Faircent Personal Loan Details

Key details of Faircent loan are mentioned below:

Loan amountRs. 10,000 - Rs. 10 Lakhs
Rate of interest12% - 28% p.a. onwards
Processing fee6% to 8% of the loan amount + GST
Tenure6 - 36 months
Prepayment chargesNil if closed after 3 months, Rs. 500 otherwise
One-time filing fee  Rs. 500
Penal interest18% p.a.
TAT24 - 48 hours
Minimum gross income Rs. 2 Lakhs per annum

Faircent Loan Apps

Faircent app offers personal loans from multiple lenders through its platform to help borrowers get instant loans at an affordable rate of interest. The lenders listed on Faircent are High Net-worth Individuals (HNIs), ensuring that only the genuine lenders are interacting with the borrowers. Creditworthy borrowers can expect personal loan offers from multiple lenders.

Faircent Loan Interest Rates

Faircent personal loan interest rate varies from 12% to 28% p.a. However, higher interest rate can be charged from unrated borrowers. Interest rates are determined for each borrower by an automated credit appraisal system of Faircent which uses the personal and financial data provided by borrowers in more than 120 criteria using over 400 data points to risk-assess the borrowers and understand their credit profile. 

Faircent Personal Loan Features

  • Loan amount: The loan amount is dependent on the borrower’s loan requirement. For personal requirements, the loan amount can vary from Rs. 10,000 to Rs. 5 Lakhs and for business purposes, it can be up to Rs. 10 Lakhs.
  • Rate of interest: Faircent personal loan interest rates range from 12% to 28% p.a. However, unrated borrowers can be charged with a higher interest rate.
  • Tenure of repayment: The loan amount can be repaid in tenure between 6 to 36 months.
  • Processing charges: The processing fee for Faircent funding can vary from 6% to 8% of the loan amount + GST, depending on the loan amount to be borrowed.
  • Prepayment: You can prepay the entire loan amount without any foreclosure penalty after 3 months from the date of loan disbursal. Closing the loan before 3 months will attract a one-time non-refundable prepayment fee of Rs. 500.

Faircent Personal Loan Eligibility Criteria

The borrower must meet the following Faircent personal loan eligibility criteria:

  • They should be a resident of India.
  • They should have a minimum gross income of Rs. 2 Lakhs per annum.

They must provide all the required documents mentioned in the checklist to fulfill the Faircent loan eligibility.

Documents Required for Faircent Personal Loan

To get the Faircent loan apply online with the following documents:

Recent photographs2 copies
Proof of identity

Any one of the following:

  • Passport
  • Adhaar Card
  • PAN Card
  • Voter ID
Proof of date of birth

Any one of the following:

  • Passport
  • PAN Card
Proof of signature

Any one of the following:

  • PAN Card
  • Passport
  • Signature verification from your bank
Proof of residence

Any one of the following:

  • Passport
  • Voter ID
  • Bank Statement
  • Electricity Bill (not older than 3 months)
  • Postpaid Telephone Bill
Proof of contact

Any one of the following:

  • Postpaid Mobile Bill of last month
  • Postpaid Landline Bill of last month
Proof of income
  • Salary Slip of last 3 months for salaried professional
  • Business/Personal ITR and take home salary of last 2 years for Business Professional
Other documents
  • Bank statements of last 6 months
  • Scanned/ canceled cheque or copy of the front page of passbook of same bank account for IFSC code
  • NACH Mandate
  • e-Mandate

Faircent Personal Loan Processing Fee & Charges

Type of chargeQuantum
Processing fee6% to 8% of the loan amount + GST 
Prepayment chargesRs. 500 if closed before 3 months 
One-time filing fee Rs. 500
Penal interest for delayed payment 18% p.a. per delayed payment
EMI overdue charge Rs. 500 per delayed payment
Payment default chargeRs. 500 per legal notice 
Charges for changing EMI date or bank account detailsRs. 500 per bank account swap and/or per EMI date change
Charges for Faircent’s assistance in maintaining details of loan accountRs. 100 per statement of accounts 

Faircent Customer Care

Below are the contact details of Faircent finance Customer Care:

Business office address:

C-091, 9th Floor Supermart 1

DLF Phase 4, Gurgaon

Gurgaon, Haryana, 122002

Phone numbers:

Headquarters: 0120-4659902

Lender/Borrower Registration: 0120-4659902

You can call at the numbers mentioned above from 9:30 AM to 6 PM any day.

Grievance Officer:

Nidhi Tripathi

Email: nidhi.tripathi@faircent.com

Phone: 0120-4659902


 

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Faircent Personal Loan FAQs

Can we cancel a Faircent loan?

Yes, you can cancel a Faircent loan process by writing an email to support@faircent.com requesting for cancellation of your registration as a borrower. However, loan cancellation can only be done prior to disbursal of funds.

Is Faircent under RBI?

Faircent.com has received its NBFC (non-banking financial company) Peer-to-Peer (P2P) certification from the Reserve Bank of India (RBI).

What is the interest rate for a Faircent loan?

Faircent personal loan interest rates range from 12% to 28% p.a. However, unrated borrowers can be charged with a higher interest rate.

How do I repay my Faircent loan?

You can repay your Faircent loan online through the e/NACH mandate, which is an Auto-Debit facility. If e/NACH mandate has not been cleared by the due date first EMI, the same is payable by cheque. Each month the EMI amount is collected directly via auto-debit from the borrower’s salary account.

Does Faircent check the CIBIL score?

Yes, the Faircent loan app checks the CIBIL score of the borrower.