product reinvest will remain activated i.e. all subsequent EMI repayments will be reinvested in that product.<\/li>\n\t\t\t\t\t\t<li>After you have invested in a Group Term Loan: To change setting in products where reinvest was not activated. Go to Group Term Loans>Overview. Activate the Reinvest option for any Group Term Loan directly from the overview screen by switching on the Reinvest button visible in front of it.<\/li>\n\t\t\t\t\t\t<li>For all Group Term Loans you have invested in: You can also simply activate or deactivate the Reinvest option across all Group Term Loan Products by toggling the global button on the overview screen to On or Off respectively. Toggle will be on Partial (in center), if the Reinvest option is activated only for some Group Term Loan products but not all.<\/li>\n\t\t\t\t\t<\/ul>"},{"question":"If I activate Reinvest in Group Term Loans, will I receive EMI in my escrow account?","answer":"If the Reinvest option is switched on, all the repayments (i.e. Principal + Interest - Partner Collection Charges) will be reinvested to the respective Group Term Loan product from your Escrow account. This can help you benefit from compounding returns.<br> Please note that if there is no demand in the product, the unutilized money will be automatically moved to your escrow account after 15 days."},{"question":"How can I track my reinvestments in Group Term Loan?","answer":"You will be able to view your Reinvest settings history in the admin dashboard. Your Escrow passbook will also have entries showing reinvestments."},{"question":"What is the notify me feature?","answer":"Due to high demand, often pool and group term loans get funded within hours of fresh demand. \u201cNotify Me\u201d feature allows you to stay updated on potential investment opportunity by sending you a notification as soon as new demand in that product goes live. This allows you to be the first to invest in new demand, deploy your funds quickly in your favourite pool or group term loan."},{"question":"How does the Notify Me feature work?","answer":"When fresh demand goes live, you will receive a notification on SMS, email and push notifications on the app. Notification is sent only once a day per product and will be received till you choose to deactivate the feature."},{"question":"How can I activate the Notify Me feature?","answer":"In front of the group term or pool loan that are 100% funded you can see a \u201cNotify Me\u201d button that you can click to enable. Once enabled you will receive notification alert, as soon as that product has fresh demand so that you can invest in it before it gets 100% funded again."},{"question":"What is the Faircent Double plan?","answer":"Faircent Double loans aim to provide lenders with an investment option that helps them earn stable returns while maintaining liquidity of funds. Interested lenders pool in their money and authorize Faircent to disburse this into a diverse mix of loans and loan products offered to borrowers who as per Faircent\u2019s algorithms have the repaying capacity to provide aggregate returns of up to 12% p.a. Faircent Double offers various plans with different tenures starting from 24 hours to up to 12 months."},{"question":"How is the Faircent Double portfolio built to minimize risk?","answer":"Faircent Double portfolio is built and managed through a conservative approach and various steps are taken to mitigate risk and deliver high returns:\n\t\t\t\t\t<ul class=\"risk-lists-area\" type=\"1\">\n\t\t\t\t\t\t<li>Diversification across many loan-segments basis tenure, interest rate, industry mix and borrower profile through an algorithm based on years of experience in credit data analytics. <\/li>\n\t\t\t\t\t\t<li>More effective spread across a large number of borrowers and loan products through analytics driven strategy. <\/li>\n\t\t\t\t\t\t<li>Reinvestment of monthly interest received, which are diverted to less riskier buckets using a scientific approach to portfolio management. <\/li>\n\t\t\t\t\t\t<li>The portfolio is closely monitored, regular re-calibration and course correction is undertaken. \u00a0<\/li>\n\t\t\t\t\t<\/ul>"},{"question":"Is the Faircent Double plan a guaranteed return plan?","answer":"No. While for loans under this plan, an analytic driven collection strategy has been formulated to minimize defaults, the risk remains. There are no guaranteed returns."},{"question":"What is the lender processing fee for Faircent Double?","answer":"There is Zero Lender processing fee for Faircent Double. Instead, a unique performance-linked processing fees for managing such pool of loans is payable. Faircent gets the difference in the interest received from the borrowers and the amount repaid to the lenders. For example, If the net returns post default, is 15% p.a and the return on loans to be provided to lender as per the plan selected is 12% p.a then the Faircent processing fee will be 3%. This is a not a guaranteed product. If the net returns post default is 10% p.a then the lenders will receive 10% while Faircent fee will be nil. Hence, Faircent's fee is totally dependent on the products performance."