Check Out Personal Loan Low Interest Rate and Fees Charged By Faircent
Repayments
If e/NACH mandate has not cleared by the first EMI due date then the same is payable by cheque. Thereafter, repayments– EMI and pre-closure – are made through online, automated procedure using e/NACH mandate. e-Mandate facility allows borrowers to pay their monthly EMIs and repayments online via Auto-Debit facility. Faircent will email the borrower the e-mandate link. The borrower can click on the link and verify using either their debit card or net banking. The whole process takes not more than a few minutes. Once the mandate is aproved, all future EMIs will be directly debited from borrower’s bank account. In certain cases, NACH mandate is used. Wherein monthly EMIs and repayments happen online via Electronic Money Transfer without the need to issue numerous cheques to each lender. NACH mandate collected along with other documents at the time of listing the loan. Every month the entire EMI amount is collected directly, through auto-debit, from the borrower’s salary account into Escrow Account from where it is disbursed to respective lenders after consolidation.
Fees
We charge a one-time, non-refundable filing fee of Rs. 500/- only from borrowers funded through the Faircent portal, which is due along with the processing fee, prior to disbursal.
Once the loan agreement is closed, prior to disbursement, a non-refundable processing fee based on loan amount, tenure and interest rate is charged. The Borrower understands and agrees that Faircent is entitled to debited the Processing Fee from the total loan amount before transferring the sum to borrower’s bank account. Please find the indicative processing fees structure below. However, the actual Processing fees will be communicated through email to each borrower at the time of listing the loan on the platform.
| Loan Amount (in INR) | Processing Fee* |
| Up to 3 Lakhs | 8% |
| 300001 - 6 lakhs | 7% |
| 600001 - 10 lakhs | 6% |
*Service tax/GST/other taxes to be charged additionally as applicable
The Processing Fee is subject to change as per Faircent’s discretion and shall be updated on the website. All fees and/or any charges incurred post listing and funding of the borrower's loan requirement is non-refundable.
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Pre-Payment of Loan
A borrower can choose to pre-pay the entire loan amount without any penalty after three months from the date of disbursal of the loan. Prior to three months, in order to safeguard Lender’s 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 to Lenders.A one-time non-refundable pre-payment fees of Rs. 500/- will be charged by Faircent to the Borrower.
Cooling off/look-up period
A borrower has an option to exit from the loan by paying the principal and the proportionate APR without any penalty within 3 days from the date of disbursement. To exit the loan the borrowers can contact by email [email protected] or call 0120-4659902 (Mon - Sat, 9:30 am to 6 pm).
Non-Payment
Borrowers are morally and legally obliged to pay all dues in a timely manner. In case the EMI is not paid on the scheduled time, a penal Charges @ 18 p.a. will be charged. These charges are applicable for each instance of delayed repayment. Faircent will also charge a EMI Overdue charge of Rs. 500/- per delayed payment.
This charge will be adjusted against the repayment before adjustment of the delayed EMI amount. So, Faircent encourages all borrowers to make timely payments to avoid penalty charges.
In the worst-case scenario, if Faircent has to issue a legal notice to a defaulting borrower on behalf of the lenders then a charge of Rs. 500/- per legal notice will be payable by the borrower to Faircent.
Other Fees
To maintain efficiency, the repayment process is being handled by Faircent through a system-driven, automated mechanism. Hence, we discourage borrowers from changing their EMI date or bank account details through which an ongoing loan repayment process is carried on. However, under certain unforeseen circumstance this may be inevitable.In such a scenario, borrowers must inform us in writing on [email protected] and pay a nominal, non-refundable fee of Rs.500/- per bank account swap and/or per EMI date change.
Borrowers are obliged to maintain details of their loan including statement of accounts. In case, they need Faircent’s assistance in this regard then a non-refundable fee of Rs. 100/- per statement of accounts will be charged.
Refund Policy
All fees and charges are non-refundable.
Please note that Faircent provides a complimentary e-book (worth Rs. 600/-) to all rejected applicants. The e-book provides suggestions on how a loan seeker can improve his/her credit profile.
Faircent.com only facilitates a virtual meeting place between Borrowers and Lenders on its online platform. The decision to lend money to a borrower is entirely at the discretion of the Lenders and Faircent does not guarantee that a borrower will receive any loans from the Lenders. Faircent merely aids and assists Lenders and Borrowers listed on its website to make and receive loans and charges a service fee from Lenders and Borrowers for such assistance. Faircent is only an ‘Intermediary’ under the provisions of the Information Technology Act, 1999.