Faircent is India’s first peer-to-peer (P2P) lending platform to receive a Certificate of Registration (CoR) as an NBFC-P2P from the Reserve Bank of India (RBI). Our mission is to provide a marketplace that connects individuals in need for credit with individuals and institutes willing to lend their access funds. We use technology to speed up the process and cut costs. Thus, we provide an opportunity to the borrowers to get their requirements funded at viable rates and help lenders get the best possible return on their investment.
Once an interested individual seeks to register, we undertake a detailed verification process following KYC norms as laid down by various regulators. Thus, all personal and financial information pertaining to Borrowers and Lenders visible on Faircent has been verified.
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An automated system suggests the loan period, loan amount and interest rate against each Borrower’s profile, which is indicative of the Borrower’s capability to efficiently repay the loan. Lenders can make offers to fund borrower’s requirement which are accepted on first come first serve basis. Thus, lenders can fund a portion of the total loan requirement of multiple borrowers and borrowers can seek to raise money from multiple lenders.
Once an agreement is reached between the borrower and the lender, a formal contract is signed by them. The loan amount is then transferred to the borrower’s account and the borrower makes periodic repayments via EMI over the stipulated time period.
Borrower Eligibility Criteria Salaried Profile-
- Age should be between 23-58 years.
- Salary – Metro Cities >=25K Non -metro Cities >=22K
- Eligible Cities -PAN India
- Minimum 3 Month Current Job Experience.
- Minimum 6 Months current residence stability.
- Credit Score >=625
- No Default ever.
- No Delay in any loan in last 12 Months.
- Customer should have at least 1 year credit history.
- Customer should not have done more than 10 inquiries in last 3 months.
- Customers who have availed any of these HL/AL/Used Car, CC, PL, CL in their credit history shall only be considered.
Borrower Eligibility Criteria Business Profile
- Age should be between 23-58 years.
- Minimum ITR – 2.5Lakh
- Eligible Cities– PAN India
- Credit Score >=625
- No Default ever.
- Minimum 6 Months current residence stability.
- Minimum Business Vintage should be 2 years.
- Customer should have at least 3-year credit history.
- Customer should not have done more than 12 enquiries in last 3 months.
- No Delay in any loan/CC in last 12 Months.
- Customer Should have at least one of these products in their credit history – HL, AL/Used Car, CC, PL, CL, CVL, CEL, TL, BL, OD, GL, Agriculture Loan
The Faircent Advantage
LOWEST INTEREST RATES
No intermediary costs and margins leading to lowest rates
NO BANK MEDIATION
Borrow directly from trusted lenders, without visiting a bank
EMPOWER YOURSELF
Get the funds required to grow expand or run your business at your terms.
GET FUNDED FASTER
You can get funded within hours after your loan is listed.
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The Mandatory Documents which we require is:-
| Salaried | Self Employed |
| Pan Card | Pan Card |
| Current Address Proof | Current Address Proof |
| Latest 3 Months Bank Statement | Last 6 Months Bank Statement– Current or Saving A/c any |
| Latest 3 Months’ Salary slips | Cancel cheque |
| Cancel cheque of Salaried account | Income tax return (ITR) of Latest 2 years |
| Business Registration Certificate/ office address proof |
Eligibility and Documentation required-Business Cases
| AQB:EMI | Should be Minimum 1 |
| Min AQB | 4500 |
| FOIR | Upto 100% after 1.5 multiplier on ITR |
| Crif Score | 500 |
| Overdue | Other overdue<500 |
| cheque bounce | Not more than 3 outward cheque bounces in last 30 days |
| Business vintage | 2 yr |
| Banking | Not fudged and in PDF format updated for last 6 months |
| Age | 23-57 |
| NTC cases | Not Allowed |
| Documents required | PAN,AADHAR,1 Current Address Proof,Ebill if rented,Last 2 year ITR(Manual ITR not accepted),Last6 months bank statement |
| Business Registration proof,Business address proof | |
| In case of Non-verifiable ITR | Challan Copy Required |
Eligibility and Documentation required-Salaried cases
| Age | 23-58 |
| Location | PAN India |
| Income | 25k |
| Salary credited by Cash/Cheque /UPI salary | Not allowed |
| Total experience | Greater than 1 Year |
| Stability | Min 3 months in current company |
| FOIR | Upto 80% after FC loan |
| Crif Score | 500 |
| Cheque bounce | Not more than 3 outward cheque bounces in last 30 days |
| Documents required | PAN,AADHAR,Current address proof,Last 3 month salary slip,Last 6 months updated bank statement in PDF |
Why will your customers love us?
- 24×7 access to loans
- Loans up to Rs 10,00,000
- Best in class Interest Rates, upto 4% lower than Banks or NBFCs.
- Quick loan application process
- Quick disbursal
- 100% online process
- No guarantors or collateral’s needed
- Instant money transfer to your bank account
- Convenience of payment through various methods
- No foreclosure charges
- 24×7 access to loans
- Loans up to Rs 10,00,000
- Best in class Interest Rates, upto 4% lower than Banks or NBFCs.
