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.

The loan amount varies from Rs. 25,000/- to Rs. 60,000/- and loan tenure is 3 or 6 months. Interest rates start from 36% per annum as indicated by the Faircent automated credit appraisal mechanism.

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.

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 ₹25,000 borrowed for 3 months, with interest rate 3.04 % per month (@36.48% per annum)*, a user would pay:

  • Processing fee (@ 4.5%) = ₹1,327.5 (Incl GST of 18%)
  • Account Management Fee(@ 4.5%) = ₹1,327.5 (Incl GST of 18%)
  • Interest (@3.04 % per month)= ₹2,280
  • Amount Disbursed = ₹22,345
  • EMI (Monthly Repayment)= ₹9,093.33
  • Total amount to be repaid = ₹27,280
  • Penalty is charged only when someone delays their scheduled payment.
  • *Interest Rate varies based on your risk profile

You can contact us at [email protected]