Frequently Asked Questions
For Personal loan: Between Rs. 30,000 and Rs. 5,00,000
For Business loan: Up to Rs 25,00,000.
Right now, you can borrow minimum for 6 months and maximum for 36 months. Faircent is working on making it operationally feasible to let Borrowers borrow for longer periods.
Yes, and there is no prepayment penalty while at the same time,banks charge 2-4%
No, the repayment date has been fixed for the 10th of every month. Faircent is working on making repayment dates flexible in future.
Borrowers can borrow money for 6 months / 12 months / 18 months / 24 months or 36 months only.
Interest rates depend on the credentials of Borrowers and the ongoing demand of Lenders in the Faircent marketplace. They can only be finalized once the concerned Borrower and Lender agree mutually on a particular rate.
Faircent conducts a strict verification process of the data and documents provided by Borrowers. In addition we appraise each request to ensure the credit worthiness of Borrowers meets with the market standards. However, individual Lender is the ultimate judge.
This may have happened if there was a deficiency found in the data and/or documents received from you.