}],"borrowerapidata":[{"question":"Why borrow through Faircent?","answer":"Faircent offers the borrowers a lower interest rate and less hassle than traditional financing options. It offers attractive fixed rates, an easy online application, friendly service and no hidden fees."},{"question":"How do I get started?","answer":"Simply click on the Sign Up Now icon and register through the simple step by step process as instructed. Once you have filled the basic information required and uploaded the documents required, Faircent risk assessment team will identity-verify, credit-check and risk-assess your profile. If qualified, your registration as a Borrower will be approved and you can apply for loan on the Faircent platform."},{"question":"Why do you require documents?","answer":"The documents are required to identity-verify, credit-check and risk-assess a borrower before registration. Apart from the CIBIL score, we use various other parameters like ability, stability, past performance and intention of the borrowers, which are evaluated basis these documents. The documents provided like salary slips, bank statements, ITR\u2019s, balance sheets etc. help in taking a collective and transparent decision ensuring a fair field for the borrower."},{"question":"Why should I pay filing fees","answer":"Faircent has an in-house credit team which carefully risk assesses each borrower's profile which involves cost, time and effort. The filing fees is non-refundable and funded through the faircent portal."},{"question":"How much can I borrow?","answer":"At Faircent, loan disbursal is dependent on loan requirement. For personal requirements, loan amount can vary from Rs. 30,000\/- to Rs. 5,00,000\/-. For business purpose, a borrower can apply for a loan upto Rs. 10,00,000\/-."},{"question":"Over what time frame can I borrow? What is the tenure of loans on Faircent.com?","answer":"Currently, loan tenures are fixed from minimum 6 months to maximum 36 months. Faircent is working on making it operationally feasible to let Borrowers borrow for longer periods."},{"question":"Will I be funded by an individual lender or by multiple lenders?","answer":"As per Faircent policy, no single lender can fund the entire loan requirement of a borrower. Hence, your loan will be funded by multiple lenders."},{"question":"Can I pre-pay my EMI? Can I repay my loan early if I like? Are there any charges?","answer":"Pre-closure of loan can be done after three months from the disbursal of the loan without any additional charges. Prior to three months, to protect lender interest, pre-closure can be done after paying balance interest due to lenders for a period of three months from the date of disbursal. This is payable directly to Lenders. Faircent charges a one-time non-refundable pre-payment fees of Rs. 500\/-."},{"question":"Can I choose my monthly repayment date?","answer":"The repayment date can be decided mutually between the Faircent team and the Borrower for any date between the 1st \u2013 10th of every month. This is decided basis the date on which the borrower\u2019s salary is credited."},{"question":"What interest rates can I expect to pay?","answer":"Interest rates are suggested to each borrower by an automated credit appraisal system that uses the personal and financial information provided by borrowers across more than 120 criteria using more than 400 data points to risk-asses the borrowers and understand the strength of their credit profile. The interest rate thus assigned ranges from 12% to 28%. However, Unrated Borrowers can be registered at higher interest rate."},{"question":"On what parameters does Faircent verify my profile and check my credit-worthiness?","answer":"We use a highly-developed, technology-driven process of verification across more than 120 criteria using more than 400 data points basis the personal and financial information and documents provided by the borrower. Each borrower is identity-checked, credit-checked and risk-assessed by our experienced team. The intention, stability and ability of borrowers is evaluated and understood."},{"question":"Does Faircent.com undertake physical verification?","answer":"Yes, Physical verification at both residential and official address is undertaken after prior appointment. This is undertaken to verify the identity of the Borrower."