Features
- Instant approval
- End to end digital journey
- Same Day Disbursal
Pricing
- Processing fees: 4%
- Interest rate: 15% - 36%
- Installment Cycle: 5th of every month
Documents Required
- No documents required
Prefr personal loans are unsecured loans that offer financial aid to fulfill any urgent requirements. There is no end usage restriction for the amount obtained from a personal loan. It could be used to fund any kind of expenditure, such as wedding expenses, travel costs, medical emergencies, personal use, education, or even the repayment of another loan.You qualify for a loan amount of up to Rs. 3 lakhs with Prefr at competitive interest rates of 15% to 36%, and with a flexible repayment tenure between 12 to 48 months.
Key Highlights of Prefr Personal Loans
Loan amount | Up to Rs. 3 lakhs |
Eligible borrowers | Salaried and self-employed individuals |
Age | 22 to 55 years |
Income | Rs. 18K for the salaried and Rs. 20K for the self-employed |
Tenure | 12 to 48 months |
Rate of interest | 15% to 36% per annum |
Processing Fee | 3% to 5% of the loan amount |
Prefr Personal Loan Features
- Collateral free loans
- Avail any loan amount of your choice up to Rs. 3 lakhs
- Attractive interest rates in the range of 15% to 36%
- No credit score is required since Prefr uses the borrower’s banking data to generate offers.
- Loan approval in just one minute once you provide all the necessary details.
- Disbursal of the loan amount directly to your bank account within 2 hours after successful document verification.
- 100% paperless process with minimal documentation.
- Streamlined process
- Flexible tenure according to your repayment capability
Prefr Personal Loan Interest Rates
Prefr offers personal loan interest rates ranging from 15% to 36% per annum. While they haven't revealed specific matrices based on credit score, employment profile, loan amount, etc., it's common for lenders to consider these factors when determining interest rates for their applicants.Prefr Personal Loan Eligibility Criteria
- Age: 22 to 55 years
- Occupation: All salaried and self-employed individuals.
- Income: must have a regular source of income.
- For the salaried: the minimum income should be Rs. 18,000.
- For the self-employed: the minimum income should be Rs. 20,000 and above.
Documents Required for Prefr Personal Loan
The following documents have to be submitted for a Prefr personal loan
- PAN Card
- Aadhaar for KYC proof
- Selfie photo
- Other optional (required only in specific cases) documents include address proof, bank statement, and business proof.
How To Apply For a Prefr Personal Loan?
Here are the steps to get a Prefr personal loan
Registration
Step 1: Download the Prefr app from Google Play Store and install it
Step 2: Provide your email address and phone number.
Step 3: Tick the box stating that Prefr is authorized to receive your credit information from any one of the 4 credit bureaus.
Step 4: Click ‘Agree and Continue’
Step 5: An OTP is sent to your registered mobile number for verification. Enter the OTP.
Step 6: Tick the box giving the permissions stated above.
Step 7: You are now successfully registered on Prefr. Now you can apply for a personal loan from Prefr
Apply for a Loan
Step 1: Click on apply for a loan.
Step 2: Provide the details asked for such as your first name, last name, date of birth, desired loan amount, employment type (Salaried or self-employed), and monthly income. You will be able to see your loan offers based on your eligibility in just 1 minute.
Step 3: Click a selfie and upload your PAN and address proof in the app.
Step 4: Proceed with the rest of the instructions to complete the application
Step 5: Set up an auto debit on your bank account for easy EMI repayments.
Fees and Charges of Prefr Personal Loan
Processing Fee | 3 to 5% with a minimum processing fee of INR 1500 plus GST |
Bounce Charges | Rs. 350 |
Foreclosure charges | 5% of principal outstanding |
Additional or penal interest | 3% per month of overdue EMI (36% per annum of overdue EMI) pro-rated for the number of days of overdue |
Types of Prefr Personal Loans
Prefr offers two types of personal loans. They are as follows:
- Prefr personal loan for the salaried: These loans are offered to salaried individuals for any personal use such as medical, wedding expenses, home renovation, etc. The tenure for this loan is in the range of 12 to 48 months.
- Term loans for the self-employed: This loan is especially designed for self-employed individuals for business purposes. They come with a flexible tenure.
Comparing Prefr Personal Loans Vs Other Lenders
Before you take a personal loan, it is essential to compare various lenders to decide which personal loan is the most suitable for you. Here is a list of interest rates and processing fees provided by various lenders as compared to PrefrBank/NBFC | Interest Rates (p.a.) | Processing Fees |
|---|---|---|
Prefr Bank | 15% to 36% p.a. | 3% to 5% + GST |
HDFC Bank | 10.05% to 21% p.a. | 0.50% onwards |
Axis Bank | 10.49% p.a. | 1% |
Punjab National Bank | 8.90% p.a. onwards | 0.30% plus GST |
Prefr Loan Repayment
Prefr offers flexible repayment schedules for its loans. The borrower can repay the loan in EMIs from the Prefr website or Prefr loan app. EMI transfer and the ability to make prepayments are also provided.
FAQs Of Prefr Personal Loan:
1. What is Prefr and what are Prefr personal loans?
Prefr is a financial service provider that provides quick cash to customers who are in need of funds instantly. They are given by Prefr to both salaried and self-employed individuals.
2. In case you have any query, complaint, feedback, or suggestion regarding the Prefr loan, how can you raise them?
If you have any query, complaint, feedback, or suggestion, then you can contact the Prefr loan customer care. The various ways through which you can contact Prefr loan customer care are through the customer care number: 040-48521334,Email: wecare@prefr.com, and address: 2nd Floor, Block 2, My Home Hub, Hitech City, Hyderabad, Telangana - 500081.