- Quick loan application process
- Quick disbursal
- 100% online process
- No guarantors or collateral's needed
- Instant money transfer to your bank account
- Convenience of payment through various methods
- No foreclosure charges
ITR Verification Status
| ITR Status | Acceptance | Action |
| Return Processed and Verified | Accept | NA |
| Return Processed and successfully E Verified | Accept | NA |
| Return Processed with No demand and No Refund | Accept | NA |
| Return Processed and refund paid | Accept | NA |
| Return Processed and Tax demand Determined | Cancel | NA |
| Return Submitted and Not Verified | Return | Challan receipt |
| Return submitted and Verified | Return | Challan receipt |
| No Record found | Cancel | NA |
| Defective Return | Cancel | NA |
| Return Processed and transferred to AO | Cancel | NA |
| Return processed and refund returned unpaid | Accept | NA |
| Invalid Return | Cancel | NA |
Negative Profile (Not to be considered for on-boarding)
- Wine Shop Owners/Bar Owners/ Wine Merchants
- Video Parlor Library Operators
- Commission Agents
- Cable Operators
- Arms Dealers
- Private Money Lenders
- Gambling Business
- Cyber Cafes
- Lottery Business
- Trading in Endangered Species Or Ivory Products
- Politicians & Any Applicant with Politician Links
- Collection & Recovery Agents & Collection Employees
- Police (Except IPS Officers) & Armed Army Employees (Also Army Officials who are residing in Cantt Area)
- Self Practicing Lawyers
- Contractual Employees
- Trust & NGO Owners & Employees
- Media Reporters & Editors
- Stockbroker Firms
- Security Bouncers
- Astrologers/Pandits
- Butchers/Raw Meat Suppliers
- Fitness Center / Gym /Gym Trainers (Can Be Funded If It Is A Reputed Business With 5 Years Existence
The borrower has to make all EMI payments by the due date fixed between 1-15th of every month. Any failure to do so within the stipulated time invites a penal interest per lender of 18% per annum for each instance of delayed repayment.
Faircent will also charge a collection penalty and fee towards issuance of legal notice.
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How do I change my bank details or set up a new direct debit?
Please write to support@faircent.com stating both your old and new bank details. Swapping charges of Rs. 500/- per swap will be applicable and payable to Faircent.
Can I be both, a Lender and a Borrower?
No. You can either be a Lender or a Borrower at a given time.
How do I cancel my loan application?
Please write to support@faircent.com requesting cancellation of your registration as Borrower. Loan cancellation can only happen prior to disbursal of funds.
Can I change the loan amount I want to borrow after applying?
No, to avoid confusions and maintain lender interest, we do not make changes to a listing after it has been made live on the website. To increase the loan amount, you can create a fresh loan request for the difference.
Will my address and phone number be available online on the website?
We do not show anyone’s address or phone number to prevent harassment. For more information, please view our Privacy Policy.
Will Faircent provide me with my credit score?
Faircent does not provide you with your credit score.
How are repayments calculated?
Repayments are equated monthly installments calculated using the reducing balance method. Your installment per month will remain the same throughout the tenure of your loan. The first installment may be different depending on the date of disbursal.
Does Faircent require references?
Yes, as part of the verification process, we require 4 references from your professional or personal contacts who should be able to verify your identity, intention, ability and stability to take and repay a loan.
Does Faircent.com undertake physical verification?
Yes, Physical verification at both residential and official address is undertaken after prior appointment. This is undertaken to verify the identity of the Borrower.
On what parameters does Faircent verify my profile and check my credit-worthiness?
We use a highly-developed, technology-driven process of verification across more than 120 criteria using more than 400 data points basis the personal and financial information and documents provided by the borrower. Each borrower is identity-checked, credit-checked and risk-assessed by our experienced team. The intention, stability and ability of borrowers is evaluated and understood.
Can I choose my monthly repayment date?
The repayment date can be decided mutually between the Faircent team and the Borrower for any date between the 1st – 10th of every month. This is decided basis the date on which the borrower’s salary is credited.
Can I pre-pay my EMI? Can I repay my loan early if I like? Are there any charges?
Pre-closure of loan can be done after three months from the disbursal of the loan without any additional charges. Prior to three months, to protect lender interest, pre-closure can be done after paying balance interest due to lenders for a period of three months from the date of disbursal. This is payable directly to Lenders. Faircent charges a one-time non-refundable pre-payment fees of Rs. 500/-.
Will I be funded by an individual lender or by multiple lenders?
As per Faircent policy, no single lender can fund the entire loan requirement of a borrower. Hence, your loan will be funded by multiple lenders.
How much can I borrow?
Loan disbursal is dependent on loan requirement. For personal requirements, loan amount can vary from Rs. 10,000/- to Rs. 5,00,000/-. For business purpose, a borrower can apply for a loan upto Rs. 10,00,000/-.
Why should I pay filing fee?
The filing fee is towards the considerable time, effort and resources spent by our credit evaluation mechanism to carefully assesses each borrower profile. The filing fee is non-refundable and payable at the time of disbursement only by the borrower funded through the Faircent portal.
Why do you require documents?
The documents are required to identity-verify, credit-check and risk-assess a borrower before registration. Apart from the CIBIL score, we use various other parameters like ability, stability, past performance and intention of the borrowers, which are evaluated basis these documents. The documents provided like salary slips, bank statements, ITR’s, balance sheets etc. help in taking a collective and transparent decision ensuring a fair field for the borrower.
Why borrow through Faircent?
Faircent offers the borrowers a lower interest rate and less hassle than traditional financing options. It offers attractive fixed rates, an easy online application, friendly service and no hidden fees.
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