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You can avail a personal loan from Faircent, a Non-Banking Financial Corporation (NBFC) at attractive interest rates ranging between 12% and 28% and flexible repayment tenure from 6 months to 3 years. Faircent is a unique P2P platform where not only one can borrow in order to fulfill their needs but also lend. The lenders registered under Faircent are high net worth individuals who are doing well in their respective professions or NBFCs who can offer you a loan.
There are various reasons why you must avail a personal loan from Faircent:
Given below is the process you will have to follow if you wish to avail a personal loan from Faircent:
Given below is the list of fees and charges that will be levied on your loan amount:
|Processing fee||2.50% to 8.50% depending on the rate of interest levied on your loan amount|
|Non-payment charges||Penal interest at 18% p.a.|
|Collection penalty||Rs.500 for each delay in payment of EMI. If you do not pay your EMIs for a year, then the penalty can go up to Rs.1,000|
|Account swap/EMI date change charges||Rs.500|
|Account statement charge||Rs.100|
|One-time listing fee||Rs.500|
If you wish to avail a personal loan for personal use, your loan amount may vary between Rs.10,000 and Rs.50,000. However, if you wish to avail a personal loan from Faircent for business purposes, then the maximum loan you can avail is up to Rs.10 lakh.
It won’t be possible for an individual lender to fund your entire loan. Hence, you will be funded by multiple lenders.
Yes, Faircent will conduct a physical verification both at your residence and at their office. A prior appointment will be fixed, and a physical verification will be conducted thereafter in order to verify the identity of the applicant.
No, you can either be a lender or a borrower at a time.
In case you have any query related to your personal loan, you can get in touch with a Faircent representative by calling the number 0120-4659902.
A GST rate of 18% will be applicable on banking services and products from 01 July, 2017.
On 15 April 2020, Faircent launched a new loan facility known as Anti-Lockdown Loans in order to help individuals and businesses who are creditworthy during the coronavirus outbreak. Many businesses and several individuals have been affected by the lockdown.
The new loan facility is targeted at salaried professionals, small business owners, and retailers who are facing financial difficulties because of the lockdown. A three-month free EMI period will be provided for these loans, apart from easy repayment options. In case you opt for the loan, you can pay the amount back in a lump sum after three months or choose the EMI option. According to the Founder and CEO of Faircent.com, Rajat Gandhi, the main reason for the NBFC to launch the product is to help borrowers during the coronavirus outbreak. Borrowers can avail loans of up to Rs.75,000. The loan will come with an EMI-free option for the first three months after which the interest and principal must be paid. No penalty will be levied during the moratorium period. The repayment of the interest and principal can be paid under three options, which are the Bullet Payment Plan, 3 EMI Plan, and 6 EMI Plan.
16 April 2020
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