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.
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.
Your Amortization Schedule (Yearly/Monthly)
Features & Benefits of Prefr Personal Loan
A Prefr loan provides a range of important features and benefits, such as:
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 |
| Induslnd Bank | 10.49% p.a onwards | Up to 3% |
| ICICI Bank | 10.75% p.a onwards | Up to 2.5% |
| KreditBee | 12.24% p.a onwards | Up to 6% |
| Muthoot Finance | 14% p.a onwards | 2% |
| Bajaj Finserv | 11% p.a onwards | Up to 3.93% |
| MoneyTap | 13% p.a onwards | Up to 2% |
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.
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