Get a Loan Up to 3 Lakh with PreFr Loan App: Exploring Interest Rates and Application Process

Picture this: You need cash urgently to cover unexpected expenses, such as a medical emergency or a home repair.

That’s where Prefr Personal Loan comes in.

Prefr is a leading fintech company that offers personal loans in partnership with Hero Fincorp and AU Small Finance Bank.

You can quickly and easily get the money you require with Prefr.

But what sets Prefr apart from other lenders?

For starters, the eligibility criteria are quite lenient.

If you are salaried and earn at least 20,000 rupees per month, you can apply for a personal loan from Prefr.

In this article, we’ll explore the key features, eligibility criteria, and benefits of Prefr loan app.

Prefr Loan App Features

Prefr personal loans come with a range of features designed to cater to your needs. Here are some of the key features of prefr loan app

  • Instant personal loan up to Rs. 3 Lakhs: You can apply for a personal loan of up to Rs. 3 Lakhs and get an instant approval. This helps you meet your financial needs without any hassle.
  • Completely digital process with simplified documentation: Applying for a Prefr personal loan is easy and hassle-free. You can complete the entire process online with minimal documentation, which saves you time and effort.
  • Loan tenure ranging from 6 to 36 months: You can choose a repayment tenure that suits your financial situation. The loan tenure ranges from 6 to 36 months, giving you enough time to repay the loan without any stress.
  • Interest rate between 18% to 36% per annum: The interest rate on Prefr personal loans ranges from 18% to 36% per annum, depending on your credit score and other factors.
  • Processing fee of 3% to 5% of the loan amount: Prefr charges a processing fee of 3% to 5% of the loan amount, which is deducted from the loan amount at the time of disbursal.
  • Disbursal TAT of within 2 hours after document verification: Once your documents are verified, the loan amount is disbursed within 2 hours. This helps you meet your financial requirements without any delay.
  • Instant personal loan up to Rs. 3 Lakhs
  • Completely digital process with simplified documentation
  • Loan tenure ranging from 6 to 36 months
  • Interest rate between 18% to 36% per annum
  • Processing fee of 3% to 5% of the loan amount
  • Disbursal TAT of within 2 hours after document verification

Eligibility for Prefr Personal Loan through prefr Loan App

To apply for a Prefr Personal Loan, you must meet the following eligibility criteria:

For Salaried Individuals:

  • Age Group: 22 – 55 years
  • Minimum Income: ₹18,000
  • Identity Proof: Any one of the documents – PAN Card, Ration Card, Aadhaar Card, Voter ID Card, Driving Licence
  • Address Proof: Any one of the documents – Aadhaar card, passport, Voter ID Card
  • Income Proof: Salary certificate, Recent salary slip, Employment letter

For Self-Employed Individuals:

  • Age Group: 22 – 55 years
  • Minimum Income: ₹20,000
  • Identity Proof: Any one of the documents – PAN Card, Ration Card, Aadhaar Card, Voter ID Card, Driving Licence
  • Address Proof: Any one of the documents – Aadhaar card, passport, Voter ID Card
  • Business Proof: Proof of Business Existence, Certificate of Incorporation, Certificate of Registration with Appropriate Registration Body
  • Income Proof: ITR of Past 2 years, Certified Profit and Loss Statement

Prefr Loan Types

Prefr offers two types of personal loans to cater to the varied needs of its customers:

Term Loans for Self-Employed

This loan is designed for self-employed individuals who need funds for their business.

It comes with a flexible tenure ranging from 6 to 36 months, which can be chosen based on the borrower’s repayment capacity.

The loan amount can be used for various purposes like business expansion, inventory management, and equipment purchase.

Personal Loan for Salaried

This loan is meant for salaried individuals who require funds for personal expenses like medical emergencies, home upgrades, wedding expenses, and other personal needs.

The loan amount ranges from Rs. 10,000 to Rs. 3 lakhs, and the tenure ranges from 6 to 18 months with easy EMIs.

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After 2 hours of successful Docuements verifications, loan will be disbursed.

