A Prefr personal loan is an unsecured credit solution designed to provide fast financial assistance for urgent expenses. Whether you need funds to handle unexpected medical bills, consolidate existing debts, plan a wedding, or pursue higher education, Prefr offers flexible funding tailored to your needs. With attractive interest rates starting from 10% p.a., loan amounts up to ₹5 Lakhs, tenures ranging from 6 to 36 months, and a 100% digital application process, getting an instant personal loan is quick and hassle-free.
Prefr Personal Loan Details
Prefr provides instant, transparent, and flexible financing for salaried and self-employed individuals to support both personal needs and business growth. Below is an overview of the key Prefr personal loan details updated with the latest information:
| Loan Details | Specification |
| Loan Amount | ₹10,000 to ₹5 Lakhs |
| Loan Tenure | 6 to 36 Months |
| Interest Rate | 10% – 36% p.a. |
| Eligible Borrowers | Salaried & Self-Employed Individuals |
| Loan Purpose | Medical Emergency, Wedding, Travel, Debt Consolidation & Personal Use |
| Disbursal Time | Within 2 Hours (post verification) |
Prefr Personal Loan Interest Rates
Prefr offers competitive personal loan interest rates ranging from 10% to 36% per annum. The actual interest rate offered to an applicant depends on key profile factors such as credit score, monthly income, requested loan amount, and repayment tenure.
| Interest Rate Parameter | Range / Limit |
| Interest Rate | 10% – 36% p.a. |
| Maximum Loan Amount | Up to ₹5 Lakhs |
Prefr Personal Loan Fees & Charges
In addition to the annual interest rate, certain processing fees and administrative charges apply when opting for a Prefr personal loan. Here is a transparent breakdown of the applicable fees and charges:
| Fee Type | Applicable Charges |
| Processing Fee | 3% – 5% of the loan amount + GST |
| Late Payment Charges | ₹350 |
| Foreclosure Charges | 5% on the outstanding loan amount |
| Additional / Penal Interest | 3% per month on overdue EMI |
Prefr Personal Loan Eligibility Criteria
Meeting the eligibility criteria ensures a seamless approval process for your loan request. Prefr maintains simple and transparent eligibility norms for applicants across India:
| Criteria | Requirement |
| Age | 22 to 60 Years |
| Employment Type | Salaried or Self-Employed |
| Minimum Income (Tier 1 Cities) | ₹20,000 per month |
| Minimum Income (Tier 2 & 3 Cities) | ₹15,000 per month |
Documents Required for Prefr Personal Loan
Submitting valid and accurate documents accelerates the verification process for quick loan approval. Here are the primary documents needed to apply for a Prefr personal loan:
- Identity Proof: PAN Card, Voter ID, Passport, or Driving Licence.
- Address Proof: Aadhaar Card, Passport, Driving Licence, Voter ID, Utility Bills, or Rent Agreement.
- Income Proof: Latest 3 months’ salary slips, Bank Account Statements, Income Tax Return (ITR) certificate, or Form 16.
How to Calculate Prefr Loan EMI?
Calculating your Equated Monthly Instalment (EMI) before borrowing helps you plan your monthly budget and evaluate your repayment capacity. Your EMI depends on three main factors: the loan principal amount, the interest rate, and the repayment tenure.
You can easily estimate your monthly payment using the online EMI calculator:
- Enter the Loan Amount: Adjust the slider or input your required loan amount.
- Select the Loan Tenure: Choose your desired repayment duration in months.
- Input the Interest Rate: Enter the expected annual interest rate based on your eligibility profile.
- Review Your EMI Breakdown: The calculator instantly displays your Monthly EMI payment, Total Interest payable, and Total Repayment Amount.
Features & Benefits of Prefr Personal Loan
A Prefr personal loan comes loaded with customer-centric features designed for speed, flexibility, and convenience:
- High Loan Amount: Access instant credit up to ₹5 Lakhs for all major financial needs.
- Fast Disbursal: Funds are transferred directly to your bank account within 2 hours post-verification.
- Flexible Repayment Tenure: Choose comfortable repayment terms ranging from 6 to 36 months.
- 100% Digital & Paperless Process: Complete the entire application online from the comfort of your home.
- Attractive Interest Rates: Benefit from affordable interest rates starting from 10% p.a..
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 | 18% onwards | Up to 5% |
| HDFC Bank | 9.99% onwards | Up to ₹6,500 |
| Axis Bank | 9.99% onwards | Up to 2% |
| Punjab National Bank | 8.95% onwards | Up to 1% |
| Induslnd Bank | 10.49% onwards | Up to 3.5% |
| ICICI Bank | 9.99% onwards | Up to 2.5% |
| KreditBee | 12.24% p.a onwards | Up to 6% |
| Muthoot Finance | 13% onwards | Up to 4% |
| Bajaj Finserv | 10% onwards | Up to 4.13% |
| MoneyTap | 13% onwards | Up to 3.5% |
Note: The above mentioned rates are subject to change with the finance market and differ marginally with the respect to the individual banks.
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.
Prefr Personal Loan Customer Care Number
If you have queries, need assistance with your personal loan application, or require support regarding EMI payments, you can connect with the Prefr customer support team using the official contact channels below:
| Customer Support Channel | Contact Details |
| Customer Care Helpline Number | 040-6988 1555 |
| Customer Support Email ID | wecare@prefr.com |
| Operating Hours | Monday to Saturday, 10:00 AM – 6:00 PM (Excluding Public Holidays) |
| Corporate Office Address | Hitech City, Hyderabad, Telangana 500081 |
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