Faircent – An innovative financial platform | Fusion - WeRIndia

Faircent is an innovative platform where borrowers and lenders can meet.

The platform helps borrowers to get a loan at a lower cost of rate and the same lenders can lend to earn good returns on their amount.

Faircent is a Gurgaon based startup. Rajat Gandhi, Vinay Mathews and Nitin Gupta founded it.

It is a virtual market place and facilitates both the borrowers and lenders interact directly.

All terms and conditions are favorable to both of the parties.

Thus it protects their time and money.

 

Faircent boasts that it is the largest peer to peer to lending marketplace. Both the lenders and borrowers can benefit from it. Registering basic details are essential to become a lender as well as to borrow money on this platform.

An upfront fee is to be paid to verify the documents provided by them.

Borrowers can get hassle-free loan at lower interest rate than other financial options that borrowers normally choose. The interest rates are normally fixed. Loan can be obtained easily with an online application without any hidden fees. Borrowers can borrow from ₹30,000 to ₹5,00,000 for personal needs and the limit is ₹10,00,000 for business purpose.

 

Anyone can become lender on Fiarcent if he or she is above the age of 25 years with a valid account and PAN card. His/her annual income should be at least Rs.10 lacs to become the lender of Faircent. The listed finance company(s) that are formed under the Indian Companies Act can also apply as Lender on this platform. Yet, the gross income should not exceed 30 percent from the lending activities to individual borrowers by lenders.

Lenders can benefit by way of interest on their money rather than keeping it idle. They can start lending from ₹10,000. The term for borrowers ranges from 6 months to 36 months. Thus, Faircent provides a win-win situation to both borrowers and lenders.

Image Reference: Faircent, Financemagnates, Indiamicrofinance