Instant Personal Salary Loan

Phocket is India’s most preferred AI based

Instant Loan, Personal Loan & Advance Salary App

for Salaried Professionals at the lowest interest rates with No hidden costs, 100% transparency & No collaterals. We are accessible both via Mobile App & Web (phocket.in). The application process is super convenient, hassle-free & can be filled within 10 minutes. Documentation requirement is also minimal, Approvals are done instantly for completed applications & money is transferred directly to the bank account of the applicant.

Shop Now & Pay later

- A loan option where you can Buy anything Now, Pay Later in EMIs. Via this option, you can avail e-vouchers on Phocket App on loan, purchase on Phocket's partner platforms Flipkart & Amazon & pay later in EMIs.

Eligibility

👉Salaried Professionals above the age of 20 years.

👉Minimum take home salary of ₹ 15,000.

Documents Required

📄 Address Proof (Aadhar, Passport, Driving License, Voter Id, etc)

📄 PAN Card

📄 Last 2 Months Bank Statement

📄 Latest Salary Slip

Key Highlights & Features

🔸Amount ranges between ₹ 5,000 & ₹ 2,00,000

🔸Annual Percentage Rate range from 0% - 36%

🔸Loan Tenure ranges from 62 days - 365 days

🔸Flexible Repayment EMI(s)

🔸Instant Approval & Disbursement

🔸No Collaterals, Fully Automated & Paperless

🔸Easy Online Process, Fast & Reliable services

🔸100% Transparency & No Hidden Charges

🔸Instant cash transfer in the provided bank account

🔸No Prepayment Charges

🔸Multiple Repayment Options

Here’s an example on how loans from Phocket work

Example

Loan Amount: ₹ 20,000

Tenure: 3 Months

Interest: Flat 36% per annum

Processing Fees (incl. 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

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

Interest rates and other charges

🔹Interest Rate range from 0% to 36%

🔹Late payment charges: We charge a late payment fee not exceeding 8.33% per month on the amount due, subject to a minimum of ₹ 500+GST

🔹Mandate reject charge: ₹ 250+GST.

🔹Bounce charges:₹ 500+GST

🔹Prepayment charges: 0

🔹Processing Fees (incl. of GST) ranges from ₹ 472 to ₹ 11800

The app requires the following permissions to function properly :

🔑SMS

We parse your bank transaction messages to automatically fetch & store your expenses, bills, & credits. We do not read any personal or OTP messages.

🔑Location

Collect, store & monitor information about the location of your device to do a risk assessment for credit scoring.

🔑Apps

Collect, store & monitor a list of installed apps on your device for credit profile enrichment.

🔑Storage

Collect & store metadata of files on your device for credit profile enrichment.

🔑Phone

Collect, store & monitor information about your device to uniquely identify the devices & ensure that unauthorized devices are not able to act on your behalf to prevent frauds.

Approval Process

✔️Loan Approvals happen instantly

✔️For first time users (new customers), an applicant needs to e-sign the loan agreement & give auto-debit authorization via net banking e-mandate. Once these formalities are completed, the disbursement happens the same day

✔️Loan amount will be transferred directly to the provided bank account of the applicant

Note

Phocket is working with RBI compliant NBFC - Citra Financials Pvt Ltd.

Contact Us

For any kind of help or support, feel free to send an email to

info@phocket.in

or call us at

8010700600