Prefr Loan

The following are the key highlights of the Prefr personal loan:

Below are the attractive features of Prefr personal loans:

• Get an instant loan of Rs. 50,000 to Rs. 5,00,000 online through the Prefr loan app for all your personal and professional needs.
• Prefr loan offers competitive interest rates starting from 18% per annum and a nominal processing fee of 3% to 5% of the loan amount.
• No security or collateral is required to avail of a loan from Prefr.
• Prefr app also offers term loans for self-employed individuals to help them grow their businesses.
• You don’t need a CIBIL score to get a loan as Prefr uses the borrower’s banking data to generate their offer. 
• Get instant loan approval once you provide all the necessary details.
• Money will be disbursed to your bank account within 10 minutes.
• You can use the Prefr loan EMI calculator to calculate your personal loan EMI online in a jiffy.

Prefr loan interest rates are affordable and fixed between 15% to 36% p.a., depending on the applicant’s eligibility, required loan amount, loan type, repayment tenure, and other factors. Apart from the interest rate, borrowers will also have to pay a processing fee of 3% to 5% of the sanctioned loan limit.

Prefr provides the following two types of loans for meeting your personal and professional needs:

• Term Loans for Self-Employed: This loan is offered to self-employed individuals with flexible tenure to help them grow their businesses.
• Personal Loan for Salaried: These loans are offered to salaried individuals for any personal requirements, including medical, home upgrade, wedding expenses, etc. The tenure for this loan ranges from 12 to 48 months.

The following are the charges associated with a Prefr personal loan:

• Processing fee: 3% to 5% of the loan amount.
• Foreclosure charges: 5% of the principal outstanding. If the loan is closed within 6 months post disbursement, then interest on the loan amount for 6 months + foreclosure charges will apply. 
• Penal charges: 3% per month on overdue amount (accrued on a daily basis).
• Bounce charges: Rs. 350.
• Pre-EMI: As applicable.

Below are the basic Prefr loan eligibility criteria for a personal loan:

• Prefr personal loans can be availed of by all salaried as well as self-employed individuals aged above 18 years and earning a monthly salary of at least Rs. 18,000.
• The borrower must have a regular income source to service loan repayment along with the interest.
• The applicant must provide accurate information about their income, employment also their bank account details for auto-debit of EMI payments.

To get a Prefr personal loan, you just need to do the following three things:

• Click a Selfie
• Upload your PAN Card
• KYC Proof - Aadhaar eKYC or CKYC
• Optional (required only in certain cases): Address proof, Bank statement & Business proof

If you need a Prefr loan apply by following the steps given below:

• Download the Prefr app
• Complete the Prefr loan login process
• Click a Selfie
• Upload your PAN Card
• Upload your Address Proof document

The following are the Prefr customer care details:

• Call at Prefr loan customer care number: 040 4852 1334 from 10 AM to 7 PM, every day except holidays and weekends
• Email: wecare@prefr.com for any customer support
• Visit or write to: 2nd Floor, Block 2, My Home Hub, Hitech City Rd, Patrika Nagar, HITEC City, Hyderabad, Telangana - 500081
• Grievance escalation: If you are not satisfied with the resolution provided by the lender, you can escalate your issue to the next level of authority.