},{"question":"Does Faircent require references?","answer":"Yes, as part of the verification process, we require 4 references from your professional or personal contacts who should be able to verify your identity, intention, ability and stability to take and repay a loan"},{"question":"How much time does it generally take before a loan is listed?","answer":"Once a borrower Signs Up, provides basic information and uploads the required documents, the risk assessment team takes 48-72 (office) hours to evaluate and verify the borrower; basis which the credit appraisal mechanism sets the parameters for the loan ?loan amount, rate of interest and loan tenure. Once the borrower accepts the same, the profile is made live on the portal. Thus, your loan requirement will be available on the website for lenders to fund between 48-72 hours from your first log-in on the website."},{"question":"How much time does it take to find a lender? How long can my loan request be available for lenders to fund?","answer":"All loans are listed on the platform for 15 days which may, under special circumstances, be extended to a maximum of 30 days. This is known as listing period. However, the funding of the loan cannot be predicted or controlled as it is dependent upon attracting sufficient lenders. Credit-worthy borrowers can get funded within minutes and some borrowers assigned high rate of interest can take a few days. You can monitor lenders interest anytime by logging into your account."},{"question":"How long is the disbursal process?","answer":"The disbursal process starts only after the borrower has paid the processing fees, signed the loan agreement and provided the PDCs, NACH Mandate and any other documents required. This process is driven by borrower interest. By using technology-driven facilities available only on Faircent you can reduce this time to less than 24 hours. Post this process funds are transferred from lender\u2019s escrow account to the borrower\u2019s bank account within 12-24 hours. Thus, the entire disbursal process takes 24-48 hours. It is transparent and driven by borrower and lender interest with Faircent acting only as a facilitator."},{"question":"Why was my application declined?","answer":"Faircent holds the right to decline a listing in certain cases such as:<br\/>\n1. The Borrower is unable to provide complete documentation or the same cannot be authenticated.<br\/>\n2. These documents are required to evaluate the borrower?s credit-worthiness and intention\/stability and ability to take and repay loan. Any deficiency on these parameters or in terms of past loan-performance of the borrower will lead to cancellation of listing of the borrower.<br\/>\n\n3. Physical verification report is negative. It is established that the Borrower does not reside or work at the address submitted by the borrower.<br\/>\n4. If at any stage of loan application, Faircent finds that misleading information was deliberately provided by the borrower with intentions to cheat and hurt the Faircent system, its Lenders, founders, stake holders, partners or employees or to infringe or steal the intellectual property of Faircent."},{"question":"Are loans secured? What collateral do loans require?","answer":"A borrower can avail both, unsecured loans as well as collateral-based loans against gold through Faircent. Faircent has tied-up with Baxi, India\u2019s first bike-taxi operators to introduce a new collateral-based product offering. Drivers keen to work as Baxi-operators and require auto-loans to buy bikes can register on the platform as borrowers. It\u2019s an income generating asset for the borrowers and an asset-based investment for the lenders. <a href=\"https:\/\/www.faircent.in\/loan-against-collateral\">Click here<\/a> to know more about this product."},{"question":"What happens in case of delayed or non-payment of EMI?","answer":"Borrowers are morally and legally obliged to pay all dues in a timely manner. In case the EMI is not paid on the scheduled time, a penal interest of Rs. 100\/- per Lender for delays upto 10 days and Rs. 250\/- per Lender for delays of more than 10 days will be charged. These charges are applicable for each instance of delayed repayment. These charges are payable to lenders. Faircent will also charge a non-refundable collection penalty of Rs. 500\/- per delayed payment. So, Faircent encourages all borrowers to make timely payments to avoid penalty charges. <br\/>\nIn the worst-case scenario, if Faircent has to issue a legal notice to a defaulting borrower on behalf of the lenders then a non-refundable charge of Rs. 500\/- per legal notice will be payable by the borrower to Faircent."},{"question":"I have defaulted on loan payments before or Banks\/Financial Institutions have rejected my loan application. Can I borrow on Faircent?","answer":"Faircent will not approve of a listing if it does not meet with our credit and verification standards. However, we encourage applicants to work on improving their credit history by repaying their debt in a timely manner and then try again after six months."},{"question":"How are repayments calculated?","answer":"Repayments are equated monthly installments calculated using the reducing balance method. Your installment per month will remain the same throughout the tenure of your loan. The first installment may be different depending on the date of disbursal."