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