Faircent: Your One-Stop Shop for Smart and Easy Borrowing

Faircent: The Future of Lending and Borrowing – What if you could lend or borrow money directly from your peers and community, without having to go through the traditional financial intermediaries like banks and NBFCs? What if you could get lower interest rates, higher returns, and more flexibility and transparency in your lending and borrowing transactions? What if you could be part of a revolution that is changing the way credit is accessed and distributed in India?

Faircent

Details of the startup:

  • CITY : Gurugram
  • STATE : Haryana
  • STARTED IN : 2013
  • FOUNDERS : Nitin Gupta, Rajat Gandhi and Vinay Mathews
  • NUMBER OF INVESTORS : 10
  • LATEST ROUND INVESTMENT : ₹161.00M
  • TOTAL INVESTMENT : ₹545.90M
  •   TOTAL SECURED LOANS AVAILED : Nil

You can find their website here.

These are some of the questions that Faircent aims to answer with its innovative platform for peer-to-peer (P2P) lending. Faircent is an app and website that connects creditworthy borrowers with individual lenders/investors, who can lend directly to their peers and community, and earn higher returns. Faircent allows you to lend or borrow money online, in a simple, safe, and secure way.

Faircent was founded in 2013 by a team of entrepreneurs, who shared a common vision of creating a platform that democratizes credit and empowers both lenders and borrowers. Faircent is based in Gurugram, and has partnerships and collaborations with various organizations and stakeholders, such as credit bureaus, payment gateways, verification agencies, and regulators. Faircent is India’s first peer-to-peer (P2P) lending platform to receive a Certificate of Registration (CoR) as an NBFC-P2P from the Reserve Bank of India (RBI). Faircent’s mission is to be the leading platform for P2P lending in India, and to disrupt the traditional lending industry by making credit more accessible, affordable, and inclusive.

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How Faircent Works

Faircent works on a simple yet powerful principle: peer-to-peer lending. Faircent enables peer-to-peer lending, which is a form of alternative finance, where individuals lend and borrow money directly from each other, without the involvement of any intermediary. Faircent’s process consists of three main steps: registration, approval, and transaction.

  • Registration: Faircent allows you to register as a lender or a borrower, depending on your requirement and eligibility. You can register online, by filling a simple form, and providing some basic details, such as your name, email, phone number, PAN, and bank account. You can also upload some documents, such as your identity proof, address proof, income proof, and bank statement, to verify your profile and enhance your credibility.
  • Approval: Faircent allows you to get approved as a lender or a borrower, based on your profile and credit score. Faircent uses a proprietary algorithm, along with data from credit bureaus and verification agencies, to assess your creditworthiness and risk profile. Faircent assigns you a rating, ranging from A to E, and a maximum loan amount, based on your rating. Faircent also determines the interest rate range, within which you can lend or borrow money, based on your rating and the market demand and supply.
  • Transaction: Faircent allows you to transact as a lender or a borrower, by listing your loan offer or loan request on the platform. Faircent matches you with compatible lenders or borrowers, based on your criteria, such as loan amount, interest rate, tenure, and purpose. Faircent also facilitates the communication, negotiation, and agreement between you and your matched lenders or borrowers. Faircent also handles the documentation, disbursement, repayment, and collection of the loan, through its partners and escrow account. Faircent charges a nominal fee from both lenders and borrowers, for its services and platform.
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Faircent’s Products and Services

Faircent has a variety of products and services to cater to different customer segments and markets. Some of the products and services that Faircent offers are:

