Phocket Loan App Se Loan Kaise Le? Phocket Loan App 2024

Phocket Loan App Se Loan Kaise Le: Phocket Loan App is a popular mobile application in India that provides personal loans to salaried professionals. This app works completely online, which means you can do the entire process of applying for a loan, approval and receiving the amount from your smartphone.

Phocket Loan App Features

• You can borrow any amount from Rs. 1,000 to Rs. 2,00,000.
• You can enjoy flexible repayment options, which can range from 2 months to 1 year.
• You can find out your eligibility with in just 2 minutes.
• The loan amount is credited to your account within a few minutes of application approval.
• The interest rates of this application start from just 0%.
• From start to finish, you can easily complete the entire application process from the comfort of your home.

What are the benefits of Phocket Loan App?

• Quick and Convenient : Being a completely online process, Phocket is a fast and convenient way to get a loan. You can apply for a loan within minutes.
• Minimum Documentation : Compared to traditional banks, Phocket requires minimal documentation.
• No Credit History Required : Even if you don’t have a credit card, you can still apply for a loan from Phocket.
• Flexible Loan Amount & Tenure : Phocket offers various loan amounts (typically ranging from ₹10,000 to ₹2,00,000) and tenures (ranging from a few months to 1 year).

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What is Phocket?

Phocket Loan App is an Indian peer-to-peer (P2P) lending platform. This means that this app directly connects people who want to take a loan (borrowers) to those who want to earn by investing their money (investors).

How much loan amount do you get from Phocket Loan App?

You can take a loan from Phocket Loan App from ₹ 2,000 to ₹ 2 lakh. If you want to apply for a loan, you can get a loan of at least ₹ 2,000. And if you want to take a loan of ₹ 2 lakh, then you will also get a loan of ₹ 2 lakh from this application.

Types of loans

Phocket Mini: In this, you can take a loan of 5 thousand to 10 thousand. This loan is for a maximum period of 2 months, on which the monthly interest rate is usually 10 percent. There is a processing fee of Rs 590 on a one-month loan and Rs 708 on a two-month loan.

Phocket Advance Salary: In this, you can take a loan of 11 thousand to 2 lakhs. The monthly interest rate is 2 percent to 3 percent according to the loan period. This loan is available for a period of 1 month to 12 months.

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Important features and rules- Phocket Loan App

• A loan of up to 10 thousand is for a maximum of 2 months, while a loan of 11 thousand to 20 thousand is for a maximum of 3 months.
• A loan of 21 thousand to 40 thousand is for a maximum of 6 months, and a loan of 41 thousand to 1 lakh rupees is for a maximum of 12 months.
• Loans above 1 lakh and up to 2 lakh are for a minimum of 6 months and a maximum of 12 months.
• Failure to repay the loan on time attracts a monthly interest rate of 8.33% on the EMI amount, which cannot be less than Rs 500.
• Phocket App currently does not charge any fee on prepayment of EMI.
• If your loan application is rejected by Phocket, you can re-apply only after 3 months.
• You can re-apply for a loan from Phocket App only 24 hours after depositing all the EMIs of the previous loan.
• There is no physical verification for loan approval.
• Through this app, you can get a loan of maximum 4 times your monthly salary (Take Home Salary).
• The processing fee of the loan will be deducted from your loan amount itself.

What is the loan interest rate on Phocket Loan App?

If you take a loan from Phocket Loan App, then you will get interest at the rate of 0% to 36% per annum on this app and interest will have to be paid on the loan amount. From this application, you can get a loan at a minimum interest of 0%. From here you can get a loan at a maximum interest of 36%.

For how long can you get a loan on Phocket Loan App?

You can get a loan from Phocket Loan App for 2 to 12 months. You can get a loan from here for a minimum of 2 months. You can get a loan for a maximum of 12 months.

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What are the important documents for Phocket Loan App?

• PAN Card
• Aadhaar Card
• Bank Account
• Selfie

Who is eligible to take a loan from Phocket Loan App?

• Your age should be between 20 years.
• You must have a valid PAN card and Aadhaar card as a documents.
• You must have a bank account.
• Your income should be ₹15,000.
• Your income should be credited to your bank account.

How to apply for a loan on Phocket Loan App?

Download the app: First of all, you have to download the Phocket Loan App from Google Play Store.

Apply: After downloading the app, you have to submit your basic details, such as your name, income, expenses and employment information.

Eligibility Check: Phocket will assess your loan eligibility based on the information you provide.

Upload Documents: If you are eligible, you will have to submit minimum documents, such as Aadhaar card, PAN card, and bank statement.

Approval and Amount: After verification of documents, Phocket will provide you loan approval and deposit the loan amount directly into your bank account.

What to keep in mind before using Phocket Loan App?

Interest Rate: If you do not make the payment within the deadline, you start incurring high interest rates. Phocket’s interest rates can go up to 36%, which is quite high.

Hidden Fees: Sometimes apps have some hidden fees, which users are not fully aware of. Therefore, it is important to read all the terms and conditions carefully before using Phocket.

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Conclusion

Phocket Loan App is a convenient option that can help you get a loan instantly. However, read the terms carefully before taking a loan and make sure you will be able to repay. Hopefully, this post has given you complete information about Phocket Loan App.