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PREFR Personal Loan

PREFR offers personal loans to meet your financial needs, whether for medical expenses, home renovation, or other emergencies. With a maximum loan amount of ₹3 lakhs and an interest rate ranging from 17% to 30% p.a., PREFR provides flexible loan options with repayment terms of up to 36 months.

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Loan Highlights
Features
Eligibility criteria
Documents Required
How To Apply
FAQs
Partners
Articles
Testimonials

PREFR Personal Loan Highlights

Interest Rate
17-30% p.a.
Loan Amount
Up to ₹3 lakhs
Tenure
Up to 36 months

Features of PREFR Personal Loan

Loan amount: PREFR offers personal loans up to ₹3,00,000.
Loan tenure: The loan can be repaid within a tenure of up to 36 months.
Interest rates: The interest rate for PREFR personal loans ranges between 17% and 30% p.a., depending on your credit score and financial history.
Quick approval: PREFR ensures quick processing of loan applications, with approval often granted within 1-2 business days.
No collateral: These personal loans are unsecured, so you don’t need to provide any collateral to secure the loan.
Flexible repayment: You can choose a repayment tenure that suits your financial situation, ranging from a few months up to 36 months.
Minimal processing fees: PREFR charges lower processing fees compared to traditional banks and financial institutions.

Why Choose Moneycontrol?

Low Interest Rate
Instant Disbursal
Multiple Offers
100% Digital Process

Eligibility Criteria for PREFR Personal Loan

To qualify for a PREFR personal loan, applicants must meet the following eligibility requirements:

age
Applicants must be between 21 and 60 years of age.
Employment status
You must be employed with a regular income, either as a salaried employee or self-employed.
Income
A minimum monthly income of ₹18,000 is required for salaried individuals.
Credit Score
A minimum credit score of 650 is generally required for approval, with higher scores enabling better interest rates.
Residence
Applicants must be residents of India and have a permanent address within the serviceable region.
Existing loans
While having existing loans won’t necessarily disqualify you, a lower debt-to-income ratio improves your chances of approval.

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Documents Required for PREFR Personal Loan

To apply for a PREFR personal loan, you will need to submit the following documents:

Identity proof: Aadhar card, Passport, Voter ID, or Driver’s Licence
Address proof: Aadhar card, utility bills, passport, or ration card
Income proof:
- For salaried individuals: Salary slip for the last 3 months or bank statement for the last 6 months.
- For self-employed individuals: ITR (Income Tax Return) or bank statement for the last 6 months.
Photographs: Passport-sized photographs.
KYC documents: Proof of identity and address as per KYC guidelines.
Application form: Filled application form with personal details and loan requirements.

Pick Your Loan Amount

How to apply for PREFR personal loan

You can apply for a PREFR personal loan loan online via Moneycontrol using the following steps:

1
Enter your details
2
Pick the best loan offer from multiple lenders including PREFR
3
Complete your KYC
4
Set up EMI repayment
5
Withdraw funds to your bank account

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FAQs about PREFR personal loan

What is the maximum loan amount I can get with a PREFR personal loan?

The maximum loan amount available is ₹3,00,000.

What is the interest rate for PREFR personal loans?

The interest rate starts at 17% to 30% p.a, depending on your credit score and other factors.

Can I repay my loan before the tenure ends?

Yes, PREFR allows early repayment without penalties, offering you more flexibility.

How long does it take for PREFR to approve the loan?

Loan approval usually takes between 1-2 business days, depending on the completeness of your application and document verification.

Do I need to provide collateral for the loan?

No, PREFR personal loans are unsecured, so no collateral is required.

Can I apply for a personal loan if I have a low credit score?

While a higher credit score improves your chances of approval and getting a better interest rate, applicants with lower credit scores may still qualify for the loan, though the interest rate may be higher.

Can I use a personal loan for business purposes?

Generally, personal loans are meant for personal needs such as medical expenses, home renovation, or emergencies. However, some lenders may allow you to use the loan for business purposes, provided you meet certain conditions.

Can I transfer my personal loan to another lender?

Yes, it is possible to transfer your personal loan to another lender through a process called loan balance transfer. This might help you get better interest rates or more favourable terms.

Can I prepay my personal loan early?

Yes, PREFR allows you to prepay the loan early, although some prepayment charges may apply depending on the terms of your loan agreement.

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User Testimonials

I would like to thank Moneycontrol, few days back I met with an accident and I didn’t have much money to pay in one go. So, I took an instant cash advance from Moneycontrol. They helped me to clear all the medical bills in just 10 mins!

Suresh V Rangnathan

The overall experience with Moneycontrol was really good. I applied for an online personal loan and the service was very quick. The entire process was fast and smooth, and the loan was sanctioned without any hassles.