  • Personal Loans: Faircent offers personal loans, ranging from Rs. 10,000 to Rs. 10 lakhs, for various purposes, such as home renovation, medical emergency, education, travel, wedding, debt consolidation, and more. Faircent’s personal loans are unsecured, meaning you do not need to provide any collateral or guarantor. Faircent’s personal loans are also flexible, meaning you can choose the loan amount, interest rate, tenure, and repayment mode, as per your convenience and capacity. Faircent’s personal loans are also transparent, meaning you can track the status and progress of your loan, and get regular updates and reminders, through the app or website.
  • Business Loans: Faircent offers business loans, ranging from Rs. 50,000 to Rs. 50 lakhs, for various purposes, such as working capital, inventory, expansion, equipment, marketing, and more. Faircent’s business loans are designed for small and medium enterprises (SMEs), startups, and self-employed professionals, who often face difficulties in getting loans from banks and NBFCs, due to their lack of collateral, financial history, or credit score. Faircent’s business loans are also customized, meaning you can get loans based on your business type, industry, revenue, and growth potential. Faircent’s business loans are also fast, meaning you can get loans approved and disbursed within a few days, without any hassle or delay.
  • Education Loans: Faircent offers education loans, ranging from Rs. 50,000 to Rs. 10 lakhs, for various purposes, such as tuition fees, living expenses, books, travel, and more. Faircent’s education loans are meant for students and parents, who want to pursue higher education, either in India or abroad, and who need financial assistance to fulfill their dreams and aspirations. Faircent’s education loans are also flexible, meaning you can get loans for any course, duration, or institution, and you can repay the loan after completing your education, or after getting a job. Faircent’s education loans are also affordable, meaning you can get loans at lower interest rates, and with minimal processing fees and charges.
  • Investment Opportunities: Faircent offers investment opportunities, for individuals and institutions, who want to lend money to their peers and community, and earn higher returns. Faircent’s investment opportunities are diversified, meaning you can lend money to different types of borrowers, such as personal, business, or education, and reduce your risk and increase your returns. Faircent’s investment opportunities are also flexible, meaning you can lend money for any amount, interest rate, tenure, and purpose, and you can withdraw your money anytime, or reinvest it further. Faircent’s investment opportunities are also transparent, meaning you can monitor and manage your portfolio, and get regular updates and reports, through the app or website.
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Faircent’s Impact and Vision

Faircent is not just a platform, but a movement that aims to transform the way lending and borrowing happens in India. Faircent’s impact and vision can be summarized by four key words: credit, inclusion, empowerment, and disruption.

  • Credit: Faircent uses credit as its core product, and as its source of value and differentiation. Faircent recognizes credit as a fundamental and universal need, that can enable individuals and businesses to achieve their goals and aspirations. Faircent also respects credit as a personal and social responsibility, that requires trust and accountability from both lenders and borrowers. Faircent strives to provide credit that is accessible, affordable, and inclusive, for everyone.
  • Inclusion: Faircent uses inclusion as its guiding principle, and as its measure of success. Faircent strives to include everyone in the credit ecosystem, regardless of their income, location, occupation, or background. Faircent’s platform is designed to be user-friendly, convenient, and secure, for both lenders and borrowers. Faircent’s platform is also designed to be fair, transparent, and unbiased, for both lenders and borrowers. Faircent aims to create a community of lenders and borrowers, who can interact directly, and support each other, without any discrimination or exploitation.
  • Empowerment: Faircent uses empowerment as its ultimate goal, and as its reason for existence. Faircent aims to empower both lenders and borrowers, by giving them more control, choice, and freedom, in their lending and borrowing transactions. Faircent’s platform enables lenders to earn higher returns, and borrowers to pay lower interest rates, compared to banks and NBFCs. Faircent’s platform also enables lenders and borrowers to customize their loan terms, and negotiate their loan agreements, as per their convenience and capacity. Faircent’s platform also enables lenders and borrowers to learn and grow, by providing them with information, education, and feedback, on their lending and borrowing activities.
  • Disruption: Faircent uses disruption as its core competency, and as its driver for growth and innovation. Faircent constantly seeks to disrupt the traditional lending industry, by providing a better alternative to banks and NBFCs, who have become inefficient, expensive, and exclusive, in today’s time. Faircent invests in technology, data, and analytics, to improve its platform, products, and services, and to create new solutions for the future of lending and borrowing. Faircent also fosters a culture of creativity and curiosity, and encourages its team, users, and partners, to explore and experiment with its platform, products, and services, and to share their feedback and ideas.
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Faircent is a platform that enables peer-to-peer lending in India. Faircent connects creditworthy borrowers with individual lenders/investors, who can lend directly to their peers and community, and earn higher returns. Faircent allows you to lend or borrow money online, in a simple, safe, and secure way.

If you are interested in learning more about Faircent, or trying its products and services, you can visit its website at www.faircent.com, or download the app from the Google Play Store or the App Store. You can also follow its social media accounts on LinkedIn and

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