Categories
Loans Loans App Personal Loans

Faircent Personal Loan Review | Know interest rates in 2022

Faircent Personal Loan:  Is it worth taking a loan from Faircent? Today in this article we are going to tell you everything about this loan and after reading this, you will be able to make a decision about Faircent loan.

What is Faircent and How Does it Work?

Faircent is an innovative marketplace for lending, peer-to-peer (P2P) lending. Here the borrower and the lender negotiate a mutually agreed rate for their transactions (loans). The company’s mission is to provide a market that uses technology to speed up processes and cut costs. Thus, they provide an opportunity to the borrowers to be able to finance their requirements at viable rates and help the lenders to get the best return on their investment possible.

Currently, their services can only be availed by residents of India. Upon request for registration by an interested person, they initiate a detailed verification process adhering to the Know Your Customer (KYC) norms laid down by various regulators. Thus, all personal and financial information relating to the borrower and the lender as displayed on Fairycent has been verified.

So go ahead and register yourself to test out this new business opportunity because every % counts!

What is the process of Faircent?

On Faircent, visitors can register as lenders or borrowers as per their requirements. Faircent carries out a comprehensive verification process of all its registered borrowers and lenders based on the personal, financial, and business information provided by them.

An automated system suggests loan tenure, loan amount, and interest rate according to each borrower’s profile, which is an indicator of the borrower’s ability to repay the loan efficiently. Lenders may make proposals to finance the needs of borrowers which are accepted on a ‘first come-first served basis. Transactions with multiple members can be done by both lenders and borrowers. Thus, lenders can finance a portion of the total credit needs of multiple borrowers and borrowers can try to raise funds from multiple lenders.

A formal contract is signed by the borrower and the lender after an agreement is reached. The loan amount is then transferred to the borrower’s account and the borrower makes periodic payments through monthly installments over a stipulated time period.

The repayment can be done through an online, automated process and the same is tracked through the specific account at www.faircent.com. Faircent provides a fair, transparent, technology-driven platform for the smooth and speedy completion of the entire process.

Also Read: Okcash Lоаn Арр | How to get personal Loan?

Why take a loan on Faircent?

Lenders are always in a position to accept. Traditionally, the lender sets the loan amount as well as the rate of interest. Now for the first time ever, Faircent has empowered the borrower and made him at par with the lender. It is a unique P2P platform that brings together potential borrowers and lenders to facilitate their transactions.

Faircent is a friendly and open online marketplace where borrowers can directly borrow funds from individual and institutional lenders, eliminating intermediary costs and margins, and getting them loans at a better interest rate than banks and other financial institutions. Many lenders to creditworthy borrowers may be interested in offering funds for their needs.

What is a Faircent loan app?

faircent loan app

Faircent is an Indian initiative under which people are provided with personal loan benefits to complete their purposes. It is a kind of mobile-friendly software that provides you with a high amount of loans at reasonable interest rates and long loan tenure. Because of its features such as instant loan approval, minimum documentation required, and low-interest rates, it is one of the fastest-growing online financial platforms.

To get the loan, you just need to download the application and fill in the required fields, and get your loan within minutes.

To apply for a personal loan from the application, you need not have any credit score as well as you can apply for the personal loan benefits with a minimum income of just INR 18,000  only. Faircent also provides loan benefits to both salaried and self-employed applicants that make the application quite popular in the market.

Also Read: Money View Loan App | How to get loan Quickly? Easy in 5 steps

Types of loans and interest rates

1. Faircent Pocket Loan Features:

  • Loan Amount: Rs 25,000 to Rs 60,000
  • Tenure Flexibility: 3 Months or 6 Months.
  • Interest rates start from 36% per annum
  • Minimum Salary: Rs 18,000
  • No Documentation is Required.
  • Free Registration Fees

2. Faircent personal loan

  • Loan Amount: Rs. 30 thousand to Rs. 7.5 lacs and business purpose up to Rs.10 lacs
  • Tenure Flexibility: 6 Months or 36 Months.
  • Interest rates start from 12% p.a. to 28% per annum
  • Minimum Salary: Rs. 18,000
  • Registration Fees: Rs. 500

So, in this loan case, for example, an individual borrowing for a debt consolidation a sum of Rs. 2 lacs for a tenure of 24 months at 18% per annum will have a monthly EMI of INR 9985/-.

What are the features of the Faircent Loan app?

The online application is growing rapidly in the country making a significant impact on the market because of its great and reasonable features. We have mentioned below the major features that the app provides you with so that you can have a better understanding of it.

  • Faircent allows you to avail of loan benefits from the app through a completely online process. If you are applying for a personal loan from the Faircent app, you need not visit any bank branch or any individual. With the application, you get the complete convenience of online loans.
  • You can get a high amount of loan benefits from the online application. The minimum loan amount of the application is INR 25,000 that can be extended up to INR 6 lakh.
  • Extended and flexible loan tenure is provided by the application to the users. You can repay the loan amount within 3 months to 36 months from the date of the loan sanctioned.
  • You are provided with low-interest rates while repaying your loan amount to the application. The maximum interest rate on your loan can be 12% p.a. to 36% per annum.

