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  • Phocket Instant Loan

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  • 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.

    How to apply for a Phocket personal loan

    1. Download the Phocket mobile app or go to the official website.
    2. Register yourself using your Google ID or your Facebook account.
    3. Enter your mobile number and verify it by entering the OTP you get.
    4. Fill the loan application with the relevant information.
    5. Upload the documents they require.
    6. The company will carry out a credit check and get back to you. This will take a maximum of 24 hours. Usually, it gets done within an hour or so.
    7. After your loan is approved, an executive form the company will visit you for the physical verification.
    8. You have to sign the loan documents, give a salary cheque as security, and complete your NACH (National Automated Clearing House) mandate registration.
    9. Your loan will be disbursed as soon as you complete all the required formalities.
    10. The amount will be transferred into your bank account within 10 minutes after disbursal.

    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.

    Phocket loan details

    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

    Here are some of the other fees and rates that the company charges:

    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

    Eligibility criteria for Phocket personal loans

    • You need to be a citizen of India.
    • You must be at least 20 years old.
    • Your take-home income should be at least Rs.20,000 per month.

    Documents required for a Phocket loan

    • Identification proof – PAN card
    • Address proof – Aadhaar card
    • Bank statements for the latest 3 months
    • Salary slips for the last 3 months

    Features and benefits of Phocket personal loans

    • The entire loan process is automated.
    • The online application is simple and takes hardly 5 minutes.
    • All the data you provide is completely secure.
    • Your loan application is reviewed, and the amount disbursed quickly.
    • There are no hidden charges.

    FAQs

    1. Can I apply for a loan from Phocket form any city?
    2. Since the company requires a physical verification to be done, it currently offers personal loans only in the following cities:

      • Delhi
      • Gurgaon
      • Noida
      • Jaipur
      • Mumbai
      • Ghaziabad
      • Kolkata
      • Faridabad
    3. What factors does Phocket take into consideration while calculating my loan amount?
    4. The company considers the following criteria when calculating your loan amount:

      • Your credit score
      • Your spending patterns
      • Your educational qualifications
      • Your social profile
      • Your job records
      • Your behavioural patterns
    5. While uploading my documents, what if some of them are protected by passwords?
    6. 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.

    7. Can I apply for a loan on a public holiday?
    8. 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.

    9. How can I repay my Phocket loan?
    10. 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.

    11. What will happen if I don’t have enough money in my bank account on the repayment date?
    12. 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.

    13. Can I postpone my payment date?
    14. No, you can’t postpone your payment date. You have to repay the loan on the date specified.

    15. Can I prepay my loan?
    16. 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.

    17. Can I take more than one loan at a time?
    18. 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.

    19. If my loan application is rejected, can I apply for another loan?
    20. 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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