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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. 5 lakhs with Prefr at competitive interest rates of 18% to 30%, and with a flexible repayment tenure between 12 to 48 months.
Key Highlights of Prefr Personal Loans
Loan amount | Up to Rs. 5 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 | 18% to 30% 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. 5 lakhs
- Attractive interest rates in the range of 18% to 30%
- 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 18% to 30% 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 You Need to Apply
To complete your application smoothly, keep the following documents handy:
- 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 Online?
Here are the steps to apply for a personal loan through Prefr:
Online Through CreditMantri
Step 1: Visit the official CreditMantri website or open the CreditFit mobile app and go to the “Personal Loan” section from the loans menu.
Step 2: Enter your mobile number and verify it by entering the OTP received on your phone.
Step 3: Fill in basic information such as the required loan amount, PIN code, employment type, and monthly income, then submit the form.
Step 4: Compare the loan offers available from multiple regulated lending partners and choose the one that best suits your needs.
Step 5: Complete the additional information requested by the selected lender to proceed with your personal loan application.
Online Through the Prefr App or official Website
Step 1: Download the Prefr app from Google Play Store or visit the official website.
Step 2: Enter your mobile number and verify it with the OTP sent to you.
Step 3: Provide basic personal and income details.
Step 4: Choose the amount you need and select a suitable repayment period.
Step 5: Complete KYC and add your bank account details.
Step 6: Get quick approval and receive the funds directly in your bank account.
Fees and Charges of Prefr Loan
Processing Fee | 3 to 5% with a minimum processing fee of INR 1500 plus GST |
Bounce Charges (inclusive of GST) | Rs. 500 |
Foreclosure charges | 4-5% of principal outstanding + GST |
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 provides personal loan options tailored for both salaried individuals and self-employed professionals, helping meet personal and business-related financial needs quickly.
- Prefr Personal Loan for Salaried Individuals: Designed for working professionals to manage everyday financial needs such as medical emergencies, travel, weddings, or home improvement. These loans usually come with structured repayment tenures ranging from 12 to 48 months, making EMIs more manageable.
- Prefr Term Loan for Self-Employed Individuals: Created for business owners, freelancers, and entrepreneurs to support working capital needs, business expansion, or short-term cash flow gaps. These loans offer flexible repayment options, allowing self-employed borrowers to repay based on their income cycles.
Prefr Loan Customer Support
PREFR offers dedicated customer support to help you with loan applications, repayments, account queries, and technical issues. Whether you need help tracking your loan status or resolving a concern, support is available through multiple channels for quick assistance.
How to Contact Prefr Support
You can reach the PREFR support team through the following options:
- Email: wecare@prefr.com
- Helpline: 040-6988 1555
- Support Hours: Monday to Saturday, 10:00 AM to 6:00 PM (excluding public holidays)
Prefr Loan Repayment
Prefr personal loan repayments are designed to be simple and convenient for borrowers. After your loan is approved, you repay the amount in easy monthly instalments over the selected tenure. Repayments can be made through online modes such as UPI, net banking, or auto-debit from your bank account, making the process hassle-free.
To avoid late fees and maintain a healthy credit profile, it’s important to pay your EMIs on time. Prefr also allows borrowers to manage their repayments digitally, check due dates, and track outstanding amounts through the online platform.
Frequently Asked Questions
1. How much loan amount can I get from Prefr?
Prefr offers personal loans ranging from ₹51,000 to ₹5,00,000. The exact amount you’re approved for is decided after reviewing your income and financial profile during the online application process.
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.
3. What is the interest rate for Prefr personal loan?
The interest rate for Prefr personal loan ranges from 18% to 30% per annum, depending on your eligibility.
4. Is Prefr loan genuine or fake?
Yes, Prefr loan is genuine. It is a legitimate digital loan service where users can apply online, complete verification, and receive funds in their bank account as per the approved terms. Prefr follows a proper application and verification process, making it a real loan option and not a fake or scam service.
5. Is the Prefr loan application process online?
Yes, the Prefr loan process is fully digital. From filling in your application to completing verification and submitting documents, everything is done online-no branch visits needed.
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