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Faircent Business Loan Details

Rate of interest12% - 28% p.a.
Loan amountUp to Rs. 10 Lakhs
Repayment tenureUp to 36 months
Processing fee6% - 8% of the loan amount
One-time filing feeRs. 500
Prepayment feeRs. 500

Features of Faircent Business Loan

The key features of the Faircent Business Loan are mentioned below:

  • Purpose: Faircent business loan is available to fulfil inventory requirements, run or expand your business at your own terms.
  • Loan amount: You can borrow a maximum loan amount up to Rs. 10 Lakhs.
  • Interest: Interest rates vary from 12% to 28% p.a.
  • Repayment tenure: The loan can be paid within tenure of 6 months to 36 months.
  • Security: No collateral or security is required to avail of the loan.
  • Processing fees: One-time processing of 6% to 8% of the loan amount will be charged, depending on the loan amount borrowed.
  • Prepayment charges: You can prepay the entire loan amount after 3 months from the date of loan disbursal without any penalty. Prepayment before 3 months, a one-time non-refundable prepayment fee of Rs. 500 will be charged.

Why Choose Faircent Business Loan?

Faircent business loan offers the following benefits:

  • Lower rates of interest due to no intermediary costs and margins.
  • You can borrow directly from the trusted lenders. No need to visit the bank in-person.
  • You can get funds within hours after your loan request is listed.
  • Easy online application.
  • Zero hidden charges.
  • Loan funded by multiple lenders.
  • Nil prepayment charges on foreclosure after 3 months of loan disbursal.
  • Decide the repayment date for EMI on any date between the 1st and 10th of every month. You can decide the date basis the date on which your salary is credited.

Faircent Business Loan EMI Calculation

You can use the Business Loan EMI Calculator available on our website or on Faircent’s website to calculate your Faircent business loan EMI. All you need to do is enter a few details, like the loan amount, interest rate and repayment tenure to get the EMI calculation instantly.

Here is an example of EMI calculation using our EMI Calculator:

Loan amount required: Rs. 10 Lakhs

Applicable rate of interest: 12% p.a.

Repayment tenure: 3 years

EMI to be paid by you each month: Rs. 33,214

Total interest to be paid: Rs. 1,95,715

Total amount to be paid by you to the lender: Rs. 11,95,715

In addition to the above information, our efficient EMI Calculator will also provide you with the following amortization schedule.

YearOpening balance

Amount Paid by

customer(EMI*12)

Interest paid during

the year

Principal paid during

the year

Closing balance
1Rs. 10,00,000Rs. 1,99,286Rs. 56,471Rs. 1,42,815Rs. 8,57,185
2Rs. 8,57,185Rs. 3,98,572Rs. 86,044Rs. 3,12,528Rs. 5,44,657
3Rs. 5,44,657Rs. 3,98,572Rs. 46,407Rs. 3,52,164Rs. 1,92,493
4Rs. 1,92,493Rs. 1,99,286Rs. 6,793Rs. 1,92,493Rs. 0

Comparison of Faircent Business Loan VS Other Providers

Name of LenderRate of Interest (per annum)Processing FeeMaximum Loan Limit
Faircent12% - 28%6% - 8%Rs. 10 Lakhs
LendingKart15% - 27%2% - 3%Rs. 2 Crores
RBL Bank9.75% onwardsUp to 3% + taxesRs. 35 Lakhs
HDFC Bank11.90% - 21.35%0.99% - 2.50%Rs. 50 Lakhs
Axis Bank9% - 18.50%Up to 2% + taxesRs. 50 Lakhs

Faircent Business Loan Documents Required

Following are the documents required to avail of the Faircent Business Loan:

  • 2 recent photographs.
  • Proof of identity – any one

o   Passport

o   Adhaar Card

o   PAN Card

o   Voter ID

  • Proof of address – any one

o   Passport

o   Voter ID

o   Bank statement

o   Electricity Bill (not older than 3 months) 

o   Post paid Mobile or Telephone Bill

  • Proof of date of birth – any one

o   Passport

o   PAN Card

  • Proof of signature – any one

o   Passport

o   PAN Card

o   Signature verification from your bank

  • Proof of contact – any one

o   Last month’s Post paid Mobile Bill

o   Last month’s Post paid Landline Bill

  • Proof of income:

o   Last 3 months’ salary slips for salaried professionals.

o   Last 2 years’ business/personal ITR and take home salary for business professionals.

