Got Questions?
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1. What is Phocket?

Phocket is a fintech company where a salaried professional can take an instant short-term loan of up to Rs 2 lac for a period of upto 12 Months. There is a flexibility to pay in 1, 2, 3, 6 or 12 emis. We are accessible via Web, ios and Android App. The entire process is fully automated. An application can be filled within 4 to 5 minutes. Documentation requirement is minimal and the loan is transferred within an hour or so to the bank account of the user.

2. What is the eligibility criteria?

Any salaried Indian citizen who is over 20 years of age with a minimum take-home monthly salary of Rs. 15,000 is eligible to take the loan from Phocket platform.

3. Which cities are Phocket platform currently in?

We are live in selected cities across India.

4. For what purpose such loan can be taken?

The loan can be taken for multiple purposes like Meeting EMIs, Credit card payment, Education loans, Travel loans, House renovation, Medical emergencies, Shopping and even for Festivals or Celebrations.

5. How does Phocket Work?

  • Visit or install Phocket App from Google Play Store.
  • Register yourself with facebook or google account.
  • Authenticate your mobile by entering OTP sent to it.
  • Fill up the loan application and upload necessary documents. This process hardly takes 4-5 minutes. We will do our internal credit check. Post this you will get to know by notification on App / Website, SMS or Email indicating our decision. (Generally, it won't take more than an hour but sometimes due to multiple reasons if it gets delayed we will communicate it within maximum 24 hours).
  • For First time approval an applicant needs to e-sign the loan agreement and give auto debit authorisation via netbanking e-mandate. Once formalities are completed, disbursement will happen on the same day.
  • For subsequent approvals the process is fully automated and disbursement happens within 24 hours.
  • Finally, the loan will be directly transferred to the bank account within the next 10 minutes.

6. On what basis Phocket lends?

Phocket credit decision will be on the basis of diverse data points like Credit History, Credit Worthiness, Spending Pattern, Education Qualification, Job History, Social Profile, Behavioral Pattern among others.

7. Does Phocket have any NBFC license?

Phocket has a collaboration with Citra Financials Private Limited which are NBFC with the license to carry out lending activities from RBI.

8. What are Phocket's Terms & Conditions?

You can read it here

9. What is Phocket's Privacy Policy?

You can read it here

10. What documentation is required by Phocket?

We need image of following original documents to be uploaded to our app or website:

  • Office ID Proof
  • Aadhar Card
  • Last 2 months bank statement
  • Last month salary slip
  • Current Address Proof (Passport, Voter id, Utility Bill, Rent Agreement)

11. What are the ideal formats for the uploaded documents?

Bank Statement should be uploaded in PDF Format. If it is password protected, then kindly provide us the password as well.

Pan Card and Aadhar Card in PDF, JPEG or PNG format.

We recommend clicking the image using App camera as it helps us in compressing and uploading the image in a better manner.

12. How safe is my data?

Your data is completely safe with us. It is transferred over a secure HTTPS connection to us, and we do not share it with anyone without your consent except the Lenders. Phocket does not archives customer's data, either in the case of loan disbursement or rejection.

13. Is there a particular time at which I can avail a loan from Phocket?

No, you can avail a loan from Phocket 24*7. Since it's an online platform, the facility can be availed from anywhere, as per your convenience. Our customer support is always there to guide you through the process.

14. What is the loan limit?

Loan can be taken in the range of Rs 5,000 - Rs 2,00,000. Loan amount should be a multiple of 1000.

15. What can be the tenure of the loan?

Loan tenure is upto 12 Months with flexible repayment option. Our repayments are compulsorily aligned to salary date.

16. What are the costs involved?

  • Interest Cost: We charge flat interest rate on the basis of total tenure. For employees of partner corporates, there may be a special rate of interest.
  • Standard Interest rate as follows:
Phocket Mini
Amount 5,000 - 10,000
Installment(s) 1 2
Monthly Interest 10% 10%
APR 120% 120%

