To secure a digital personal loan from Privo, applicants need to establish a pre-existing relationship with the bank. Government employees and individuals in specific sectors must have a salary account with Privo, and their last drawn salary should be credited into it.
The eligibility period varies based on the applicant type and the desired loan amount. Additionally, Privo makes applying for a loan easy with a handy Eligibility Calculator on its website. This tool helps you figure out how much loan you can get based on your eligibility.
This is calculated based on various factors such as salary, employment sector, and the presence of a salary account with Privo. This makes it easier for applicants to plan their finances and understand how much financial assistance they can access through Privo’s loans.
Prime Features & Benefits of Privo Personal Loan
Privo offers quick approvals, competitive interest rates, and long repayment plans. Whether individuals face unexpected expenses or plan investments, it provides accessible support to all. But there are other benefits as well. Check them out here!
1] Hassle-free Application
Get a short-term, instant personal loan within minutes with Privo. As a customer, you value convenience, and Privo brings you a fully web-based platform for an online personal loan. The digital process, requiring just a few clicks, gives a paperless experience.
2] Competitive Interest Rates
Privo’s instant personal loan begins at a low 09.99% p.a., significantly lower than credit card charges. Enjoy the convenience of borrowing up to INR 5 lakhs for your first loan. It’s important to repay the entire due amount by the due date to avoid additional charges. If not, an extra interest rate of 42–45% will be applied to the total amount.
3] No Pre-Closure Charges
With Privo, there are no pre-closure fees or hidden costs. Unlike banks and traditional financial institutions that often charge high loan pre-closure fees due to their physical setup maintenance, Privo’s fully digital operations enable it to offer unsecured personal loans online without any fees. Enjoy the transparency and affordability of Privo’s loan offerings.
4] Paperless E-documentation
Through the Privo app, you can skip the hassle of preparing and submitting physical documents. Benefit from the convenience of e-documentation by uploading data and KYC details. Once verified, all documents can be e-signed, enhancing your comfort. With the Privo app, enjoy the flexibility of borrowing multiple times with just one approval. No need to seek personal loan approval every time you borrow.
5] Rapid Disbursement
Experience lightning-fast loan disbursement with Privo. Once your application is approved, funds are quickly transferred to your account, ensuring you have immediate access to your loan when you need it most.
6] Flexible Repayment Options
Privo understands that flexibility is key to managing personal finances. They offer a range of repayment options to suit your financial situation. Whether it’s through EMIs or a lump sum, you can choose the repayment method that works best for you.
7] 24/7 Customer Support
Round-the-clock assistance is just a click away with Privo’s dedicated customer support. Whether you have queries about your loan application or need help with repayment schedules, Privo’s customer service team is available anytime to ensure a smooth borrowing experience.
These features make Privo one of the best personal loan providers in the market.
Best Digital Personal Loan, Best Instant Personal Loan, Best Personal Loan in India
Online Application Process for Privo Personal Loan
Follow these steps to initiate your online application for a Privo Personal Loan. Since this is an instant personal loan, all you need to do is follow some basic steps online, and you will be ready to move ahead with the process.
Step 1: Profile Setup
To start your registration, download the Privo Android app and enter your essential information. Provide your full name, email address, and phone number, ensuring they match the details on your Aadhaar and PAN Card. Additionally, create a unique PIN for accessing the Privo app.
Step 2: Complete Online Verification
Utilize the Online KYC feature for quick and secure authentication, complying with RBI regulations. This expedites the process of obtaining a Privo instant personal loan. During this stage, enter the OTP received on your Aadhar-registered mobile number to complete the e-verification.
Step 3: Credit Line Selection
In the final step, specify the details of your desired credit line, including the amount you wish to borrow and the loan tenure. Additionally, you can preview your estimated EMI at this stage.
Once all these are done, you will get the loan amount disbursed to your account. Now, you can use the funds for your needs and go ahead with the repayment as per the defined schedule.
Eligibility of Privo Personal Loan
You must clear the basic criteria related to age and credit score necessary to be eligible. That’s because the application process includes filling out your personal information. So, here are all the eligibility criteria you need to meet to apply for this digital personal loan.
Age Requirement: The applicant should be 21 to 60 years old.
Income Criteria: At least INR 20,000 PM and 1 year of work experience.
Credit Score: 701 or above is the minimum score that is needed to apply for this loan.
Employment: To apply for this loan, you need to be a salaried employee.
Mandatory Identification: Address Proof, PAN, and Aadhaar card.
Financial Documents: Salary slips and bank statements for the last 3 months.
Privo Personal Loan Fees & Charges
Here’s a detailed explanation of common charges relevant to Privo Personal Loan, outlining the fees associated with this online personal loan.
1] Foreclosure Charges
Privo imposes no personal loan foreclosure charges on the remaining loan amount, given that the loans come with floating interest rates. Foreclosure charges are fees imposed by lenders when borrowers pay off a mortgage before the agreed-upon term. It compensates the lender for the lost interest and associated costs.
2] Processing Fees
Processing fees for Privo Personal Loan range up to 5% of the loan amount. This fee serves as a maintenance and administration charge imposed during the loan processing phase. Common in lending, credit cards, or other financial services, this fee is non-refundable, even if the application is denied. So, consumers should be aware of these charges when engaging with financial products.
3] Verification Charges
To assess the applicant’s loan repayment capacity, Privo may incur verification charges. These involve engaging a third-party agency for credential verification, with the associated costs borne by the loan applicant. Commonly associated with financial transactions, background checks, or document authentication, these charges cover the costs of verifying details such as identity, financial history, or legal documentation.
4] Late EMI Penalties
In case of delayed EMI repayments, Privo applies late EMI penalties. Borrowers failing to repay the EMI on time will incur additional charges when paying the next installment. Borrowers must adhere to their repayment schedules to avoid incurring such penalties, as they can accumulate and affect overall financial commitments.
5] Prepayment Charges
Privo may impose a penalty if the borrower chooses to prepay or close the loan before the agreed tenure. This charge ranges from 2% to 4% of the outstanding loan amount. Prepayment charges are imposed when borrowers pay off a part or the entire loan amount before the agreed-upon term. These charges compensate the lender for the interest income they would have earned over the remaining loan period.
Important Insurance to Take with a Loan
When applying for Privo digital personal loans, it’s essential to consider accompanying insurance options. Here’s a rundown of key insurances to complement your loan:
EMI Protection Insurance
Often overlooked, EMI Protection Insurance can offer forgiveness of EMIs in critical illness situations, along with coverage for additional costs like legal fees or documentation charges. This policy ensures your financial obligations are covered, giving you peace of mind during hard times.
Life Insurance
Safeguard your family’s financial stability by securing funds to clear your digital personal loan in case of unexpected events. This extra amount provides crucial support to manage life without additional financial burden, ensuring your loved ones are not left with debts.
Critical Illness Insurance
Provides financial assistance during recovery from severe illnesses, covering various post-treatment costs. Additionally, it may offer partial payouts upon diagnosis of less severe but impactful illnesses. It’s a proactive measure to mitigate the financial impact of health adversities.
Disability Insurance
Includes benefits such as home modification to accommodate disabilities and caregiver training for family members, ensuring necessary support and assistance in challenging times. This insurance aims to maintain the quality of life despite new challenges.
Get Savings With A Balance Transfer
Enhance your financial management by considering the possibility of transferring your existing loan to Privo. While currently, Privo doesn’t offer a balance transfer feature, such an option could potentially lower your monthly payments and improve your credit score during the loan’s term. It’s an ideal solution for those juggling various expenses, aiming to synchronize their monthly EMI with their salary when this service becomes available.
