Phocket is an online financial platform that gives you an easy way of getting personal loans. The company offers you loans of up to Rs.1 lakh. You can choose from tenures of up to 110 days. You can repay your loan in up to 3 instalments. The interest rates start at 2% per day.
The physical verification is only required for the first loan application. For any further applications, the verification is done online, and the amounts are disbursed within the next 24 hours.
|Interest rate||2% to 2.5% per day|
|Loan amount||Rs.5,000 to Rs.1 lakh|
|Loan tenure||7 days to 110 days|
|Processing fee||Rs.236 to Rs.2,950|
|Late payment charges||Up to 4% per month (minimum Rs.500 plus taxes)|
|Cheque bounce charges||Rs.1,000 per instance|
|Repayment instrument rejection charges||Rs.250 per instance|
|Foreclosure charges||No charge|
Since the company requires a physical verification to be done, it currently offers personal loans only in the following cities:
The company considers the following criteria when calculating your loan amount:
If you’re uploading any document that is protected by a password, you have to email the password to Phocket and mention which document it relates to.
Since Phocket offers loans on a fully online and automated system, you can apply for a loan at any time. You can apply on holidays and even after working hours.
The company allows you to repay your loan only via the NACH mandate. You have to register yourself for it. when your repayment amount is due, the company will automatically debit the amount from your bank account.
When the company uses the NACH mandate to debit your account for the amount due and if there isn’t enough money in your account, it will lead to a rejection of the NACH request. This will result in a penalty of Rs.250 for every rejection. You may also have to pay late payment charges if this happens.
No, you can’t postpone your payment date. You have to repay the loan on the date specified.
Yes, Phocket allows you to prepay your loan without any extra charges. If you’ve chosen to repay through EMIs, you have to pay the entire amount if you want to prepay even before the 1st instalment. If you prepay after paying one instalment, you can get a waiver on the interest amount.
No, you can take only one loan at a time. You can apply for another one 24 hours after you finish repaying your existing loan.
Yes, you can. However, you can apply for another Phocket loan only after a period of 3 months from the date of the previous loan’s rejection.
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