Prefr Personal Loan offers a versatile and accessible financial solution for both salaried and self-employed individuals seeking funds for various purposes. With loan amounts ranging from INR 50,000 to INR 5 Lakhs, Prefr caters to a wide array of financial needs. Being one of the best personal loans in the field for better support.
The key features include instant loan approval, no requirement for a CIBIL score thanks to the use of banking data for offers, and rapid disbursal within 2 hours post-document verification. Prefr’s approach to personal loans is innovative, utilizing a simple online process that includes uploading a selfie, PAN card, and KYC documents for a streamlined application process.
Applying for a loan with Prefr is straightforward, requiring applicants to provide income and employment details for a quick offer, upload necessary documents via the app, and set up an auto-debit for repayments. For assistance, Prefr’s customer service can be reached at their hotline or via email, ensuring support is always within reach for prospective borrowers.
Prime Features & Benefits of Prefr Personal Loan
Prefr Personal Loan is one of the best digital personal loans available in the market. It is one with features that not only make the application process simple but also help the individual gain multiple benefits. The primary features are as follows:
1] Quick Approval Process
Prefr Personal Loan streamlines the borrowing experience with its quick approval process. By leveraging advanced algorithms and banking data instead of traditional credit scores, Prefr can offer instant loan decisions. This efficient evaluation means borrowers can swiftly move from application to approval, significantly reducing waiting times and uncertainty.
2] Online Application Process
The online application process offered by Prefr is designed for convenience and speed. Applicants can complete the entire process digitally, from providing personal and financial information to uploading necessary documents like PAN and KYC proofs. This eliminates the need for physical paperwork and visits to a bank, making it possible to apply from anywhere at any time.
3] Flexible Tenure Options
Prefr accommodates borrowers’ diverse financial situations with flexible loan repayment tenures ranging from 12 to 48 months. This flexibility allows borrowers to choose a repayment schedule that aligns with their income flow and financial planning, making loan repayment more manageable without straining their monthly budget.
4] Lower Interest Rates
Prefr offers competitive interest rates, which vary based on the borrower’s profile and loan specifics but are designed to be affordable. These lower interest rates make Prefr Personal Loans an attractive option for those looking to minimize their borrowing costs while financing personal or professional needs.
5] Transparent Charges
Transparency is a key aspect of Prefr’s loan offerings. Borrowers are provided with clear, upfront information about all applicable charges without any hidden fees. This transparency ensures that borrowers can make informed decisions and trust in the fairness of the loan terms and conditions.
6] Collateral-Free
Prefr Personal Loans are unsecured, meaning borrowers do not need to provide any collateral or security to qualify. This feature opens up access to funds for individuals who may not have significant assets to pledge, making it easier for a broader range of borrowers to obtain financial assistance when needed.
7] Quick Disbursal
Following the approval and document verification process, Prefr prides itself on the quick disbursal of loan funds. Money is transferred to the borrower’s bank account within just 2 hours, ensuring that urgent financial needs can be addressed promptly without the delays often associated with traditional lending.
All these features make this a perfect loan option for those who are in need of immediate funds.
Online Application Process for Prefr Personal Loan
Being a digital personal loan, the entire application process is online. All you need to do is follow the steps below, and your application will be completed quickly:
Step 1: Install the Prefr App
First, download and install the Prefr app from the app store on your phone. The program is designed with the user’s experience in mind. Thus, installation should be simple and error-free. After installation, launch the app to start the loan application procedure.
Step 2: Select Loan and Complete Eligibility Checks
Navigate to the app’s lending area. Choose the preferred category of personal loan. You now have to proceed with the qualifying requirements. Here, you would have to provide your age, income, and other personal information. The CIBIL score will be bureau-pulled using your PAN.
Step 3: Enter Your Loan Requirements & Finish KYC
You will proceed with the application process after passing the eligibility tests. Here is where you can see the maximum loan amount that you qualify for. Once you have selected the tenure and amount, you can view your EMI. A rapid KYC or a video KYC will be needed for the final step. After completing your KYC, the funds will be credited to the account the following day.
Prefr’s simple online application process makes it easy and efficient to obtain a personal loan immediately.
Eligibility for Bank Personal Loan
Before you move ahead with the application process for any fast personal loan, it is important to know the eligibility criteria. The ones for the Prefr personal loan are listed below:
Age Requirement: The individual applying must fall within the age range of 22 to 60.
Income Criteria: A minimum of INR 20,000 PM is required for eligibility.
Employment: Both the salaried and self-employed are eligible for the loan
Credit Score: A credit score of 700 or above is typically needed to qualify.
Mandatory Identification: Submission of identification documents such as PAN and Aadhaar cards is required for the application process. Additional KYC documents might be needed.
Financial documents: Salary slips and bank statements should be there.
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Prefr Personal Loan Fees & Charges
You must check the charges associated with the online personal loan before applying. The primary charges that are associated with the Prefr personal loan are listed as follows:
Processing Fee
This is a one-time charge that is applied while the loan application is processed. Prefr charges a processing fee of 3-5% on the loan amount, with a minimum of INR 1,500 plus GST. This fee covers the administrative costs associated with processing the loan application, including credit checks and document handling.
Bounce Charges
A fee of INR 350 is levied if a repayment attempt, such as an EMI, is unsuccessful due to insufficient funds in the borrower’s account. This charge compensates for the administrative efforts required to manage failed payments.
Foreclosure Charges
Prefr applies a 5% charge on the principal outstanding if a borrower decides to pay off the loan before the end of its tenure. This fee compensates for the interest income lost due to the early closure of the loan.
Additional/ Penal Interest
For any overdue EMI payments, Prefr imposes an additional interest of 3% per month (equivalent to 36% per annum of the overdue EMI), calculated daily. This penal interest acts as a deterrent against late payments, encouraging timely repayment.
Important Insurance to Take with a Loan
The best personal loan is incomplete if you do not back it up with insurance. So, here are the top insurance options that you can get with the Prefr personal loan to ensure security:
EMI Protection Insurance
This insurance safeguards your loan repayments in the event of unexpected circumstances, effectively covering your EMIs when you’re unable to do so. By choosing this coverage, you alleviate any potential financial strain on your family, ensuring that in times of difficulty, your loan obligations are met without placing any additional burden on your loved ones.
Credit Life Insurance
Credit Life Insurance protects clients’ families by paying off loans if the borrower dies. Therefore, credit life insurance can reduce the financial impact of the borrower’s death on the borrower’s family. Hence, it guarantees financial stability, protecting the person from being overburdened by loan obligations when savings run out while dealing with the condition.
Critical Illness Insurance
In the event of a critical health diagnosis, this insurance emerges as a crucial support system. It offers to manage your EMIs for a predetermined period, acting as a financial cushion. During such challenging times, this coverage ensures that your loan obligations are taken care of, preventing them from becoming an additional concern.
Disability Insurance
This protection plan is designed to offer financial relief in the form of a lump-sum payment or by taking over your EMI payments if you face disability and consequent loss of income. It’s a thoughtful measure to ensure that unexpected life changes do not impact your ability to meet your loan commitments, providing you with much-needed stability and peace of mind.
Save Money With a Personal Loan Balance Transfer
Moving your existing personal loan to Prefr can lead to substantial savings. This smart financial strategy benefits you by reducing interest rates, decreasing your monthly payments, and lowering the overall interest cost over the loan’s term. It’s a savvy way to lessen your financial load and streamline debt management. But as of now, you might not be able to get this facility with Prefr.
