Prefr Personal Loan
Prefer is one of the fastest-growing loan agencies in India. They aim to streamline the lending experience via technology and digital innovation. A prime example of this initiative is the Prefr personal loan, which is characterised by an entirely online application process. Borrowers can ideally apply, upload the necessary documents, and obtain the necessary funds online, making it a more borrower-friendly credit option.
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Features of Prefr Personal Loans
Here are the pertinent features of Prefr personal loans:
- End-to-End Digital Experience: Prefr Personal Loans streamline the application process by offering a digital platform. Hence, you can apply, get real-time approval, and receive funds without physical paperwork, making it a hassle-free experience.
- Personalised Loan Tenure: Prefr understands that everyone’s financial situation is unique. That’s why they offer various tenure options, allowing borrowers to select a repayment schedule that aligns with their personal cash flow and budget.
- Quick Fund Disbursal: Prefr is known for its fast disbursal policy. Once all documents are verified, they don’t keep you waiting, often releasing funds within 2 hours. This ensures you can access your loan precisely when it’s most needed.
- Flexible Loan Amounts: Prefr caters to personal and professional needs by offering flexible loan amounts ranging from Rs. 50,000 to Rs. 5,00,000. This flexibility ensures that you can borrow according to your specific requirements.
- No Collateral Required: Prefr’s personal loans are unsecured, so you don’t need to pledge any assets as collateral. This feature opens up borrowing opportunities to a wider range of customers, regardless of asset ownership.
Eligibility Criteria for Prefr Personal Loans
Here are the applicable Prefr personal loan eligibility criteria:
- Age Limit: Your age must fall somewhere between 21 and 65 years.
- Employment Status: You must have a stable source of income, either salaried or self-employed.
- Credit Score: You must have a good credit score, although Prefr might consider banking data for loan offers.
- Income Requirement: You must have a minimum monthly income of ₹20,000 (tier-1 cities) or ₹15,000 (tier-2 & 3 cities).
- Nationality: You must be an Indian citizen.
Documents Required for Prefr Personal Loan
Here are the required documents for a Prefr personal loan:
- Proof of Identity: Voter’s ID, Aadhaar card, PAN card, or passport.
- Proof of Residency: Aadhaar card, driving licence, utility bills, or rent agreement.
- Proof of Income: Lat 3-month salary slip, latest Form 16, income tax return, bank certificate, etc.
Prefr Fees and Charges
Let’s examine the fees and charges of a Prefr instant personal loan:
| Fee/Charge | Amount |
| Processing Fee | 3% to 5% of the loan amount |
| Foreclosure Charges | 5% of the remaining loan amount |
| Penal Interest/Late Payment Penalty | 3% p.m. of the overdue amount |
| Bounce Charges | ₹350 |
Prefr Personal Loan Interest Rates
Prefr personal loan interest rates and other key parameters are as follows:
| Interest rate | 10% to 16% p.a. |
| Loan Amount | ₹50,000 to ₹5 Lakh |
| Loan Tenure | Up to 72 month |
| Eligibility | Both salaried and self-employed individuals |
Calculating Your Loan EMI
You can get access to the Prefr personal loan EMI calculator via the Pluto Money website as you follow the simple steps given below:
- Browse the official website of Pluto Money.
- Tap the “Loan” option located in the horizontal menu bar.
- Opt for a “Personal Loan” option and then “Personal Loan EMI Calculator.”
- Enter the loan amount you wish to borrow, the loan tenure, and the applicable interest rates (which can range from 10% to 16% per annum, depending on your financial profile).
- The calculator will instantly provide your monthly EMI, the total interest amount, and the total amount payable.
How to Apply for a Prefr Personal Loan
Following is the application process for a Prefr instant personal loan:
- Browse the official website of Pluto Money.
- Click on the “Loan” option at the home screen’s horizontal menu bar.
- Select the “Personal Loan” category.
- You’ll be landed on a new page titled “Personal Loan.”
- Scroll down to see the “Prefr Personal Loan” and click the “Apply Now” button.
- A short online form will pop up on your screen.
- Fill in your name, mobile number, and city.
- You’ll receive a 6-digit OTP on your phone.
- Enter the OTP and hit the “Submit” button.
- A loan specialist from our team will contact you shortly.
Tips for Successful Prefr Personal Loan Approval
Following are certain tips you need to keep in mind for a successful Prefr personal loan approval:
Assess Your Financial Health
Lenders evaluate your financial health based on your income, expenses, and existing debts. They use this information to determine your ability to repay the new loan. It’s important to make sure your income is sufficient to manage your existing financial commitments and the new loan without overburdening your budget. As a general guideline, your loan EMIs should ideally not surpass 30-40% of your monthly income.
Meet Eligibility Criteria
Every lender sets distinct eligibility criteria that you must meet to be eligible for a loan. These criteria frequently cover minimum income amounts, age, employment status, and residency conditions. Examine Prefr’s requirements through the Pluto Money website or contact our loan expert to verify your eligibility. Grasping these prerequisites before application is essential to confirm you fulfil all the necessary criteria.
Prepare Documentation
Proper documentation is key to a smooth loan application process. You’ll typically need proof of identity, address, income, and employment. Make sure all your documents are valid, up-to-date, and readily available. This can include your PAN card, Aadhaar card, salary slips, bank statements, and more.
Demonstrate Financial Stability
Lenders favour applicants with job stability and a consistent income history. This indicates that you’re less likely to face financial difficulties that could affect your loan repayment. Be prepared to provide evidence of your employment and income stability, such as salary slips and bank statements.
Check Your Credit Score
A credit score is a numerical expression of your creditworthiness. It ranges from 300 to 900, and a score of 700 or above is typically ideal. Hence, it’s advisable to obtain your credit report from major credit bureaus like CIBIL or Experian and verify whether you have a favourable score. You should also review your credit report for errors that might negatively affect your score.
FAQs
You can borrow between ₹50,000 to ₹5 Lakh, based on your financial profile and creditworthiness.
Once the lender verifies your documentation, you can expect the loan disbursement in at least 2 hours.
You can calculate your loan EMI on the Pluto Money website whenever you wish, without any time restrictions.
The pre-payment/foreclosure charges for a Prefr Personal Loan can be up to 5% of the prepayment amount.
You can contact Prefr at the toll-free number 080-47485490 or mail at wecare@prefr.com. Alternatively, contact Pluto Money’s loan specialist at customer-care@pluto-money.odoo.com.