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 [email protected] or call us at 8010700600