Pocket Loan Features

Loan Amount:
Rs 25,000 to Rs 60,000

Tenure Flexibility:
3 Months or 6 Months.

Minimum Salary:
Rs 18,000

No Documentation
Required.

Free Registration
Fees

Free Faircent Credit Score based on Financial History

Sometimes credit-worthy borrowers need small amount of funds to meet unexpected, immediate expenses. They require instant credit to tide over short-term liquidity shortfall related to business or personal expenditure.

Faircent Pocket Loan is a dedicated app to help such borrowers access small loans for shorter tenures.

To register, borrower can download the Faircent Pocket Loan app on his smart phone from the play store (for android users). There is no registration fee, and the borrower simply has to follow a 4-step process to register.

Simple 4 Step Process for taking a Pocket loan:

1
Complete your loan application and get an offer.
2
Choose loan amount, tenure and accept the offer based on your requirements.
3
Complete your e-verification and setup Auto Debit of EMIs from your Bank account.
4
Sign Agreement and get the loan amount credited into your Bank account.

The simple 4-step process to register as a borrower:

  1. Complete the loan application and provide all information.
  2. If approved, the loan offer will appear on your screen. Choose loan amount, tenure and accept offer.
  3. Complete e-verification and setup auto debit for EMIs.
  4. Digitally sign agreement and get loan amount in your account

Loan amount varies from Rs. 25,000/- to Rs. 60,000/- and loan tenure is 3 to 6 months. Interest rates vary from 1.7% to 2% per month as decided by the Faircent credit appraisal mechanism.

Pocket Loan Spotlight

Eligilibity Criteria

The borrower must:

  • Be a resident of India
  • Have a minimum gross income of Rs. 18,000/- per month
  • Provide all information mentioned in the app checklist such as PAN card, Aadhar Card, Bank account details

A representative example of the total cost of a loan:

For ₹60,000 borrowed for 6 months, with interest rate 1.7 % per month (@34% per annum)*, a user would pay:

  • Processing fee (@ 7%) = ₹4,956 (Incl GST of 18%)
  • Interest = ₹6,086
  • EMI (Monthly Repayment)= ₹11,015
  • Total amount to be repaid = ₹66,090
  • Interest Rate varies based on your risk profile
  • Penalty is charged only when someone delays their scheduled payment.

You can contact us at [email protected]