Faircent Personal Loan Pre-closure Charges

Faircent charges a one-time fee of Rs 500 from borrowers, which is due at the time of registration and the fee, is non-refundable. The fee gets adjusted towards the final processing if borrower is funded by the platform.

*Taxes charged additionally

Faircent offers easy and quick process, where borrower clicks on the sign up now icon, enters some basic information, pays the registration fees and uploads the documents required. Based on the document provided, borrowers are verified providing their efficiency to repay the loan. The loan tenure ranges from 6 months to 36 months. Borrowers are classified into rated and unrated segments in accordance to their credit history. The unrated borrowers are charged with high rate of interest.

After the borrower is verified his loan requirement is listed, various lenders can view their listed application and send proposals to fund their requirements at a specific rate of interest. This platform in order to secure lenders money enables each lender to fund up to 20% of the loan amount and each loan can be funded by at least 5 lenders.

The first EMI is payable by cheque and thereafter payment are made by online automated procedure. It enables money transfer without the need to issue numerous cheques. The process uses NACH mandate for collection along with other documents at the time of listing the loan. Auto-debit enables direct collection of EMI from borrower’s salary account into Escrow account from where it disburses to respective lenders.

By pre-payment, borrower can pre-close the loan agreement without any penalty after three months from the date of disbursal. In order to safeguard the rights of lenders, before three months borrowers need pay balance interest due to lender for a three months period from the date of disbursal. Pre-closing your personal loan can help reduce the stress of monthly EMIs. Further getting the estimated value you need to repay to the bank helps you in deciding whether pre-paying a personal loan is a good option or not.

For any further query you can contact: 0120-4659902

Faircent is an open online platform that provides borrower and lender equal weightage. It brings both the parties in direct contact with each other with the intervention from intermediaries and their ensuing cost. Faircent provides a P2P platform that brings buyers and lenders together to facilitate transaction. Borrowers with worthy credit history may expect various lenders interested to lend them fund.