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What is Phocket?

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 who are provided with licence by 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 procedures can now be availed within minutes with just the click of a button with the help of Fintech Companies like Phocket.

What are instant online loans?

The need for immediate funds can arise at any time. It need not always be a big size requirement.  It could be a stop-gap arrangement to pay the monthly EMI, as margin money for a vehicle, to meet medical expenses, to plan a holiday, etc. Such funds if available within the least turnaround time will be greatly appreciated. And that is what Fintech Companies like Phocket are aiming at.

Loans that are provided with the least turnaround time to meet urgent financial requirements through online loan application or through mobile apps are instant online loans. Phocket in collaboration with NBFCs like DRP Financial Services Pvt Ltd and Pooja Finelease Private Limited provides instant personal loans to salaried individuals. The quantum of the loan is available in the range from Rs 5000/- to Rs 1 lakh.

All you have to do is to fill up a simple online application that takes about 4 to 5 minutes and upload the required documents. The approval of the loan will be communicated within 24 hours. Once the formalities like e-signing of loan documents and authorizing auto-debit of EMI through net banking e-mandate, the loan will be credited directly to the bank account within 10 minutes. The repayment option will be 1 to 3 EMIs and the rate of interest will be in the range of 2.50% to 3.00% p.m. depending on the tenure chosen.

Benefits of taking a loan from 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 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 is 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 have 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 2.50% to 3% p.m. depending on the tenure.

Customer support: Pocket offers good customer support. The services offered are reliable and fast.

Types and Features of Loans from Phocket

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

Advance Salary Loan

Salaried individuals often have the problem of running out of funds in the midst of a month and will be struggling to pay bills, EMI, etc. Either the salary is drained out early or the salary is delayed. To overcome such situations, Phocket provides Advance Salary Loans to salaried individuals for payments that have to 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.

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 the cases, the repercussions are heavy. To wade you out of this situation Phocket provides instant personal loan 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.m. depending on the tenure. The tenure option provided is 1 to 3 months.

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, to pay credit card dues, for shopping etc. Through Phocket online platform you can avail the loan by just filling up a simple application form and uploading soft copies of 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 2.50% to 3% p.m.

Skill Development Loans

Salaried Professionals might need constant development of new skills to keep their career graph upwards. But enrolment to such skill development programs is a costly affair and may not be within the reach of each and every one. 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 affordable interest and with flexible repayment option up to 110 days.

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 that expedites the process. A loan between Rs 5000/- to 1 lakh will be provided at a competitive rate of interest and with flexible repayment option up to 3 EMIs.

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.

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 on the loan will work out to 20.6 a day which is quite economical.

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.

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, for medical expenses, for travel expenses, etc.

Low Cibil Score Loan

Phocket is a lending platform which allows individuals with a low credit score to apply for a loan as long as the applicant is able to give convincing reasons for the 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 at 0.08% per day. You can avail small size loans and make prompt repayments to improve your credit history.

Advance Salary Program

This is designed for flagship Corporates 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.

What is the Phocket Ambassador Program?

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.

How to apply for a loan through Phocket?

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.

Documents required

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
  • Latest salary months for the last 3 months.
  • Bank account statement for the last 3 months.

Eligibility

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

  • The age of the applicant should be between 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

Who are the lending partners for Phocket?

Phocket is a Fintech Company facilitates the transaction between the lending institution and the borrower.  The Company is not registered with 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 the instant online loan for

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

  • To plan a wedding
  • For travel
  • For School Fees
  • For medical emergencies
  • For 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

How to repay the loan from Phocket loan platform?

You can repay the instant online personal loan by executing a NACH i.e., National Automated Clearing House mandate for automatically debiting your bank account to the extent of the EMI on the due date or authorize auto-debit through net banking e-mandate. The bank account will be automatically debited on the due date. You should ensure to maintain sufficient balance on the due date.

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Navi Personal Loan @9.9% p.a

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Phocket Personal Loans FAQs

What are the eligibility criteria to avail instant loan through Phocket loan platform?

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To avail an instant loan through Phocket loan platform you should comply with the following criteria:

  • The applicant should be a resident Indian.
  • The age of the applicant should be above 20 years.
  • The applicant should be either a salaried individual or a salaried professional.
  • The minimum monthly income required is Rs 20,000/-

Name the purposes for which the instant loan can be utilized?

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The instant loan is a multipurpose loan and can be used for several purposes. It can be used for paying EMIs, paying utility bills, for travel, to meet medical expenses, for school fees, for festivals and other celebrations, for shopping, for self-grooming, for purchase of gadgets, etc.

What is the basis for assessing the eligibility for the instant loan?

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The lending decision is based on credit history, spending pattern, social profile, job history, qualification, and creditworthiness.

Does Phocket hold a licence to conduct lending activities?

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No. Phocket does not hold a licence from RBI to conduct lending activities. However, Phocket works in collaboration with NBFC like DRP Financial Services Pvt Ltd and Pooja Finelease Private Limited that hold a licence from RBI to conduct financial activities.

What is the format in which the soft copies of the documents have to be uploaded?

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The bank statement should be in PDF format and if the format is password protected, then even the password has to be provided. Aadhar card, Pan Card can be in PDF or JPEG or PNG format.

What are the charges applicable for the instant loan?

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The following are the charges applicable for the instant loan/

Processing charges: Processing charges will be collected in slabs as given below

(Amount in

Loan amountEMIs
 123
Rs 5000/- to 10000/-472NANA
Rs 11000/- to 20000/-590708708
Rs 21000/- to 40000/-7089441180
Rs 41000/- to 60000/-94414161770
Rs 61000/- to 80000/-118017702360
Rs 81000/- to 100000/-141621242950

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 GST

Is pre-payment of the loan permitted?

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Yes. Prepayment of the loan is permitted and can be done through UPI or net banking. At present, there are no pre-payment charges.

Can the repayment date be changed?

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No. The repayment date can neither be advanced nor postponed. The due date fixed at the time of loan disbursement will remain.

What is the Phocket Ambassador Program?

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The Ambassador Program is a program devised by Phocket to increase the number of Phocket loan platform users. It is a program wherein there is a reward for every referral. To be a part of the Ambassador Program you will have to register yourself as an Ambassador which is a very simple process. On registration, you will become an integral part of the Phocket Team. You can promote the Phocket loan platform through social media, through family, friends and acquaintances or by word to mouth. For every referral that results in loan disbursement, you will earn Rs 250/-. The higher the referrals the higher will be the payout.

You will be provided with Training and Support for the program. You will have access to a knowledge portal to update your knowledge about the product. You will also get the support of the technical team, financial team and the customer support team.

What is the quantum of the loan provided?

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The quantum of the loan provided varies between Rs 5000/- and Rs 1 lakh.

What is e-sign and how does it work in the case of loans through Phocket loan platform?

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Digital execution of loan agreements is e-signing of the loan documents. Before executing the loan documents you will have to:

  • Check the details of the sanction in the link provided at the time of loan approval.
  • Check and read the loan documents before execution.
  • Agree for the terms and conditions and proceed to e-sign the documents.
  • Provide the Aadhar Number
  • Enter the OTP for verification.
  • Check the loan agreement that is digitally executed.