Phocket Personal Loan is an instant loan service provider in India. It offers instant loans to people who are unable to repay their loans.
The loan starts from Rs. 5000/- 1 lakh. You can repay the loan within 110 days.
Phocket Personal Loan Quick Recap
|Interest rate||24% to 30% p.a.|
|Loan Amount||UP to 1 lakh|
|Loan Tenure||Up to 110 days|
|Income Required||Rs. 20,000/-|
|Eligible For||Salaried Person|
Also Read: Top 7 Instant Personal Loan apps without Salary Slip
What is Phocket?
Phocket is a Fintech company that offers a platform for salaried persons to apply for fast personal loans online.
Phocket does not have a license to participate in financial transactions on its own. The Company collaborates with DRP Financial Services Pvt Ltd and Pooja Finelease Private Limited to accomplish this. DRP Financial Services Pvt Ltd and Pooja Finelease Private Limited are both NBFCs licensed by the RBI to conduct lending operations.
Currently, Phocket is available in Nodia, Ghaziabad, Faridabad, Jaipur, Bangalore, Kolkata, Mumbai, and Delhi.
Also Read: Navi Instant Personal Loan
Benefits of Phocket Personal Loan
Instant Loan Approval: Phocket is a mobile app that connects people with income potential and access to money, through Phocket loans. The key purpose of this service is to help the less privileged in society. It helps a person or company that needs money for an urgent need to quickly borrow money from the Phocket community.
Low-Interest Rate: Phocket Loans is an online loan platform that offers up to 2.5% per month interest rate on Phockets. This loan can be extended for as long as the term of the product and it is not tied to any specific duration.
Minimum documents required: You can apply for Phocket loan with minimum documents. Phocket Loan is a highly innovative and unique financial product. It helps people to finance their personal and business needs. Its features are simple, quick, safe and affordable.
Quick loan application: The loan application procedure is frequently seen as difficult, time-consuming, and burdensome. Phocket provides a quick loan process.
Also Read: Top 5 Student Loan Apps in India
Phocket Personal Loan Fees & Charges
|Interest rate||24% to 30% p.a.|
|Processing Charges||2% to 3% + GST|
Eligibility of Phocket Instant Loan
Some general eligibility requirements for a loan via the Phocket platform are as follows:
- The applicant should be at least 20 years old.
- Only salaried individuals/professionals with a monthly salary of at least 20,000/- are eligible for the loan.
- To be eligible for a loan via Phocket Platform, the applicant must be a Resident Indian.
Also Read: Cashe Personal Loan
Documents Required For Phocket Loan
The following documents are required for the Phocket Instant Personal Loan:
- Current address proofs, such as Aadhar Card, Voter ID Card, Utility bills, and so on.
- Pan Card
- Latest salary months for the last 3 months
- Statement of bank accounts over the previous three months.
How to Apply for Phocket Loan
Step 1 Visit Phocket.in or download the Phocket mobile app from the Google Play store.
Step 2 Registration should be done with a Google or Facebook account.
Step 3 You will authenticate the mobile number by entering the OTP supplied to your cell phone.
Step 4 The next step will be to complete the short online application, which will take around 4 to 5 minutes, and to upload soft copies of the relevant papers.
Step 5 An internal credit check will be performed using the information supplied, and you will be notified of the credit decision through SMS, the app, or email within 24 hours.
Step 6 You must e-sign a loan agreement and authorize auto-debits using net banking e-mandate. This is the method for submitting a loan application for the first time.
Step 7 The loan proceeds will be totally automated for subsequent applications, and you will get a payout within 24 hours.
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