Prefr Personal Loan


Prefr personal loan is an unsecured loan that offers financial aid to fulfil any urgent requirements. A personal loan is required to cover unexpected costs that may arise, such as medical expenses, debt consolidation, or to pursue higher education. Prefr offers attractive interest rates, flexible loan repayment terms of 6 - 36 months and a simplified application process.

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Prefr Personal Loan Details

Prefr offers flexible financing for individuals to boost their business and personal growth. The table below mentions some important Prefr loan details:

Loan amount Rs. 10,000 to Rs. 3 Lakhs
Tenure 6 to 36 Months
Rate of Interest 10% - 36% p.a.
Eligible Borrowers Salaried & Self-Employed
Purpose Emergency, Wedding, Medical, Personal Use & Others
Disbursal Within 2 Hours (post verification)

Prefr Personal Loan Interest Rates

Prefr offers loan interest rates that range from 10% to 36% per annum. The interest rates offered to an applicant will depend on various factors like their credit score, loan amount, repayment term, monthly income, and more.

Interest rate 10% - 36% p.a.
Loan amount Up to Rs. 3 Lakhs

Prefr Personal Loan Fees & Charges

Other personal loan fees and charges are available while getting a Prefr personal loan apart from the interest rate. Let us go through some of the Prefr loan fees and charges below:

Processing fee 3% - 5% of the loan amount + GST
Late payment charges Rs 350
Foreclosure charges 5% charge on outstanding amount
Additional/ Penal interest 3% p.m of overdue EMI

Prefr Personal Loan Eligibility Criteria

The eligibility criteria is important to determine whether an individual will get a loan. The Prefr loan eligibility criteria are simple, they are:

Age 22 - 60 Years
Employment Salaried or Self-employed
Income

Rs 20,000 for tier 1 city residents;

Rs 15,000 for tier 2,3 city residents

Documents Required for Prefr Personal Loan

Providing the right documents while applying for a loan will ensure quick approval. Here are some of the documents required to get a Prefr credit loan:

Identity Proof: Voter’ ID, PAN card, Passport, etc.

Address Proof: Aadhaar card, driving licence, Voter’s ID, passport, utility bills, rent agreement, etc.

Proof of income: Latest salary slips of the last three months or income tax return certificate or latest Form 16.

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How to Calculate Prefr Loan EMI?

Calculating the EMI for a loan is important as it evaluates your repayment capability. An EMI is an equated monthly instalment that a borrower pays a lender every month. It will depend on the principal amount, rate of interest and repayment tenure. Find out your loan EMI by using the Buddy Loan Personal Loan EMI calculator.

You can also calculate a Prefr loan EMI by using the formula: E = P x R x (1+R)^N/ ((1+R)^N-1)

with

  • E being the monthly instalment.
  • P is the principal amount.
  • R is the rate of interest.
  • N is the loan tenure in months.
₹
%
Monthly EMI ₹86
Principal Amount ₹1,000
Total Interest ₹32
Total Amount ₹1,032.00

Year Month Principal (A) Interest (B) EMI (A+B) Balance Loan Paid to Date (%)

Features & Benefits of Prefr Personal Loan

A Prefr loan provides a range of important features and benefits, such as:

Flexible Loan

Avail any loan amount of your choice.

Quick Approvals

Enjoy lightning fast approvals within minutes

No Collateral

No colltral required with prefr personal loans

100% Paperless

Streamline online process with minimal documentation

Attractive interest rate

Enjoy low interest rates starting at 10%.

Customisable Repayment

Flexible tenure according to your repayment capability.

Compare Prefr Personal Loan Vs Other Lenders

Comparing personal loan lenders is always a good practice. It provides borrowers with many options that they can choose from, helping them get the right lender that suits their needs. Therefore, it is important to compare Prefr credit loans to other banks and NBFCs. Below are some of the different banks and NBFCs' personal loan rates and processing fees:

Banks/NBFCs Interest Rates(p.a.) Rates/ Charges
Prefr Bank 10% - 36% p.a 3% - 5% + GST
HDFC Bank 10.05% to 21% p.a 0.50% onwards
Axis Bank 10.49% p.a onwards 1%
Punjab National Bank 8.90% p.a onwards 0.30% + GST

Read More

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Note: The above mentioned rates are subject to change with the finance market and differ marginally with the respect to the individual banks.

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Types of Prefr Personal Loan

Prefr offers two types of personal loans that will help every individual in their personal and business endeavours. These are personal loans for salaried and term loans for self-employed.

Prefr Personal Loan For Salaried

Prefr offers credit to salaried individuals for any personal use, and borrowers can use these loans for any emergency, medical purpose, home renovation, wedding expenses, education, debt consolidation and more. The tenure for these loans ranges from 6 - 18 months.

Prefr Term Loan for Self-Employed

Through this loan, Prefr offers financial services with flexible tenure to self-employed individuals. This is specifically designed to help them move forward and accelerate their business growth.

How to Apply For Prefr Loans with Buddy Loan?

Steps To Apply For a Personal Loan with Buddy Loan

  • Step 1: Visit buddyloan.com or Download & install the Buddy Loan app (Android or iOS).
  • Step 2: Open the Personal Loan Application Page. Provide the mobile number and enter the received OTP.
  • Step 3: Specify the desired loan amount & personal email. Next, choose the Personal Loan option
  • Step 4: Choose the employment type (Salaried, Self-Employed, or Student) and the salary mode (bank or cash).
  • Step 5: Enter your work details (Including company name, years of service and Designation)
  • Step 6: Enter your personal details (Including Full Name, PAN, address DOB & Gender)
  • Step 7: Provide your communication address, and income details and Click the ‘Submit’ button.

Prefr Loan Repayment

Repayment is a critical process where a borrower returns the borrowed funds to a lender. Borrowers usually make monthly instalment payments over a predetermined timeframe.

The Prefr loan repayment schedule is flexible and will vary depending on the type of loan. A borrower can repay a personal loan from Prefr through online payments on the website or Prefr loan app, EMI transfer and a prepayment option are also available.

Regular and timely payments are essential as they will improve credit scores and financial credibility.

Ready to take the next step? Apply for a Personal loan now!

Frequently Asked Questions on Prefr Loan

The interest rate for Prefr personal loan is 10% - 36% per annum.

The age eligibility to get a loan from Prefr is 22 - 60.

Prefr is a financial service provider that seeks to serve customers in need of monetary aid. Prefr personal loans are loans given by Prefr to salaried and self-employed individuals.

You can apply for a Prefr personal loan from their website or their application. You can also get a loan from them through the Buddy Loan app and website.

To apply for a Prefr personal loan, you must be 22 - 60 years of age, be salaried or self-employed, with a monthly income of Rs 20,000 or Rs 15,000, depending on the city’s tier.

The maximum loan amount you can get is Rs 5 Lakhs, and the maximum repayment tenure is up to 72 months.

The documents needed are Voter’s ID, PAN card, Aadhar card, Passport, Driving licence, Utility bills, Latest Salary slips, income tax return certificate or latest Form 16.

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