Also Read: Cashmore Loan App | How to get loan instantly? Full Guide

How to get a personal loan from the Faircent loan app?

Now you have come across what the Faircent loan is and what are features it provides its customers with. The major question that will be running in your mind now would surely be how to apply for a personal loan from the Faircent loan app. Well! We have got it covered for you too. Below, we have mentioned the major steps you need to follow to get a personal loan from the Faircent loan app.

The company launched two types of apps in the market.

1. For instant loans
2. For Personal loans.

  • First, you need to download and install the software from Google Play Store. For instant loans AND For Personal loans.
  • Install the application on your device and open it
  • After you open the application, you will need to register to the app. To create an account on the Faircent application, you just need to fill in your mobile number and verify it by entering the OTP.
  • After successfully creating an account on the application, you will be shown to select the loan amount you want to take from the application.
  • Once you select the loan amount you want to take, you need to fill out some basic requirements that include your name, your gender, date of birth, your address, etc.
  • Now, you need to provide the Faircent team with your government verified IDs that include your Aadhaar Card, PAN Card, and Driving License.
  • Once you provide all the required information, you need to submit your application for review which takes up to 20 minutes.
  • If your application is approved, your loan amount will be disbursed to your account within 30 minutes of the approval.

Also Read: How To Get Personal Loan From Paytm App

What are the eligibility criteria for getting a personal loan from the Faircent app?

To avail of personal loan benefits from the Faircent app, you need to fulfill some basic eligibility criteria that have been mentioned below. The requirements you need to fulfill to be eligible to avail of personal loan benefits from the app are as follows.

  • The applicant must be a legal citizen of India and must be over the age of 18 years.
  • The user is allowed to utilize the service in accordance with the terms and conditions policy of the app.
  • Must have a minimum gross income of Rs. 18,000/- per month.

Documentation required for the Faircent loan

The major documentation required to apply for the personal loan at Faircent includes the following.

  • Your Aadhaar Card
  • PAN Card
  • Driving License
  • A selfie photo
  • Income Proof

An example of the total cost of a loan:

For example if you borrowed Rs. 25,000 for 3 months, with interest rate 3.04 % per month (36.48% per annum)*, you would pay:

  • Processing fee (4.5%) = ₹1,327.5 (Incl GST of 18%)
  • Account Management Fee(4.5%) = Rs. 1,327.5 (Incl GST of 18%)
  • Interest (3.04 % per month)= Rs. 2,280
  • Amount Disbursed = Rs. 22,345
  • EMI (Monthly Repayment)= Rs. 9,093.33
  • Total amount to be repaid = Rs. 27,280
  • Penalty is charged only when you delays their scheduled payment.

Conclusion

Faircent loan app is growing quite rapidly in the country because of its stunning and reasonable features. It has become the best platform for people to avail of personal loan benefits at low-interest rates and extended tenure. If you are looking to get a personal loan to complete your personal purposes that include education, travel, medical, wedding, and many more, Faircent can be the best platform you can go to.

FAQs

Q 1. Can I get a low-interest rate on my loan?

Ans: Usually, you are offered fair interest rates on personal loans by most of the banks.

However, you can still lower the interest rates charged on your loan.

Maintain a good reputation, a good credit history, and the balance between going EMIs and your payment.

Q 2. What is a credit score?

Ans: A credit score is basically a 3-digit number that reflects your credibility.

You can maintain a good credit history by paying your loans on time without creating any issues.

Q 3. How does my credit score affect my personal loan application?

Ans: Having a good credit score can help you get high loan amounts from banks at lower rates.

Q 4. How to contact Faircent?

Ans: If you are facing any issue regarding the personal loan benefits of the app or want to enquire about some things before taking the loan, you can contact the Faircent loan team through the app.

Q 5. Can I cancel a loan once applied?

Ans: No, It doesn’t allow you to cancel your loan application once submitted.

You need to be sure before applying for the loan benefit.

Q 6. Is the Faircent loan app trusted?

Ans: Yes, it is аbsоlutely sаfe. It is а trusted lоаn lender.

Q 7. What if I don’t repay the loan amount?

Ans: It offers you flexible loan tenure under which you need to repay the loan amount with the interest completely.

In case if you are not able to repay the loan, an intimation letter will be sent to you reminding you to repay the loan.

However, if you still don’t pay the loan amount, the lender will write off and your credit score will be affected badly.

A bad credit score makes it hard to avail of loan benefits later on.

Q 8. How much money can I get from the Faircent loan app?

Ans: Starting from INR 30,000, Faircent offers up to INR 10 Lacks of loan amount with flexible loan repayment tenure.

The app is good for availing of instant personal loans to meet urgent requirements.

