3%-5.50% of the loan amount
Affordable rate of interest
6 months to 36 months *
1.Self-employed or salaried individuals
2. Minimum age - 23 years
3. Maximum age - 58 years
4. Resident of India
5. Have a minimum gross income of INR 2.5 lacs per annum.
1. Identity and address proof documents (Aadhaar, PAN, Voter ID, Driving License, NREGA card).
2. Two passport size photograph.
3. Last six months bank statement.
4. Last 3 month salary slip.
5. Income tax return (ITR) of the 2 years.
All of us have faced sudden monetary needs which have come up at odd times when we don’t have exact handy solution and in order to satisfy these needs, we keep looking for quick and convenient solutions like a personal loan. Be it wedding expenses, a medical emergency, going for a vacation, or refurbishment of your home, personal loan can be utilized for meeting any sort of emergency. Even those struggling with debt consolidation on outstanding credit card bills can clear with an affordable loan.
Faircent is an easy and fast access to get online personal loans at affordable interest rates. It is India’s peer to peer lending website where individuals can directly deal with the registered lenders thereby eliminating intermediary charges and margins of banks and financial institutions.
Faircent has a guiding philosophy to make the borrowing process simple, convenient, and hassle-free for anyone who is in urgent need of money. However, before approving the loan amount, every applicant is identity-verified, credit-check, and risk-assessed on the basis of documents submitted. The automated underwriting tool determines the maximum loan eligibility, applicable rate of interest, and the loan tenure in order to avoid lengthy manual process.
The rate of interest generally ranges between 12% to 28% per annum and the loan tenure from 6 to 36 months, depending on the creditworthiness of an individual.
• Check the eligibility – Before applying for a loan, one should remain well-aware of the eligibility criteria required by the lending firm. Usually, there are specific age and minimum income criteria to get the loan. For instance, the common age criteria of most lenders is from 21 to 65 years. Moreover, an applicant needs to meet all the required criteria and should be not be any defaults on previous loan payments or credit card dues.
• Check credit score – This is one of the most important factors to look for before applying for a loan. A credit score is a thorough analysis of an individual’s creditworthiness, which represents how good he or she is at making timely payments of their credit card bills or loans. Different lenders have different standards for rating credit scores. Generally, score above 700 is considered to be a good CIBIL score. Therefore, before applying for a loan, get your credit history checked and rectify errors, if any. A good credit score improves the chances of loan approval at attractive rate of interest.
• Avoid multiple applications – Don’t make multiple applications at a time because most of the lenders check existing application status of an applicant. Applying for a loan from multiple sources is not at all recommended.
• Realistic personal loan quantum – It is widely suggested that one should apply for a realistic loan quantum to make the associated repayment. Applying for a quantum which you are not eligible for may lead to disapproval of loan. This is because lenders conduct cross check of the applicant’s repayment ability before approving and sanctioning the loan. The total number of EMIs from loans should not exceed 30% of the income.
• Income stability – One should have a stable income source, whether salaried or self-employed and must be serving the current organization for a minimum of 6 months in case of salaried individual. Most lenders prefer applicants who have at least two years of total experience. Therefore, frequently switching job is not a good idea if one is looking for a personal loan. Lenders consider job stability to ensure that timely repayment of the loan amount. As personal loan is a type of unsecured loan and doesn’t involve any collateral security, the lenders are more particular regarding the steady income sources.
• Lower interest rates – Faircent offers personal loan at comparatively lower rate of interest and doesn’t involve any intermediary costs and margins leading to higher interest rates.
• No third party involved – Borrow directly from trusted lenders and no need to pay additional charges to loan agents.
• Minimum paperwork – No need to bring a bulk of documents to get the loan application into the process, just submit a copy of few mandatory documents and you are done.
• Quick approval – Once the paper formality and verification process is done, the loan is quickly approved and disbursed directly into the applicant’s bank account within less than 24 hours.