Privo Personal Loan

Following are the key highlights of the Privo instant personal loan:

RBI-regulated NBFC Privo offers low-interest rate instant personal loans starting from as low as 9.99% per annum. The repayment tenure is flexible, which enables convenient loan repayment in a tenure of 3 to 60 months at a low-interest rate. 

• Privo offers a maximum loan amount of up to Rs. 5 Lakhs.
• Privo personal loan interest rates start from just 9.99% p.a.
• Privo personal loans can be used for car repairs, vacations, medical bills, or any other unexpected expense.
• These instant loans are available for both salaried as well as self-employed individuals.
• Privo offers quick approvals and disbursals.
• You don’t need any collateral to avail of an instant personal loan from Privo.
• No pre-closure charges or hidden costs are involved.

To be eligible for a quick personal loan, Privo requires you to fulfill the following eligibility criteria:

• Minimum monthly income: Borrowers should have a minimum monthly salary of Rs. 18,000.
• Age: The age limit for borrowers is a minimum of 21 and a maximum of up to 60 years
• Credit score: A minimum CIBIL score of 700 is required to get an instant personal loan from the Privo loan app.
• Android user: Privo loan is fully digital, hence borrowers need at least an Android mobile phone to successfully apply for a personal loan without collateral.
• Unsecured loan inquiries: <=2 in the last 10 days, < =5 in the last 1 month, and <=9 in the last 3 months.
• DPD: No DPD in the last 12 months.

It is extremely easy to apply for an instant personal loan without collateral through Privo by setting up your account. You can get started in just a few easy steps mentioned below:

• Set up your profile by providing some basic details including your name, monthly salary, PAN Card, email ID, workplace details, etc.
• Mention your KYC details like your Aadhar number and upload a selfie. 
• The system automatically fetches your details from the CKYC portal. Check and confirm the displayed information.
• Choose the loan amount you want to borrow, the purpose of borrowing the loan, and the repayment tenure of your choice.
• Privo will check your eligibility basis the given information and then approve your loan request if everything is according to its internal policy.

• Rate of interest: 9.99% p.a. onwards.
• Processing fee: Up to 5% of the loan amount.
• Overdue interest rate/ Default interest rate/ Late payment penal interest: 36% p.a.
• Full/ Part prepayment charges: Nil.
• Swap charges (Cheque/NACH): Rs. 250 + taxes.
• Dishonour charges: Rs. 450.