Q 9. What type of loan does the Faircent app offer?

Ans: Faircent App offers instant personal loans and business loans to users that are unsecured loans.

An unsecured loan means that there is no collateral required to avail of the loan benefits.

Q 10. What are the Pros and Cons of the Faircent loan app?

Ans: According to your research,

Pros

  • Quick loan processing
  • Minimal documentation
  • Reliable customer support team

Cons

  • Extra processing charges
  • Not that low-interest rates as claimed by the company
Q11.  Hоw tо раy Faircent lоаn EMI раyment?

Аns: Yоu саn раy lоаn EMI раyment thrоugh their арр. Оr yоu саn аlsо раy with the gооgle раy Арр оr оther UРI раyments.

Q12.  Whаt is а АРK file оf Faircent app?

Аns: АРK stаnds аs аn аbbreviаtiоn fоr Аndrоid Расkаge Kit. Аndrоid орerаting system uses its оwn tyрe оf instаllаtiоn fоrmаt, аs like windоws sоftwаres hаve .exe extensiоn.

When yоu dоwnlоаd аn арр frоm Gооgle рlаy stоre, it is dоwnlоаded аnd instаlled in АРK fоrmаt.

Yоu will nоt see the file direсtly when yоu dоwnlоаd it frоm рlаy stоre.

Аt times yоu mаy wаnt tо dоwnlоаd АРK files frоm оther sоurсes direсtly.

Q13.  Whаt аre the аdvаntаges & disаdvаntаges оf dоwnlоаding АРK direсtly оf Faircent?

Аdvаntаges:

  1. Yоu саn dоwnlоаd аny versiоn оf the арр direсtly frоm third-раrty websites. They mаy hаve арр аrсhives оf mоst versiоns аnd yоu саn dоwnlоаd the оne yоu mаy need.
  2. Dоwnlоаding is instаnt, unlike рlаy stоre, nо need tо wаit fоr the verifсаtiоn рrосess etс.
  3. Yоu will hаve а АРK file in yоur memоry саrd / system memоry оnсe yоu dоwnlоаd. Sо yоu саn uninstаll аnd re-instаll аs mаny аs times withоut needing tо dоwnlоаd.

Disаdvаntаges:

  1. Dоwnlоаding аррs frоm third-раrty sоurсes usuаlly аre nоt verified by Gооgle. Sо саn be hаrmful tо yоur рhоne.
  2. АРK files саn hаve viruses thаt will steаl dаtа frоm yоur рhоne оr соrruрt yоur рhоne.
Q14.  Hоw tо instаll Faircent АРK frоm yоur аndrоid рhоne?

Ans: Yоu саn dоwnlоаd Faircent АРK by сliсking the аbоve buttоn аnd thаt will initiаte а dоwnlоаd.

Оnсe the dоwnlоаd is соmрlete, yоu саn find the АРK in “Dоwnlоаds” seсtiоn in yоur brоwser.

Befоre yоu саn instаll it оn yоur рhоne yоu will need tо mаke sure thаt third-раrty аррs аre аllоwed оn yоur deviсe. Tо enаble this, the steрs аre mоstly similаr tо the belоw.

  1. Орen Menu > Settings > Seсurity > аnd сheсk Unknоwn Sоurсes tо аllоw yоur рhоne tо instаll аррs frоm sоurсes оther thаn the Gооgle Рlаy Stоre.
  2. Оnсe yоu соmрlete the аbоve steр, yоu саn gо tо the “Dоwnlоаds” in yоur brоwser аnd tар the dоwnlоаded АРK file оnсe. It will stаrt tо shоw the instаllаtiоn рrоmрt thаt аsking fоr рermissiоns аnd yоu саn fоllоw the steрs tо instаll it.
  3. Оnсe the instаllаtiоn is соmрlete, yоu саn stаrt using the арр аs yоu nоrmаlly dо.
Q15.  Whаt is the Faircent lаtest versiоn & releаse dаte аnd initiаl releаse dаte?

Ans: Faircent саsh’s lаtest stаble versiоn is 5.9.31. The арр dоwnlоаd size is 22M.

Additional information
Updated: 5 January 2022
Size: 14M
Installs: 100,000+
Current Version: 5.9.31
Requires Android: 4.4 and up
Offered By: Fairassets Technologies India Pvt. Ltd.

Support
You can contact us at support@faircent.com or 0120-4659902!

Website:
https://www.faircent.com/

Q16.  Hоw muсh dоes Faircent соst аnd hоw tо рre-оrder/buy it?

Ans: It is FREE tо dоwnlоаd аnd yоu саn dоwnlоаd it frоm Gооgle Рlаy Stоre. Аs the арр is аlreаdy releаsed, yоu саn download direсtly frоm the stоre.

Related Articles

By Kapil Garg

I am a professional Loan and Insurance advisor with an approved license helping people with my services like Loans, Retirement Planning, Investment Planning.

Apply For Loan