|Rate of interest||12% - 28% p.a.|
|Loan amount||Up to Rs. 10 Lakhs|
|Repayment tenure||Up to 36 months|
|Processing fee||6% - 8% of the loan amount|
|One-time filing fee||Rs. 500|
|Prepayment fee||Rs. 500|
The key features of the Faircent Business Loan are mentioned below:
Faircent business loan offers the following benefits:
You can use the Business Loan 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.
Amount Paid by
Interest paid during
Principal paid during
|1||Rs. 10,00,000||Rs. 1,99,286||Rs. 56,471||Rs. 1,42,815||Rs. 8,57,185|
|2||Rs. 8,57,185||Rs. 3,98,572||Rs. 86,044||Rs. 3,12,528||Rs. 5,44,657|
|3||Rs. 5,44,657||Rs. 3,98,572||Rs. 46,407||Rs. 3,52,164||Rs. 1,92,493|
|4||Rs. 1,92,493||Rs. 1,99,286||Rs. 6,793||Rs. 1,92,493||Rs. 0|
|Name of Lender||Rate of Interest (per annum)||Processing Fee||Maximum Loan Limit|
|Faircent||12% - 28%||6% - 8%||Rs. 10 Lakhs|
|LendingKart||15% - 27%||2% - 3%||Rs. 2 Crores|
|RBL Bank||9.75% onwards||Up to 3% + taxes||Rs. 35 Lakhs|
|HDFC Bank||11.90% - 21.35%||0.99% - 2.50%||Rs. 50 Lakhs|
|Axis Bank||9% - 18.50%||Up to 2% + taxes||Rs. 50 Lakhs|
Following are the documents required to avail of the Faircent Business Loan:
o Adhaar Card
o PAN Card
o Voter ID
o Voter ID
o Bank statement
o Electricity Bill (not older than 3 months)
o Post paid Mobile or Telephone Bill
o PAN Card
o PAN Card
o Signature verification from your bank
o Last month’s Post paid Mobile Bill
o Last month’s Post paid Landline Bill
o Last 3 months’ salary slips for salaried professionals.
o Last 2 years’ business/personal ITR and take home salary for business professionals.
A business loan borrower of Faircent must:
Following are the charges associated with the Faircent Business Loan:
Interest rate: 12% to 28% p.a.
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.
You can contact the Customer Care of Faircent regarding any query related to Business Loan through
You can also contact the Grievance Officer Dicky Singh through:
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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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.
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.
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.
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.
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.
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.
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.