Phocket Loan

Phocket is a Fintech Company that provides a platform for online application of instant personal loans to salaried individuals. Phocket by itself does not have a licence to engage in financial activities. The Company performs in collaboration with DRP Financial Services Pvt Ltd and Pooja Finelease Private Limited. Both DRP Financial Services Pvt Ltd and Pooja Finelease Private Limited are NBFCs that are provided with licensed by the RBI to carry out lending activities. Phocket presently is operational in Nodia, Ghaziabad, Faridabad, Jaipur, Bangalore, Kolkata, Mumbai, and Delhi.

Phocket facilitates paperless and hassle-free instant loans to prospective customers by applying advanced technologies like Machine Learning and Artificial Intelligence. The loans are provided through mobile apps. Lending, which was previously an activity limited to the domain of banks and financial institutions that constituted lengthy and time-consuming procedure,s can now be availed within minutes with just the click of a button with the help of Fintech Companies like Phocket.

The following are the benefits of availing instant loans through Phocket.

• Online loan application: Phocket provides a platform for an online loan application that is easy and fast. The online application can be filled out within 4 to 5 minutes. On uploading the documents, the required details for processing the loan will be available instantly, and the credit decision will be communicated within 24 hours. On completion of e-documentation and providing auto-debit authorization through net banking e-mandate, the disbursement of the loan will be done within 10 minutes, and the funds will land in your bank account.
• Security of information provided: The customer data is not archived by Phocket in cases of rejection as well as approval of the loan application. The secure HTTPS connection used to transfer the data keeps the information secure. Phocket does not share your data with any third party apart from the lenders without your permission.
• No hidden charges: The whole process of loan availing is transparent, and so are the charges collected. The details of charges collected will be available, and there will be no hidden charges.
• Pre-payment option: Pre-payment option is available through net banking and UPI. For EMI loans, if the pre-payment is done before the first EMI, the total amount of the 3 EMIs has to be paid. If the pre-payment is after the first EMI due date, there will be a waiver in the rate of interest depending on the period of pre-payment.
• Competitive rate of interest: Attractive rate of interest ranging from 24% to 36% p.a. depending on the tenure.
• Customer support: Pocket offers good customer support. The services offered are reliable and fast.

Phocket offers various types of loans to cater to the different requirements of the customers.

#1. Instant Loans

Instant loans can be used for any purpose, like travel, meeting medical expenses, paying utility bills, for travel, for renovation and repairs of your house, paying credit card dues, shopping, etc. Through the Phocket online platform, you can avail the loan by just filling up a simple application form and uploading soft copies of the required documents. You can avail a loan between Rs 5000/- to 1 lakh with a flexible repayment period up to 110 days. The rate of interest is competitive and is between 24% to 36% p.m.

#2. Skill Development Loans

Salaried Professionals might need constant development of new skills to keep their career graph upwards. But enrolment in such skill development programs is a costly affair and may not be within the reach of everyone. With the skill development loans provided by Phocket, such programs can be made affordable. These loans are processed on the same day and will be available instantly. A loan between Rs 5000/- and 1 lakh will be provided at an affordable interest and with a flexible repayment option up to 110 days.

#3. Loans for Rent/Rent Deposit

Relocating to a new accommodation would mean a new addition to your expenses. You will have to provide for the rent deposit, which will have to be paid in a lump sum. Now, relocation can be stress-free with the Rent Deposit Loan provided by Phocket. These loans will be available instantly within the quickest turnaround time, as the processing of such loans will be done on the same day. The whole process is automated, which expedites the process. A loan between Rs 5000/- to 1 lakh will be provided at a competitive rate of interest and with a flexible repayment option up to 3 EMIs.

#4. Loans for self-grooming

Self-grooming can be a boost to your confidence, but is an expensive affair. Most times, you may forget the grooming part as you will be busy providing for other commitments out of your monthly budget. Phocket provides loans for self-grooming to Salaried Individuals/Professionals ranging from Rs 5000/- to 1 lakh, which is instant and hassle-free. The rate of interest is affordable, and a repayment option up to 110 days will be provided.

#5. Loan for Shopping

Limited budget need not hamper your shopping plans with Phocket Shopping Loan now available up to Rs 15000/- that can be repaid within 62 days. The rate of interest will be as low as 0.074% per day. The cost of the loan will work out to 20.6 a day, which is quite economical.

#6. Loan for Travel

You can pursue your travel plans without having to worry about the funding. Phocket offers Travel Loans up to Rs 30000/-, which can be repaid within 90 days. The rate of interest on these loans will be at 0.065% per day, and the cost of the loan works out to 32.80 per day, which seems quite attractive.

#7. Personal Loan

Phocket provides a personal loan to the extent of Rs 50 lakhs that can be repaid within 1 year in easy instalments. The rate of interest on this loan will be between 0.05% and 0.06% per day. A personal loan can be used for multiple purposes, like paying EMI, credit card dues, school fees, medical expenses, travel expenses, etc.

