FairCent Personal Loan
Exclusive Personal Loan Offers & Instant Disbursal up to ₹15 Lakhs
Starting ROI
Starting at 9.99 % onwards
Max Tenure
6 months to 3 years
Loan Amount
₹ 10 lakhs
Processing Fee
0-3%
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Zero Foreclosure Fee
Save thousands on early loan closures
Swift 24h Disbursal
Direct deposit into your bank account
100% Paperless KYC
Secure Aadhaar & PAN verification
FairCent Personal Loan EMI Calculator
Plan your monthly installments based on FairCent’s starting interest rate of Starting at 9.99 % onwards.
₹16,131
What is a Faircent Personal Loan?
A Faircent personal loan is an unsecured loan facilitated by Fairassets Technologies Pvt. Ltd. (Faircent), an RBI-registered NBFC-P2P platform that directly connects borrowers and lenders. A Faircent personal loan can be used for debt consolidation, business expansion, home renovations, weddings, education, medical emergencies, and other personal needs. Loan amount, interest rate, and tenure are profile-based, with a fully online process and typical approval–disbursal within about two days. Multiple lenders may collectively fund one Faircent personal loan, improving access to the required amount.
Eligibility Criteria for Faircent Personal Loan
- Citizenship: Applicant must be an Indian citizen.
- Income: Minimum annual gross income of ₹2 lakh.
- Age: 21 to 58 years at the time of application.
- Credit Score: Preferably a 650+ credit score for better approval odds.
- Employment Status: Salaried or self-employed with stable, verifiable income.
Documents Required for Faircent Personal Loan
- Identity Proof: PAN Card, Aadhaar Card, Voter ID, or Passport.
- Date of Birth Proof: PAN Card or Passport.
- Signature Proof: PAN Card, bank signature verification, or passport.
- Address Proof: Passport, bank statement, voter ID, utility bill, or postpaid phone bill.
- Proof of Contact: Recent mobile or landline bill.
- Bank Statements: Last 6 months bank statement.
- Income Proof:
- Salaried: Latest salary slips.
- Self-employed/Business Owners: Last 2 years’ ITR and business income details.
- Payment Proof: Cancelled cheque or passbook front page copy.
- NACH Mandate: Mandatory for direct bank transfers.
- E-Mandate: If required by the lending participants post approval.
Features of Faircent Personal Loan
- Loan Amount: ₹10,000 to ₹5 lakh for personal use; up to ₹10 lakh for business use.
- Interest Rates: Typically 9.99% to 12% p.a. (profile and loan type dependent).
- Flexible Tenure: 6 to 36 months for customized EMIs.
- Online Loan Processing: End-to-end digital journey with minimal paperwork.
- Quick Disbursal: Usually within about 2 days of approval.
- No Collateral: 100% unsecured; no security/guarantor required.
- Multiple Lenders: Diversified funding from several lenders on the platform.
Fees and Charges of Faircent Personal Loan
- Loan Amount: Up to ₹5 lakh (personal); up to ₹10 lakh (business).
- Interest Rate: 9.99% to 12% p.a. based on credit profile and product.
- Platform Registration Fee: ₹500 (non-refundable).
- Loan Processing Fee: 6% to 8% of the loan amount.
- EMI Non-Payment Penal Interest: 18% p.a. on overdue amounts.
- EMI Overdue Charges: ₹500 per missed payment.
- Pre-closure Charges: ₹500 if closed early; generally applicable only after paying at least three EMIs.
Types of Faircent Personal Loans
- Personal Loan for Salaried Individuals: For renovations, vacations, medical emergencies, and other personal needs.
- Business Loan: For entrepreneurs and small businesses to expand, manage cash flow, or consolidate business debt.
- Debt Consolidation Loan: Combine multiple high-cost debts into one Faircent personal loan EMI.
- Wedding Loan: Finance venue, catering, jewelry, and wedding-related expenses.
- Home Improvement Loan: Repair, remodel, and upgrade your home.
EMI Calculation for Faircent Personal Loan
EMI formula (monthly): EMI = P × r × (1 + r)^n / ((1 + r)^n − 1), where P is the loan amount, r is the monthly interest rate (annual rate ÷ 12), and n is the number of months.
Example: For ₹100,000 at 12% p.a. for 12 months, r = 0.12/12 = 0.01. EMI ≈ ₹8,885 per month (approx.). Use the Faircent EMI calculator for exact values based on your offer.
Why Choose Faircent Personal Loan?
- Quick Online Processing: Fast approvals and disbursals, typically within about two days.
- Competitive Rates: The Faircent personal loan interest rate starts from 9.99% p.a.
- No Collateral: Unsecured P2P loan with simple documentation.
- Flexible Terms: Tenure options from 6 to 36 months.
- Multiple Lender Funding: Diversified funding improves access and speed.
Frequently Asked Questions (FAQs)
- How much can I borrow on a Faircent personal loan?
- Up to ₹5 lakh for personal needs and up to ₹10 lakh for business needs.
- Is my Faircent personal loan funded by one lender?
- Typically multiple lenders co-fund your loan via the P2P platform.
- Is physical verification required?
- Yes, residence and office verification may be scheduled before disbursal.
- Can I prepay the loan early?
- Yes, prepayment is allowed (generally after at least three EMIs); a ₹500 charge may apply.
Important Note
Faircent personal loan pricing, eligibility, and documentation are subject to change and individual credit assessment by the platform and participating lenders. Always review the latest offer terms, fees, and Faircent personal loan schedule of charges before proceeding.
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Frequently Asked Questions
Everything you need to know about FairCent personal loan rates, eligibility, and processing.