Blog

Faircent.com logo - your gateway to swift unsecured loans surpassing traditional banks.
20-02-2024

Unleashing Faircent.com in 2024: Your Gateway to Swift Unsecured Loans Surpassing Traditional Banks

Introduction

In the realm of personal finance, Faircent.com emerges as a beacon of financial solutions, providing swift and hassle-free unsecured loans that outshine traditional banking options. If you’re seeking a seamless borrowing experience with competitive interest rates, Faircent.com is the go-to platform tailored to meet your financial needs.

Why Choose Faircent.com Over Traditional Financing?

Lower Interest Rates and Hassle-Free Process

Faircent.com stands apart by offering borrowers not just lower interest rates but also a streamlined process, minimizing the bureaucratic hurdles that often accompany traditional financing options. The platform boasts attractive fixed rates, an intuitive online application, friendly service, and a commitment to transparency, with no hidden fees.

Getting Started with Faircent

Simple Registration Process

Getting started with Faircent.com is a breeze. Click on the “Sign Up Now” icon and follow the straightforward, step-by-step registration process. Once you’ve provided the necessary information and uploaded the required documents, Faircent’s risk assessment team will swiftly verify your identity, conduct a credit check, and assess your risk profile.

Document Verification: A Transparent Decision-Making Process

You might wonder why documents are necessary. Faircent.com employs a robust credit appraisal system, evaluating not only your CIBIL score but also various other parameters such as ability, stability, past performance, and intention. Documents like salary slips, bank statements, ITRs, and balance sheets play a crucial role in ensuring a fair and transparent decision-making process.

Borrowing Limits and Funding Structure

Flexible Loan Amounts

At Faircent, the loan disbursal is tailored to your specific needs. For personal requirements, borrow anywhere from Rs. 10,000/- to Rs. 5,00,000/-, while business purposes allow a loan application of up to Rs. 10,00,000/-. Faircent’s commitment to risk diversification ensures that no single lender funds the entire loan requirement, spreading the risk among multiple lenders.

Pre-Payment and Repayment Flexibility

Faircent.com empowers borrowers with the flexibility to pre-pay their EMIs after three months from loan disbursal without incurring additional charges. In the initial three months, pre-closure is possible after paying the balance interest due to lenders. A nominal one-time non-refundable pre-payment fee of Rs. 500/- ensures transparent and straightforward transactions.

Tailored Interest Rates

Interest rates are not arbitrary at Faircent. The platform utilizes an automated credit appraisal system, considering over 120 criteria and analyzing more than 400 data points to suggest personalized interest rates ranging from 12% to 28%. Unrated borrowers may register at a slightly higher interest rate, ensuring a fair and inclusive approach.

Rigorous Profile Verification

Comprehensive Verification Process

Faircent.com employs a highly-developed, technology-driven verification process, evaluating more than 120 criteria and over 400 data points based on personal and financial information provided by borrowers. Identity checks, credit checks, and risk assessments are meticulously conducted to gauge the intention, stability, and ability of borrowers.

Physical Verification for Added Assurance

Yes, Faircent goes the extra mile by conducting physical verification at both residential and official addresses after prior appointment. This step further ensures the identity and legitimacy of the borrower, enhancing the overall trustworthiness of the platform.

Transparent Listing Process

Streamlined Loan Listing

Once a borrower completes the sign-up, provides basic information, pays the non-refundable filing fee, and uploads required documents, Faircent’s risk assessment team takes 48-72 hours to evaluate and verify the borrower. The listing, including loan amount, interest rate, and tenure, is made live on the portal, ready for lenders to fund within 48-72 hours.

Listing Period and Funding Dynamics

All loans are listed for 15 days, extendable to a maximum of 30 days under special circumstances. While the listing period is fixed, the funding dynamics are influenced by the number of lenders. Creditworthy borrowers may attract funding within minutes, while others may take a few days.

Expedited Disbursal Process

Technology-Driven Disbursal

Faircent.com leverages technology to expedite the disbursal process. After paying processing fees, signing the loan agreement, and providing necessary documents, the borrower-driven process ensures funds are transferred from the lender’s escrow account to the borrower’s bank account within 24-48 hours.

Understanding Loan Application Denials

Transparent Rejection Criteria

Faircent holds the right to decline a listing in specific cases such as incomplete documentation, unauthenticated information, negative physical verification reports, or intentional provision of misleading information. This transparent rejection criteria ensures a fair and secure lending environment.

Managing Loan Repayments

Timely Repayments and Penalties

Faircent emphasizes the moral and legal obligation of borrowers to make timely repayments. In case of delayed EMIs, penal charges, payable to lenders, are imposed. Faircent also charges non-refundable overdue fees per delayed payment. Transparent policies incentivize borrowers to adhere to repayment schedules.

Legal Notice and Defaulting

In extreme cases of non-payment, Faircent reserves the right to issue legal notices on behalf of lenders. A non-refundable charge of Rs. 500/- per legal notice becomes payable by the borrower. This stringent approach ensures the sanctity of the lending ecosystem.

