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.
The borrower must:
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: