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.
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.
We are live in selected cities across India.
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.
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.
Phocket has a collaboration with Citra Financials Private Limited which are NBFC with the license to carry out lending activities from RBI.
You can read it here
You can read it here
We need image of following original documents to be uploaded to our app or website:
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.
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.
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.
Loan can be taken in the range of Rs 5,000 - Rs 2,00,000. Loan amount should be a multiple of 1000.
Loan tenure is upto 12 Months with flexible repayment option. Our repayments are compulsorily aligned to salary date.
| Amount | 5,000 - 10,000 | |
|---|---|---|
| Installment(s) | 1 | 2 |
| Monthly Interest | 10% | 10% |
| APR | 120% | 120% |
| 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% |
| Installments | |||||
|---|---|---|---|---|---|
| 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 |
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.
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.
No, you cannot, you have to repay the loan on the due date only.
Currently, we allow only one loan at a time.
Phocket App has completely digital journey so there won't be any physical verification
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.
Currently our cooling off period is of 3 months. so, a person can re-apply for a loan again with Phocket after 3 months.
A person can apply for a second loan with Phocket after 24 hour of first loan's repayment.
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.
In such cases applicant needs to scan and email signed loan agreement to finance@phocket.in or courier signed loan agreement to Delhi H.O.