Instant Personal Salary Loan

Phocket stands out as India's leading AI-driven platform for instant personal loans, personal advances, and salary advances, designed specifically for salaried professionals. With minimal documentation requirements, approvals are swift upon completion of applications, and funds are directly deposited into the applicant's bank account without delay.

Powerful Functions:

- Loan Amounts: Phocket offers loans ranging from ₹ 5,000 to ₹ 2,00,000, providing flexibility based on individual financial needs.

- Annual Percentage Rate: Benefit from competitive APRs ranging from 0% to 36%, ensuring affordability and transparency.

- Loan Tenure: Choose repayment periods between 62 days to 365 days, tailored to suit personal financial circumstances.

- Flexible EMI Options: Enjoy flexible repayment EMIs that accommodate varying budgets and financial situations.

- Instant Approval & Disbursement: Experience swift approval processes and instant fund disbursement upon application completion.

- No Collaterals: Avail loans without the need for collaterals, ensuring accessibility for a wide range of borrowers.

- Fully Automated & Paperless: Benefit from an entirely automated and paperless application process, enhancing convenience and efficiency.

- Easy Online Process: Access fast and reliable loan services through a straightforward online application process.

- Transparent Terms: Ensure clarity with 100% transparency and no hidden charges throughout the loan process.

- Instant Cash Transfer: Receive funds directly deposited into your provided bank account swiftly after approval.

- No Prepayment Charges: Enjoy the flexibility of prepaying loans without incurring additional charges.

- Multiple Repayment Options: Choose from multiple convenient repayment methods to suit your preferences and financial planning.

Here’s an Illustration of How Loans from Phocket Function:

Example 1

Loan Amount: ₹ 20,000

Tenure: 3 Months

Interest: Flat 36% per annum

Processing Fees (including GST): ₹ 708

Disbursed Amount: ₹ 20,000 - ₹ 708 = ₹ 19,292

Flat Interest: ₹ 20,000 * 3/12 * 36% = ₹ 1,800

Total Repayment Amount: ₹ 20,000 + ₹ 1,800 = ₹ 21,800

Monthly EMI: ₹ 21,800 / 3 = ₹ 7,267

Total Cost of loan: Interest Amount + Processing Fees = ₹ 1,800 + ₹ 708 = ₹ 2,508.

Example 2

Loan Amount: ₹ 5,000

Tenure: 3 Months

Interest Rate: 0%

Processing Fees: 0

In-Hand Amount: ₹ 5,000

Interest: ₹ 0

Total Repayment Amount: ₹ 5,000

Monthly EMI: ₹ 5,000 / 3 = ₹ 1,667

These examples demonstrate the transparency and flexibility of Phocket's loan offerings, catering to varying financial needs with competitive terms and minimal fees.

Interest Rates and Associated Charges at Phocket Include:

- Interest Rate: Varied from 0% to 36%

- Late Payment Charges: Up to 8.33% per month, with a minimum of ₹ 500+GST

- Mandate Reject Charge: ₹ 250+GST

- Bounce Charges: ₹ 500+GST

- Prepayment Charges: None

- Processing Fees (including GST): Ranges from ₹ 472 to ₹ 11,800

To Ensure Smooth Operation, the App Requests the Following Permissions

- SMS: We utilize bank transaction messages to automatically fetch and store expenses, bills, and credits, with no access to personal or OTP messages.

- Location: Information on your device's location is collected to conduct risk assessments for credit scoring purposes.

- Apps: We monitor installed apps to enrich credit profiles.

- Storage: Metadata of device files is collected and stored for credit profile enrichment.

- Phone: Device information is monitored to uniquely identify devices and prevent unauthorized actions, ensuring security against fraud.