  • Last 6 months’ bank statements.
  • IFSC Code - Scanned/cancelled cheque or copy pass book’s front page of same bank account.
  • NACH mandate with signature matching with your bank account signature.
  • E-Mandate will be required if the loan request is approved. For that, keep your debit card/net banking details of the account whose details you entered at the time of registration ready.

Faircent Business Loan Eligibility

A business loan borrower of Faircent must:

  • Be a resident of India aged 21 years or above.
  • Applicant must be earning a regular income.
  • Have a gross income of minimum Rs. 2 Lakhs per annum.
  • Provide all the required documents mentioned in the checklist.

Faircent Business Loan Charges

Following are the charges associated with the Faircent Business Loan:

Interest rate: 12% to 28% p.a.

Processing fee:

o   8% for loan amount up to Rs. 3 Lakhs + applicable taxes.

o   7% for loan amount above Rs. 3 Lakhs up to Rs. 6 Lakhs + applicable taxes.

o   6% for loan amount above Rs. 6 Lakhs up to Rs. 10 Lakhs + applicable taxes.

One-time filing fee: Rs. 500 (non-refundable).

One-time non-refundable prepayment fee: Rs. 500.

Penal interest: 18% p.a. on non-payment EMI on the scheduled time.

Legal notice fee: If Faircent has to issue a legal notice on behalf of the lenders for default by the borrower, a charge of Rs. 500 per legal notice will be levied.

Charges for changing EMI date or bank account details: A non-refundable fee of Rs. 500 per bank account swap and/or per EMI date change.

Charges for maintaining statement of accounts: A non-refundable fee of Rs. 100 per statement of accounts.

Faircent Business Loan Customer Care

You can contact the Customer Care of Faircent regarding any query related to Business Loan through

  • Phone: 0120-4659902. The number can be reached from 9:30 AM to 6 PM.
  • Email: support@faircent.com.

You can also contact the Grievance Officer Dicky Singh through:

  • Phone: 0120-4659902
  • Email: dicky.singh@faircent.com

OR

Visit or write to the Business Office at the below-mentioned address:

C-091, 9th Floor Supermart 1

DLF Phase 4, Gurgaon

Gurgaon, Haryana, 122002

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Faircent Business Loans FAQs

How much loan can I borrow?

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At Faircent, loan amount is dependent on the borrower’s loan requirement. For business purpose, you can apply for a loan up to Rs. 10 Lakhs.

Can I prepay my loan EMI? Are there any charges for the same?

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Yes. You can pre-close your loan after three months from the loan disbursal date without any additional charges. However, if you wish to prepay your loan prior to three months, pre-closure can only be done after paying the balance interest due to lenders for three months from the date of loan disbursal. This amount is payable directly to Lenders. Also, Faircent charges a one-time non-refundable prepayment fee of Rs. 500 for the same.

Will the fund be provided by an individual lender or multiple lenders?

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As per the Faircent’s policy, each lender can fund up to 20% of any loan requirement. Hence, each loan request will be funded by at least 5 lenders and all proposals are accepted on the first come first serve basis.

What are the interest rates applicable on the loan?

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Interest rates are suggested to every borrower by Faircent’s automated credit appraisal system which uses the personal and financial information provided by borrowers. The interest rate applicable on business loans at Faircent ranges from 12% to 28% p.a. However, the rates can be higher for unrated borrowers.

Does Faircent undertake physical verification?

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Yes, Fairent undertakes the physical verification at residential as well as official address of the borrower after prior appointment to verify the identity of the borrower.

Can I choose the date of my monthly loan repayment?

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Yes. The repayment date of the loan can be decided mutually between the borrower and the Faircent team for any date between the 1st and 10th of every month. The date can be decided basis the date on which your salary is credited.

How much time it takes for a loan to get listed?

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Once you signs up, provide basic information, pay the non-refundable filing fee and upload the required documents, Faircent’s the risk assessment team takes 48-72 office hours for evaluating and verifying your details; basis which the parameters for the loan, like the loan amount, rate of interest and repayment tenure will be decided. Once the borrower accepts the same, their profile is made live on the portal. Thus, the loan requirement will be available on the portal for lenders to fund between 48-72 hours from the first log-in on the website.