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Faircent Personal Loan

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Location PAN India
Loan Amount Rs. 25,000 to 10 Lakhs
ROI 12% - 30%
Processing Fees 4 to 9%
Tenure 3 to 36 months
EMI Date 1,5,10 of every month
Foreclosure Charges After 3 months ( Rs. 500 charges + principal)
Part Payment Allowance Yes
Insurance Requirement Not Required
USP Covering all cities and type of companies
References At least four references required
Credit History Min. 1 year - for salaried individuals Min. 3 years - for self-employed profile

Faircent is India's first peer-to-peer lending platform to receive a Certificate of Registration (CoR) as an NBFC-P2P from the Reserve Bank of India (RBI). Faircent’s goal is simple to provide an easy and transparent way to borrow or lend money without having to deal with banks, who have become such a difficult chain in today’s time that they dictate all terms and conditions for borrowers and lenders. At Faircent, we try to be a catalyst between borrowers and lenders and allow both of them to interact directly with each other. The overall process usually takes only a few days, so that the borrower can get his/her desired loan amount in record time.


What is Peer-to-Peer Lending?

P2P lending is a concept that uses technology to connect borrowers and lenders directly without the involvement of banks. An online marketplace is created where borrowers and lenders can interact, negotiate the terms of their deals, and whose final transactions are conducted over the Internet. Faircent is India’s first peer-to-peer (P2P) lending platform to receive a Certificate of Registration (CoR) as an NBFC-P2P from the Reserve Bank of India (RBI).

Before moving forward let’s discuss a few details about Faircent Personal Loan, which is going to help you make a smart decision when it comes to lending:

Location PAN India
Loan Amount Rs. 25,000 to 10 Lakhs
ROI 12% - 30%
Processing Fees 4 to 9%
Tenure 3 to 36 months
EMI Date 1,5,10 of every month
Foreclosure Charges After 3 months ( Rs. 500 charges + principal)
Part Payment Allowance Yes
Insurance Requirement Not Required
USP Covering all cities and type of companies
References At least four references required
Credit History Min. 1 year - for salaried individuals Min. 3 years - for self-employed profile

Features of Faircent Personal loan

  • Lowest Interest Rates

  • No Bank Mediation

  • Get to Choose the Rate that Suits You

  • Get Funded Faster

  • Let’s look into the eligibilities and required Documentation to make your application process even smoother:

Eligibility Criteria

  • The age of the borrower should be between 23 to 58 years

  • The salary of the applicant should be at least 25,000

  • The minimum ITR must be of 3 lac( for self-employed profile)

  • Minimum experience of current job must be min 3 months

  • Business Vintage should be of min 2 years( for self-employed profile )

  • Minimum 6 month of residency on the current property.

  • Credit score should be more than 500(CRIF)

Documents required for Faircent Personal loan

  • KYC documents
  • Last 3-month salary Slip
  • Last 2-year ITR ( for self-employed profile)
  • 3 month Bank Statement to till date ( for self-employed profile)
  • 6 month Bank Statement to till date ( for self-employed profile)
  • Ownership proof required after 5lacs % above
  • 2 years old business registration document ( for self-employed profile)

Let us take an example, How EMI is being calculated


For instance, if "Shubham" applies for a Personal loan of INR 1 Lacs and get the loan sanctioned at the rate of 15 % with a tenure range of 36 Months , in such a case his EMI would be INR 3,467 and complete repayment amount till the end of 36 Months tenure would be INR 1,24,795 (i.e 3,467 EMI * 36 Months), wherein the total interest amount is INR 24,795 along with principal repayment of INR ₹1,24,795 . Few additional charges like those of minimal one-time processing fee upto 2-3% of loan amount may apply. T&C apply.

