FatakPay Personal Loan : Get Rs 1,000 to 5 Lakhs Personal Loan for 3 Years : Comprehensive Guide
FatakPay Personal Loan : In today’s fast-paced world, instant access to financial assistance is crucial. Whether you’re looking to cover unexpected expenses or fund your dreams, FatakPay offers a seamless solution with its digital personal loan services.
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This platform provides easy access to loans ranging from ₹1,000 to ₹5,00,000, with flexible repayment terms and competitive interest rates. Here’s an in-depth look at what FatakPay offers.
Why Choose FatakPay?
1. Online Personal EMI Loans
- Loan Amount: FatakPay provides loans starting from ₹1,000 up to ₹5,00,000, making it suitable for both small, urgent expenses and larger financial needs.
- Interest Rates: The annual interest rates range from 12% to 35.95%, ensuring competitive rates based on your eligibility.
- Tenure: You can repay your loan over a period of 3 to 36 months, giving you the flexibility to choose a plan that fits your budget.
2. Fast and Convenient Application Process
- FatakPay boasts a 100% digital process, from application to loan disbursal. You can apply and receive the loan within 10 minutes, all from the comfort of your smartphone.
3. Rewards and Cashback
- Beyond just loans, FatakPay offers monthly cashback and savings on purchases made through its merchant partnerships. This is a unique feature that adds value for the borrowers.
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Loan Types Offered by FatakPay
FatakPay caters to diverse financial needs by offering two primary loan types:
- Short-term Loan: Ideal for small, urgent expenses. You can borrow between ₹1,000 and ₹25,000, with a repayment tenure of 3 to 12 months.
- Personal Loan for Salaried Individuals: If you’re a salaried professional, you can avail of loans from ₹25,000 to ₹5,00,000, with flexible repayment options ranging from 6 to 36 months.
A Closer Look at a Loan Example
Let’s break down a typical loan scenario to better understand the costs involved:
- Loan Amount: ₹20,000
- Repayment Tenure: 12 months
- Interest Rate: 20% per annum
- Processing Fee: ₹500 (2.5%) plus GST ₹90
- Total Interest: ₹2,232
- Monthly EMI: ₹1,853
- Annual Percentage Rate (APR): 24.89%
- Amount Disbursed: ₹19,410
- Total Repayment: ₹22,232
- Total Loan Cost: ₹2,822 (Interest + Processing Fees + GST)
This example provides a clear picture of how FatakPay’s loan structure works. For a loan of ₹20,000, you’ll repay ₹22,232 over the course of 12 months, including all fees.
Eligibility Criteria for FatakPay
To be eligible for a loan from FatakPay, you must meet the following criteria:
- Be an Indian citizen.
- Be 21 years of age or older.
These simple requirements make it accessible for a wide range of people seeking financial aid.
How to Apply for a Loan on FatakPay
Getting a loan through FatakPay is simple and quick. Here’s the step-by-step process:
- Download the FatakPay App: Start by installing the app from your app store.
- Sign Up: Register using your mobile number to create your account.
- Check Eligibility: Enter your PAN number to instantly check if you qualify for a loan.
- Submit KYC: Upload your KYC documents for verification. This step is essential for verifying your identity and financial status.
- Select Loan Amount and Tenure: Choose the amount you need and the repayment period that suits you.
- Enter Bank Details: Provide your bank information for the disbursal of funds.
FatakPay Personal Loan : Final Thoughts
FatakPay offers a reliable and fast solution for anyone in need of financial assistance. Whether it’s a small emergency or a significant expense, you can secure a loan in minutes and repay it on terms that work for you. The platform’s competitive interest rates, fast disbursal, and cashback rewards make it a standout option in the digital lending space.
Also Read : Is a High Credit Score Necessary for Personal Loan Eligibility ?
With its easy application process and flexible loan products, FatakPay is a great choice for salaried professionals and individuals looking for quick, hassle-free loans.