Whether it’s a short-term personal expense or a long-term business requirement, Prefr has got you covered with its flexible personal loan options.

prefr loan

How to Apply for Prefr Loan

To apply for a Prefr Personal Loan, follow these simple steps:

  1. Keep the required documents ready:
    • PAN card
    • Aadhaar card
    • Bank account details
    • Last 3 months’ bank statement with salary credits or business proof.
  2. click on the “Apply Now” button below to start your application journey by downloading Prefr Loan App fron google play store.
  3. Enter your mobile number and clicking on “Send OTP”. Now Enter the OTP received on your number and click on proceed to verify
  4. Fill your personal details such as full name, date of birth, desired loan amount, employment type, etc., and click on “Proceed”.
  5. Complete the credit bureau authentication by entering the OTP received and answering the bureau-related questions.
  6. Choose your loan offer and provide your work details based on the type of employment:
    • If you are salaried, enter your company details such as company name, company email ID, and office address.
    • If you are self-employed, enter your business details such as business name, business type, business place ownership, and business address.
  7. Proceed to complete your KYC by uploading the required documents.
  8. Add your bank account details such as bank name, account number, IFSC code, etc., and verify.
  9. Set up auto EMI repayment, read the loan agreement, and click on “I Agree”.

Once you have completed the application process, the Prefr team will review your loan application and disburse the loan within 24 hours. It’s that simple and hassle-free!

Get Instant Personal Loan with Prefr Now!

If you’re in need of quick and hassle-free personal loans, Prefr is the way to go! With its completely digital process, flexible loan tenure, and attractive interest rates, Prefr ensures that your personal financial needs are met with ease. So, don’t wait any longer

Prefr loan Customer Care

If you have any questions or concerns about the Prefr loan, you can get in touch with them

  • Customer Care Number: You can call the Prefr customer care team at +91-8882730000 between 10 AM to 7 PM from Monday to Saturday.
  • Email Support: You can also send an an email to support@prefr.com. They typically respond within one business day.
  • Social Media: Prefr is also active on social media platforms such as Facebook and Twitter.
  • Visit Office: If you prefer to meet with someone in person, you can visit the Prefr office during business hours.

The address of the office is:

Prefr Technologies Pvt. Ltd., 10/2, MG Road, Shantala Nagar, Bengaluru – 560001.

No matter how you choose to get in touch, the Prefr team is always happy to help with any questions or concerns you may have about the personal loan product.

Conclusion

Prefr Loan is a great option for individuals looking for quick and hassle-free loans. With flexible repayment options and easy online application process, getting a personal loan has never been easier. If you’re in need of financial assistance, visit the Prefr website today to apply for a personal loan. Take advantage of the competitive interest rates and get your loan disbursed within 24 hours!

Pros

  • Easy and hassle-free application process.
  • Flexible repayment options and tenure.
  • Loans are available for both salaried and self-employed individuals.
  • Quick disbursal of loans within 24 hours.

Cons

  • High interest rates compared to other loans.
  • Limited loan amount available.
  • Penalty charges for late payments and prepayment.

FAQS

What is the minimum and maximum loan amount offered by Prefr Personal Loans?

The minimum loan amount is Rs. 5,000 and the maximum loan amount is Rs. 3 lakhs.

What is the interest rate charged by Prefr Personal Loans?

The interest rate ranges from 18% to 36% per annum.

What is the processing fee charged by Prefr Personal Loans?

The processing fee ranges from 3% to 5% of the loan amount.

What is the loan tenure offered by Prefr Personal Loans?

The loan tenure ranges from 6 to 36 months.

What are the eligibility criteria for availing a personal loan from Prefr?

The applicant should be a salaried or self-employed individual aged above 18 years with a regular source of income to service loan repayment and interest component.

What documents are required to apply for a personal loan from Prefr?

The required documents include PAN card, Aadhaar card, bank account details, and last 3 month’s bank statement with salary credits or business proof.

How can I apply for a personal loan from Prefr?

You can apply for a Prefr Loan by visiting their website or download its app by providing personal and work details, completing KYC, and submitting required documents.

Is it possible to foreclose the personal loan before the end of the loan tenure?

Yes, you can foreclose the personal loan before the end of the loan tenure. However, pre-closure charges may apply.

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