Overcoming Past Defaults

Encouraging Credit Improvement

Faircent provides hope for individuals with past loan defaults or rejections from traditional institutions. While stringent in its credit and verification standards, the platform encourages applicants to improve their credit history by timely repayments, offering them a chance to reapply after six months.

Apply now for Faircent.com personal loan/business loan

Apply now for ABFSL Instant Loan

Repayment Structure

Equated Monthly Installments (EMIs)

Repayments on Faircent are calculated using the reducing balance method, ensuring consistency in monthly installments throughout the loan tenure. The first installment may vary depending on the disbursal date, providing clarity to borrowers.

Borrower Eligibility Criteria

Clear Eligibility Guidelines

Faircent.com outlines specific eligibility criteria for both salaried and self-employed individuals. For salaried positions, the age bracket is 25 to 55 years, with a monthly remuneration exceeding Rs. 25,000/-. A commendable credit score, stable employment, and residential stability are prerequisites.

Criteria for Self-Employed Individuals

Self-employed individuals must adhere to age criteria, minimum income tax return requirements, credit score mandates, and business vintage conditions. The comprehensive eligibility guidelines ensure a transparent and fair lending process.

 

Borrower Eligibility Criteria:

  • Salaried Profile:
    • Age: 25-55 years.
    • Monthly Salary: Above 25,000 INR (Net Take Home).
    • Eligible Cities: PAN India (Except specific PIN codes in Ghaziabad).
    • Minimum Job Experience: 3 months.
    • Minimum Residence Stability: 6 months.
    • Credit Score: >= 550 (Exception for scores between 775 to 800).
    • No Default History.
    • No Delay in any loan within the last 12 months.
    • Minimum 1 year of Credit History.
    • Maximum 10 credit inquiries in the last 3 months.
    • Consideration for those with specific credit history (HL/AL/Used Car, CC, PL, CL).
  • Self-employed Profile:
    • Age: 25-55 years (Excluding customers aged 41-45).
    • Minimum ITR: Above 3 Lakhs (Gross Income).
    • Eligible Cities: Pan India.
    • Credit Score: >= 550.
    • No Default History.
    • Minimum Residence Stability: 6 months.
    • Minimum Business Vintage: 2 years.
    • Minimum 36 months of Credit History.
    • Maximum 12 credit inquiries in the last 3 months.
    • No Delay in any loan/CC in the last 12 months.
    • Consideration for those with specific credit history (HL, AL/Used Car, CC, PL, CL, CVL, CEL, TL, BL, OD, GL, Agriculture Loan).
    • Experian score greater than 700 qualifies leads with CRIF score exception.
    • Eligibility with 18 months of credit history, subject to specific conditions.

    Conditions for 18-month credit history:

    • Bureau Vintage less than 36 months and more than 18 months.
      • Minimum Credit Score: >= 650.
      • Exclusion of customers with only Consumer loans, Gold Loans & Two-wheeler Loans.
    • For loan amounts up to 1.5 Lacs, the Credit score should be greater than 700.

Documentation Requirements

Simplified Documentation

Faircent streamlines documentation requirements for both salaried and self-employed individuals. From KYC documents to salary slips and bank statements, the platform ensures a hassle-free document submission process.

Required Documents:

  • Salaried:
    • KYC documents (ID Proof, Current Address Proof & PAN Card).
    • Last 3 Months Salary Slip.
    • Last 3 Months Bank Statement (Till Current Date).
    • Residence Ownership Proof (On Loan requirement of 2 Lac & Above).
  • Self-Employed:
    • KYC documents (ID Proof, Current Address Proof & PAN Card).
    • Last 2 Year ITR.
    • Last 6 Months Bank Statement (Till Current Date).
    • Two Business Registration Proofs:
      • UDYAM Certificate Mandatory.
      • Any other Business Registration Certificate (Stamp, Sign & Dated).
    • Residence Ownership Proof (On Loan requirement of 2 Lac & Above).

E-Mandate for Seamless Repayments

Secure and Contactless E-Mandate

Faircent introduces the e-mandate facility, allowing borrowers to pay EMIs online via electronic money transfer and auto-debit facilities. This quick, secure, and contactless process provides borrowers with a stress-free repayment experience.

Conclusion

In the dynamic landscape of personal loans, Faircent.com emerges as a reliable and efficient platform, redefining the borrowing experience. From transparent processes and flexible repayment options to encouraging credit improvement, Faircent.com stands as a testament to financial inclusivity and technological innovation. Explore the possibilities with Faircent.com for a seamless, swift, and secure lending journey.

Check CIBIL Score Now

CIBIL Score is a three-digit numeric summary of your credit history. The score is derived using the credit history found in the CIBIL Report (also known as CIR i.e Credit Information Report).
A CIR is an individual’s credit payment history across loan types and credit institutions over a period of time

CHECK CIBIL SCORE

Call Us Join Telegram