},{"question":"Will Faircent provide me with my credit score?","answer":"Faircent does not provide you with your credit score."},{"question":"What information can be viewed about me?","answer":"Once your listing has been approved by Faircent, your profile can be viewed by all registered Lenders. This includes your full name, profession, purpose of loan, email ID and financial information as this information helps you to get a loan faster. However, this information will not be visible to general visitors to the website. For more information, please view our <a href=\"https:\/\/www.faircent.in\/privacy-policy\">Faircent Policy <\/a>."},{"question":"Will my address and phone number be available online on the website?","answer":"We do not show anyone\u2019s address or phone number to prevent harassment. For more information, please view our <a href=\"https:\/\/www.faircent.in\/privacy-policy\">Faircent Policy <\/a>."},{"question":"Can I change the loan amount I want to borrow after applying?","answer":"No, to avoid confusions and maintain lender interest, we do not make changes to a listing after it has been made live on the website. To increase the loan amount, you can create a fresh loan request for the difference."},{"question":"Can my loan request be terminated or reviewed at any stage?","answer":"Yes, if at any stage the information furnished by you or the verification(s) initiated by us are found to be incomplete, fraudulent or unverifiable then funding request is terminated and consequently, the invest button on the profile would be de-activated. No registration fees refund will be applicable."},{"question":"How do I cancel my loan application?","answer":"Please write to <a href=\"mailto:support@faircent.com\">support@faircent.com<\/a> requesting cancellation of your registration as Borrower. Loan cancellation can only happen prior to disbursal of funds."},{"question":"How do I change my bank details or set up a new direct debit?","answer":"Please write to <a href=\"mailto:support@faircent.com\">support@faircent.com<\/a> stating both your old and new bank details. Swapping charges of Rs. 500\/- per swap will be applicable and payable to Faircent."},{"question":"Can I be both, a Lender and a Borrower?","answer":"No. You can either be a Lender or a Borrower at a given time."},{"question":"Why is Faircent asking me to link my bank account?","answer":"Faircent verifies the financial documents submitted by the borrower(s) which is considerably time consuming and thereby delays the borrower's request being listed live on the marketplace for funding. Having explored many options, we realized that an automated aggregation of bank feeds from an extensive range of financial institutions would enable us to serve you better and help in getting you funded faster <br\/>\nWe have partnered with Yodlee, the world leader in bank feed aggregator. Yodlee currently serves over 40 million consumers worldwide, 600 global financial institutions, and 8 of the top 10 U.S. banks in addition to top Indian banks to deliver bank feed aggregation."},{"question":"Is my account linkage secure?","answer":"Your account credentials are strongly protected with stringent security measures, regular security and compliance measures. Our partner, Yodlee undergoes examinations by U.S. Banking regulators including the Federal Financial Institutions Council and the Office of the Controller of the Currency. They are certified as a Payment Cards Industry (PCI) Level 1 Service Provider and have EU Privacy Safe Harbor certification. For what it\u2019s worth, we believe that Yodlee\u2019s Bank Aggregation service is a safe and convenient way to access your bank transactions, which is why we\u2019ve chosen them as our partner. Ultimately though, it\u2019s your call. We advocate complete freedom to our users to make their decisions."},{"question":"How are my Login details used?","answer":"Your Login details are securely stored and used for only one purpose: to retrieve transactions from your banking site for the last 6 months, nothing more. This is a purely \u201cread only data\u201d. There is no transaction possible by sharing the details, not even by you."},{"question":"Should I share my bank's credentials?","answer":"This is an important concern, as some people may feel that using this service may be in violation of the Terms and Conditions of some banks against revealing their username and password to a third party. Each bank will have its own stance on the use of bank aggregation, so you should make an informed decision. While, Faircent is committed to keeping the information received from you safe and secure under its Privacy Policy, we understand your freedom of choice to make your own decision in this context."}]}}