Faircent Business Loan

The key features of the Faircent Business Loan are mentioned below:

• Purpose: Faircent business loan is available to fulfil inventory requirements, run or expand your business at your own terms.
• Loan amount: You can borrow a maximum loan amount up to Rs. 10 Lakhs.
• Interest: Interest rates vary from 12% to 28% p.a.
• Repayment tenure: The loan can be paid within tenure of 6 months to 36 months.
• Security: No collateral or security is required to avail of the loan.
• Processing fees: One-time processing of 6% to 8% of the loan amount will be charged, depending on the loan amount borrowed.
• Prepayment charges: You can prepay the entire loan amount after 3 months from the date of loan disbursal without any penalty. Prepayment before 3 months, a one-time non-refundable prepayment fee of Rs. 500 will be charged.

Faircent business loan offers the following benefits:

• Lower rates of interest due to no intermediary costs and margins.
• You can borrow directly from the trusted lenders. No need to visit the bank in-person.
• You can get funds within hours after your loan request is listed.
• Easy online application.
• Zero hidden charges.
• Loan funded by multiple lenders.
• Nil prepayment charges on foreclosure after 3 months of loan disbursal.
• Decide the repayment date for EMI on any date between the 1st and 10th of every month. You can decide the date basis the date on which your salary is credited.

You can use the Business Loan EMI Calculator available on our website or on Faircent’s website to calculate your Faircent business loan EMI. All you need to do is enter a few details, like the loan amount, interest rate, and repayment tenure to get the EMI calculation instantly.

Here is an example of EMI calculation using our EMI Calculator:

• Loan amount required: Rs. 10 Lakhs
• Applicable rate of interest: 12% p.a.
• Repayment tenure: 3 years
• EMI to be paid by you each month: Rs. 33,214
• Total interest to be paid: Rs. 1,95,715
• Total amount to be paid by you to the lender: Rs. 11,95,715

In addition to the above information, our efficient EMI Calculator will also provide you with the following amortization schedule.

The following are the documents required to avail of the Faircent Business Loan:

• 2 recent photographs.
• Proof of identity – anyone
  • Passport
  • Adhaar Card
  • PAN Card
  • Voter ID
• Proof of address – anyone
  • Passport
  • Voter ID
  • Bank statement
  • Electricity Bill (not older than 3 months) 
  • Post-paid Mobile or Telephone Bill
• Proof of date of birth – anyone
  • Passport
  • PAN Card
• Proof of signature – anyone
  • Passport
  • PAN Card
  • Signature verification from your bank
• Proof of contact – anyone
  • Last month’s Postpaid Mobile Bill
  • Last month’s Postpaid Landline Bill
• Proof of income:
  • Last 3 months’ salary slips for salaried professionals.
  • Last 2 years’ business/personal ITR and take-home salary for business professionals.
• Last 6 months’ bank statements.
• IFSC Code - Scanned/canceled cheque or copy passbook’s front page of the same bank account.
• NACH mandate with signature matching with your bank account signature.
• E-mandate will be required if the loan request is approved. For that, keep your debit card/net banking details of the account whose details you entered at the time of registration ready.

A business loan borrower of Faircent must:

• Be a resident of India aged 21 years or above.
• Applicant must be earning a regular income.
• Have a gross income of minimum Rs. 2 Lakhs per annum.
• Provide all the required documents mentioned in the checklist.

The following are the charges associated with the Faircent Business Loan:

Interest rate: 12% to 28% p.a.

Processing fee:

• 8% for loan amounts up to Rs. 3 Lakhs + applicable taxes.
• 7% for loan amounts above Rs. 3 Lakhs up to Rs. 6 Lakhs + applicable taxes.
• 6% for loan amounts above Rs. 6 Lakhs up to Rs. 10 Lakhs + applicable taxes.

One-time filing fee: Rs. 500 (non-refundable).

One-time non-refundable prepayment fee: Rs. 500.

Penal interest: 18% p.a. on non-payment of EMI on the scheduled time.

Legal notice fee: If Faircent has to issue a legal notice on behalf of the lenders for default by the borrower, a charge of Rs. 500 per legal notice will be levied.

Charges for changing EMI date or bank account details: A non-refundable fee of Rs. 500 per bank account swap and/or per EMI date change.

Charges for maintaining statement of accounts: A non-refundable fee of Rs. 100 per the statement of accounts.

You can contact the customer care of Faircent regarding any query related to business loans through:

• Phone: 0120-4659902. The number can be reached from 9:30 AM to 6 PM.
• Email: support@faircent.com.

You can also contact the Grievance Officer Dicky Singh through:

• Phone: 0120-4659902
• Email: dicky.singh@faircent.com

OR

Visit or write to the business office at the below-mentioned address:

C-091, 9th Floor Supermart 1,
DLF Phase 4, Gurgaon, Haryana, 122002