#8. Low CIBIL Score Loan

Phocket is a lending platform that allows individuals with a low credit score to apply for a loan as long as the applicant can give convincing reasons for their low credit history. This provides a source for the individuals who intend to improve their credit history, and also for individuals with no credit history to create a satisfactory credit history. The loan quantum available is between Rs 5000/- to 1 lakh with an interest of 0.08% per day. You can avail of small-sized loans and make prompt repayments to improve your credit history.

#9. Advance Salary Loan

Salaried individuals often have the problem of running out of funds in the midst of a month and will struggle to pay bills, EMI, etc. Either the salary is drained out early or the salary is delayed. To overcome such situations, Phocket provides Advanced Salary Loans to salaried individuals for payments that have tobe made immediately like utility bills, credit card payments, EMI, etc.

The loan quantum provided will be between Rs 5000/- to 1 lakh at an interest ranging from 2.50% to 3% p.m., depending on the tenure and amount. The entire loan has to be repaid within 1 to 3 months.

#10. Loan for EMI/Bills payment

There are times when your monthly budget may go overboard, and you may not be able to provide for the regular EMI or utility bills payment. In both cases, the repercussions are heavy. To wade you out of this situation, Phocket provides instant personal loans ranging from Rs 5000/- to 1 lakh. The process of availing this loan is simple and fast. The loan is available at attractive interest rates ranging from 2.50% to 3% p.a., depending on the tenure. The tenure option provided is 1 to 3 months.

#11. Advance Salary Program

This is designed for flagship corporations to provide for the financial requirements of the employees working in their organization. The loans include official travel loans, relocation, security deposit, and brokerage loan for new entrants, Festive loans, loans for credit card and EMI payment, loan for shopping, loan to meet medical emergencies, etc., for the employees of these organizations. There will be a relaxation in the assessment of creditworthiness.

Phocket provides loans for the purchase of gadgets, for festivals, for school fees, etc., apart from the loans mentioned above. The quantum for all these loans will be in the range of Rs 5000/- to 1 lakh and will be available almost instantly since the loan process is totally automated.

The following are the charges applicable for the Phocket Loan

• Delayed EMI charges: At 8.33% p.m. on the overdue amount for the overdue period, with a minimum of Rs 500/- plus applicable GST.
• Mandate dishonor charges: Rs 500/- per instance plus GST
• Rejection of mandate registration: Rs 250/- plus GS
• Processing charges: Processing charges will be collected in slabs as given below

The following are the documents required for the Instant Personal Loan through Phocket:

• The current address proof, like the Aadhar Card, Voter's ID Card, Utility bills, etc
• Pan Card
• The latest salary for the last 3 months.
• Bank account statement for the last 3 months.

The following are the general eligibility criteria to qualify for a loan from Phocket platform:

• The age of the applicant should be above 20 years
• Salaried individuals/professionals with a minimum salary of 20000/- per month are only eligible for the loan.
• The applicant should be a Resident Indian to qualify for a loan from Phocket Platform

Phocket is a Fintech Company that facilitates transactions between the lending institution and the borrower. The Company is not registered with the RBI and does not have a licence to engage in lending activities. The Company works in collaboration with NBFCs like DRP Financial Services Pvt Ltd and Pooja Finelease Private Limited

Things you can use an instant online loan for

The following are the things you can use an instant online loan for:

• To plan a wedding
• For travel
• For School Fees
• For medical emergencies
• For the renovation and repair of your house
• For paying credit card dues and utility bills
• For rent and rent deposit
• For shopping
• For self-grooming
• For Fitness
• For Skill Development
• To purchase gadgets

To apply for a loan through Phocket you will have to follow some simple steps.

• Access the website Phocket.in or download the Phocket mobile app from Google Play store
• Registration should be through Google account or Face book
• By entering the OTP sent to your mobile number you will be authenticating the mobile number,
• The next stage will be filling up the simple online application which will take about 4 to 5 minutes and uploading the soft copies of the required documents.
• An internal credit check will be done with the details provided and thereafter you will receive the credit decision through notification either by SMS, on the App or by Email within 24 hours.
• You should e-sign a loan agreement and provide auto-debit authorization through net banking e-mandate. This procedure is for the first time loan application.
• For subsequent applications, the loan process will be fully automated and you will get a disbursement within 24 hours.
• The loan amount will be disbursed directly to the bank account which happens within 10 minutes.

Phocket Ambassador Program is a program wherein the person who promotes the Phocket Loan Platform to friends, acquaintances and family through various channels. The channels could be a word to mouth, personal contacts or social media. The person who promotes and markets this program is the Ambassador of this program and will earn for the referrals that culminate into borrowers through this platform. For every approved and disbursed loan application brought in by the ambassador, the ambassador earns Rs 250/-. The higher the number of productive referrals, the higher will be the payout.

To be a Phocket Ambassador you will have to register for the program which takes only a few minutes. On registration, you will become a part of the Phocket Program and for every referral which results in loan disbursement, you will get paid. There are attractive awards for the top referral as a token for the hard work.

You will also be given extensive training and support. There will be training at the office premises. You will have access to the knowledge base portal to get updates about the product. A dashboard is provided to track your progress. You will also be supported by the marketing team, customer support team, financial team and the technical team.

You can make use of all the training and support provided to bring in more and more users to the Phocket Loan Platform and also earn through such referrals.