Prefr Personal Loan

4.5

Prefer is one of the fastest-growing loan agencies in India. They aim to streamline the lending experience via technology and digital innovation. A prime example of this initiative is the Prefr personal loan, which is characterised by an entirely online application process. Borrowers can ideally apply, upload the necessary documents, and obtain the necessary funds online, making it a more borrower-friendly credit option.

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Prefr Personal Loan

Interest Rate

15% - 36%

Loan Amount

₹50K - ₹5L

EMI Per Lakh

₹2,379 - ₹3,613

Processing Fees

3-5% with Minimum Proc. Fee of INR 1500 + GST

Pre-Payment Charges

5% of Principal outstanding

Quick Approval

Features of Prefr Personal Loans

Here are the pertinent features of Prefr personal loans:

  • End-to-End Digital Experience: Prefr Personal Loans streamline the application process by offering a digital platform. Hence, you can apply, get real-time approval, and receive funds without physical paperwork, making it a hassle-free experience.
  • Personalised Loan Tenure: Prefr understands that everyone’s financial situation is unique. That’s why they offer various tenure options, allowing borrowers to select a repayment schedule that aligns with their personal cash flow and budget.
  • Quick Fund Disbursal: Prefr is known for its fast disbursal policy. Once all documents are verified, they don’t keep you waiting, often releasing funds within 2 hours. This ensures you can access your loan precisely when it’s most needed.
  • Flexible Loan Amounts: Prefr caters to personal and professional needs by offering flexible loan amounts ranging from Rs. 50,000 to Rs. 5,00,000. This flexibility ensures that you can borrow according to your specific requirements.
  • No Collateral Required: Prefr’s personal loans are unsecured, so you don’t need to pledge any assets as collateral. This feature opens up borrowing opportunities to a wider range of customers, regardless of asset ownership.

Prefr Personal Loan Interest Rates

Prefr personal loan interest rates and other key parameters are as follows: 

Interest rate 10% to 16% p.a.
Loan Amount ₹50,000 to ₹5 Lakh
Loan Tenure Up to 72 month
Eligibility  Both salaried and self-employed individuals 

Prefr Fees and Charges

Let’s examine the fees and charges of a Prefr instant personal loan:

Fee/Charge Amount
Processing Fee 3% to 5% of the loan amount 
Foreclosure Charges 5% of the remaining loan amount 
Penal Interest/Late Payment Penalty  3% p.m. of the overdue amount 
Bounce Charges ₹350

Documents Required for Prefr Personal Loan

Here are the required documents for a Prefr personal loan:

  • Proof of Identity: Voter’s ID, Aadhaar card, PAN card, or passport.
  • Proof of Residency: Aadhaar card, driving licence, utility bills, or rent agreement.
  • Proof of Income: Lat 3-month salary slip, latest Form 16, income tax return, bank certificate, etc.

Calculating Your Loan EMI

You can get access to the Prefr personal loan EMI calculator via the Urban Money website as you follow the simple steps given below:

  • Browse the official website of Urban Money.
  • Tap the “Loan” option located in the horizontal menu bar.
  • Opt for a “Personal Loan” option and then “Personal Loan EMI Calculator.”
  • Enter the loan amount you wish to borrow, the loan tenure, and the applicable interest rates (which can range from 10% to 16% per annum, depending on your financial profile).
  • The calculator will instantly provide your monthly EMI, the total interest amount, and the total amount payable.

How to Apply for a Prefr Personal Loan

Following is the application process for a Prefr instant personal loan:

  • Browse the official website of Urban Money. 
  • Click on the “Loan” option at the home screen’s horizontal menu bar. 
  • Select the “Personal Loan” category. 
  • You’ll be landed on a new page titled “Personal Loan.”
  • Scroll down to see the “Prefr Personal Loan” and click the “Apply Now” button.
  • A short online form will pop up on your screen.
  • Fill in your name, mobile number, and city.
  • You’ll receive a 6-digit OTP on your phone.
  • Enter the OTP and hit the “Submit” button.
  • A loan specialist from our team will contact you shortly.

Tips for Successful Prefr Personal Loan Approval

Following are certain tips you need to keep in mind for a successful Prefr personal loan approval:

Assess Your Financial Health

Lenders evaluate your financial health based on your income, expenses, and existing debts. They use this information to determine your ability to repay the new loan. It’s important to make sure your income is sufficient to manage your existing financial commitments and the new loan without overburdening your budget. As a general guideline, your loan EMIs should ideally not surpass 30-40% of your monthly income.

Meet Eligibility Criteria

Every lender sets distinct eligibility criteria that you must meet to be eligible for a loan. These criteria frequently cover minimum income amounts, age, employment status, and residency conditions. Examine Prefr’s requirements through the Urban Money website or contact our loan expert to verify your eligibility. Grasping these prerequisites before application is essential to confirm you fulfil all the necessary criteria.

Prepare Documentation

Proper documentation is key to a smooth loan application process. You’ll typically need proof of identity, address, income, and employment. Make sure all your documents are valid, up-to-date, and readily available. This can include your PAN card, Aadhaar card, salary slips, bank statements, and more.

Demonstrate Financial Stability 

Lenders favour applicants with job stability and a consistent income history. This indicates that you’re less likely to face financial difficulties that could affect your loan repayment. Be prepared to provide evidence of your employment and income stability, such as salary slips and bank statements. 

Check Your Credit Score 

A credit score is a numerical expression of your creditworthiness. It ranges from 300 to 900, and a score of 700 or above is typically ideal. Hence, it’s advisable to obtain your credit report from major credit bureaus like CIBIL or Experian and verify whether you have a favourable score. You should also review your credit report for errors that might negatively affect your score.

FAQs

From refinancing to reducing your interest, we have the answers right here.

How much can I borrow with a Prefr Personal Loan?

You can borrow between ₹50,000 to ₹5 Lakh, based on your financial profile and creditworthiness. 

How long does it take to disburse a Prefr Personal Loan?

Once the lender verifies your documentation, you can expect the loan disbursement in at least 2 hours.

Can I calculate my loan EMI before applying?

You can calculate your loan EMI on the Urban Money website whenever you wish, without any time restrictions. 

Are there any pre-payment charges for Prefr Personal Loans?

The pre-payment/foreclosure charges for a Prefr Personal Loan can be up to 5% of the prepayment amount.

How can I contact Prefr Bank for more information about personal loans?

You can contact Prefr at the toll-free number 080-47485490 or mail at wecare@prefr.com. Alternatively, contact Urban Money’s loan specialist at 1800 208 3344.

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