Year Principal
(A)
Interest
(B)
Total Payment
(A + B)
Balance Loan Paid To Date
2022 ₹ 11,363 ₹ 5,969 ₹ 17,333 ₹ 88,637 11.36%
Aug ₹ 2,217 ₹ 1,250 ₹ 3,467 ₹ 97,783 2.22%
Sep ₹ 2,244 ₹ 1,222 ₹ 3,467 ₹ 95,539 4.46%
Oct ₹ 2,272 ₹ 1,194 ₹ 3,467 ₹ 93,267 6.73%
Nov ₹ 2,301 ₹ 1,166 ₹ 3,467 ₹ 90,966 9.03%
Dec ₹ 2,329 ₹ 1,137 ₹ 3,467 ₹ 88,637 11.36%
2023 ₹ 30,332 ₹ 11,266 ₹ 41,598 ₹ 58,305 41.70%
Jan ₹ 2,359 ₹ 1,108 ₹ 3,467 ₹ 86,278 13.72%
Feb ₹ 2,388 ₹ 1,078 ₹ 3,467 ₹ 83,890 16.11%
Mar ₹ 2,418 ₹ 1,049 ₹ 3,467 ₹ 81,472 18.53%
Apr ₹ 2,448 ₹ 1,018 ₹ 3,467 ₹ 79,024 20.98%
May ₹ 2,479 ₹ 988 ₹ 3,467 ₹ 76,545 23.45%
Jun ₹ 2,510 ₹ 957 ₹ 3,467 ₹ 74,036 25.96%
Jul ₹ 2,541 ₹ 925 ₹ 3,467 ₹ 71,495 28.51%
Aug ₹ 2,573 ₹ 894 ₹ 3,467 ₹ 68,922 31.08%
Sep ₹ 2,605 ₹ 862 ₹ 3,467 ₹ 66,317 33.68%
Oct ₹ 2,638 ₹ 829 ₹ 3,467 ₹ 63,679 36.32%
Nov ₹ 2,671 ₹ 796 ₹ 3,467 ₹ 61,009 38.99%
Dec ₹ 2,704 ₹ 763 ₹ 3,467 ₹ 58,305 41.70%
2024 ₹ 35,208 ₹ 6,390 ₹ 41,598 ₹ 23,097 76.90%
Jan ₹ 2,738 ₹ 729 ₹ 3,467 ₹ 55,567 44.43%
Feb ₹ 2,772 ₹ 695 ₹ 3,467 ₹ 52,795 47.20%
Mar ₹ 2,807 ₹ 660 ₹ 3,467 ₹ 49,988 50.01%
Apr ₹ 2,842 ₹ 625 ₹ 3,467 ₹ 47,147 52.85%
May ₹ 2,877 ₹ 589 ₹ 3,467 ₹ 44,270 55.73%
Jun ₹ 2,913 ₹ 553 ₹ 3,467 ₹ 41,356 58.64%
Jul ₹ 2,950 ₹ 517 ₹ 3,467 ₹ 38,407 61.59%
Aug ₹ 2,986 ₹ 480 ₹ 3,467 ₹ 35,420 64.58%
Sep ₹ 3,024 ₹ 443 ₹ 3,467 ₹ 32,397 67.60%
Oct ₹ 3,062 ₹ 405 ₹ 3,467 ₹ 29,335 70.67%
Nov ₹ 3,100 ₹ 367 ₹ 3,467 ₹ 26,235 73.76%
Dec ₹ 3,139 ₹ 328 ₹ 3,467 ₹ 23,097 76.90%
2025 ₹ 23,097 ₹ 1,169 ₹ 24,266 ₹ 0 100.00%
Jan ₹ 3,178 ₹ 289 ₹ 3,467 ₹ 19,919 80.08%
Feb ₹ 3,218 ₹ 249 ₹ 3,467 ₹ 16,701 83.30%
Mar ₹ 3,258 ₹ 209 ₹ 3,467 ₹ 13,443 86.56%
Apr ₹ 3,298 ₹ 168 ₹ 3,467 ₹ 10,145 89.86%
May ₹ 3,340 ₹ 127 ₹ 3,467 ₹ 6,805 93.19%
Jun ₹ 3,381 ₹ 85 ₹ 3,467 ₹ 3,424 96.58%
Jul ₹ 3,424 ₹ 43 ₹ 3,467 ₹ 0 100.00%

FREQUENTLY ASKED QUESTIONS

Have a question? We've got answers!

Yes, the faircent organization will charge you a fee of Rs. 500.

Yes, to ensure the borrower's identity, Faircent will carry a physical verification at the resident and office address.

No, there is no way you can change a faircent personal loan amount after applying for the loan. At the same time, you can place a new loan request with an increased loan amount.

No, faircent doesn't have any such policies yet.

No, there won't be any bank mediation at faircent as it is a Peer-to-peer lending platform.

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