Phocket Advance Salary
Amount 11,000 - 2,00,000
Installments 1 2 3 6 12
Monthly Interest 3% 3% 3% 2.5% 2%
APR 36% 36% 36% 30% 24%
  • Tenure = Last EMI date - Disbursement Date
    Simple Interest = Principal * Rate * Tenure/365
    EMI = ((Principal + Simple Interest) / Number of EMIs)
  • Processing Fees (inclusive of GST): It is charged as per following slabs:
TOTAL LOAN 1 2 3 6 12
5000 to 10000 590 708 NA NA NA
11,000 to 20,000 708 826 826 NA NA
21,000 to 40,000 826 1062 1298 1888 NA
41,000 to 60,000 1062 1534 1888 2478 4838
61,000 to 80,000 1298 1888 2478 3068 6018
81,000 to 1,00,000 1534 2242 3068 3658 7198
1,01,000 to 1,50,000 NA NA NA 4838 9558
1,51,000 to 2,00,000 NA NA NA 6018 11918
  • Late payment charges: In case of delay in payment of Amount Due, we will charge a late payment fee not exceeding 8.33% per month on the amount due, subject to a minimum of Rs. 500 (GST extra).
  • Repayment Instrument(s) mandate reject charge: In the event, the repayment instrument(s) mandate registration is rejected, will charge rejection charges not exceeding Rs. 250/- per rejection (GST extra).
  • Charges for bouncing off the Repayment Instrument(s): In case of default by reason of the Repayment Instrument(s) being dishonored, will charge Rs. 500/- per month / per default towards its dishonor (GST extra).
  • Prepayment charges: Currently NIL.

17. How eSign works?

  • Check your Approved Loan Details in the link provided to you at the time of approval.
  • Check your documents and read the Loan Agreement.
  • Agree the agreement terms and proceed for eSign.
  • Enter your Aadhaar Number
  • Enter OTP for verification
  • Check the digitally signed Loan agreement.

18. How eMandate works?

  • Check your Approved Loan Details in the link provided to you at the time of approval.
  • Check your registered mail id and mobile number.
  • Select your bank.
  • Check your account details and proceed for mandate registration via net banking.

19. How can I repay the loan?

On the due date, we use NACH / e-mandate to take repayment automatically. On the repayment date, we will debit your bank account registered with us. Just make sure that you have enough money in your bank account on that day.

20. Can I pre-pay?

Yes, you can pre-pay via net banking or UPI. You need to transfer and share necessary details with us.
In case of EMI loans, a person prepaying before first EMI will have to pay the sum total of all EMIs.
On and after first EMI repayment date there will interest waiver depending on prepayment period.

21. Can I postpone my repayment date?

No, you cannot, you have to repay the loan on the due date only.

22. How many loans can I take at a time?

Currently, we allow only one loan at a time.

23. Is physical verification being done for loan approval?

Phocket App has completely digital journey so there won't be any physical verification

24. Does Phocket report to the Credit Bureaus?

Yes, our lending partner Citra Financials Private Limited is RBI registered NBFC and it is obligated to report our loan, its history, the late payment and non-payment of dues to credit bureaus such as CIBIL. By paying on time, your score improves and so does your chances of getting a credit card or any loan.

25. When can I apply for a loan again with Phocket if my loan application was rejected for the first time?

Currently our cooling off period is of 3 months. so, a person can re-apply for a loan again with Phocket after 3 months.

26. When can i apply for second loan with Phocket?

A person can apply for a second loan with Phocket after 24 hour of first loan's repayment.

27. My bank is not active for NPCI netbanking e-mandate facility. Can i still avail loan?

In such cases applicant needs to courier signed loan agreement, security cheque and NACH mandate form to our Delhi offIce. Disbursement will happen post receipt and validation of these documents.

28. My mobile is not linked with Aadhar. Can I still avail loan?

In such cases applicant needs to scan and email signed loan agreement to or courier signed loan agreement to Delhi H.O.

29. Helpful links

30. Which all banks are active for netbanking based e-mandate?

  • Andhra Bank
  • Axis Bank
  • Bank of Baroda - Retail Banking
  • Bank of Maharashtra
  • Canara Bank
  • Central Bank of India
  • City Union Bank
  • Cosmos Co-operative Bank
  • Deutsche Bank
  • Development Bank of Singapore
  • Dhanlaxmi Bank
  • Equitas Small Finance Bank
  • Federal Bank
  • HDFC Bank
  • Hongkong & Shanghai Banking Corporation
  • ICICI Bank
  • Indian Overseas Bank
  • Indusind Bank
  • Karnataka Bank
  • Karur Vysya Bank
  • Kotak Mahindra Bank
  • PNB (Erstwhile-Oriental Bank of Commerce)
  • Paytm Payments Bank
  • Punjab & Sind Bank
  • Punjab National Bank - Retail Banking
  • RBL Bank
  • South Indian Bank
  • Standard Chartered Bank
  • State Bank of India
  • Syndicate Bank
  • Tamilnadu Mercantile Bank
  • Ujjivan Small Finance Bank
  • Union Bank of India
  • Yes Bank
  • AU Small Finance Bank
  • CITI Bank
  • DCB Bank