Prefr Business Loan Interest Rate and Processing Fee

Business Loan ComponentsDetails
Loan AmountRs 10,000 to Rs 3 lakh
Loan Tenure6 months to 36 months
Rate of Interest18% to 36%
Processing Fee3% to 5% + GST (Minimum Rs 1,500)
Foreclosure Charges5% of Principal Outstanding
Overdue Penalty3% per month overdue EMI, pro-rated for the number of days of overdue

Prefr Business Loan Features

  1. The business loans originated through Prefr are principally the term loans extended to underserved and unserved self-employed professionals. 
  2. Prefr Business Loans are fast as the turnaround time from application-to-disbursal is unusually lower as compared to traditional business loans
  3. Prefr Credit maintains a completely digital platform that helps in enabling real-time approval of business loans, as well as the disbursement process. 
  4. The end-to-end digital lending infrastructure incorporated by Prefr supports quick disbursals without any physical touch points. 
  5. The simplified digital documentation offered by Prefr is seemingly advantageous for remotely-operating self-employed professionals looking to secure fresh credit. 
  6. The applicable rate of interest on Prefr Business Loans is higher as these loans remain unsecured in nature.

Prefr Business Loan Eligibility Criteria

  1. The eligibility criteria for Prefr Business Loan can be gauged through Prefr’s mobile application. The same mobile application further acts as the medium for customer’s assessment and disbursal of loan. 
  2. Prefr claims a 3-step process for business loan disbursals including checking the loan offer, uploading necessary documents, and setting up repayment facility. 
  3. Certain personal details would be required to assess the eligibility for business loans such as age of the applicant, credit score (if available). 
  4. The loan amount extended to different consumers could vary due dissimilar monthly/quarterly/yearly income, turnover and the respective requirements.

Prefr Business Loan Application Process

Step 1: After successfully login in Prefr mobile application, you can check your loan eligibility within a minute by providing information of your income and employment. 

Step 2: Subsequent to receiving the loan offer from Prefr, you can upload the required documents in the application which includes a clear selfie, PAN and a proof of address. 

Step 3: Following this, you will be directed to set up a repayment facility in which a bank account number is required to facilitate auto-debits to oblige the EMIs.

Tips To Avail Business Loan At Low-Interest Rates 

  1. A credit score in the prime range, preferably over & above the mark of 750 can essentially help in securing a higher amount at a lower rate of interest. 
  2. Business Owners and self-employed professionals with stable turnovers will be automatically favoured if they are new-to-credit. 
  3. You can start a small-ticket business loan, utilise the proceeds for business requirements, repay the loan within the prescribed time frame, and ask for a higher amount. This can eventually help you build a lasting relationship with the lending partner as banks and NBFCs remain in a lookout to onboard customers that have thriving income either from salaries or self-employment.

Prefr Business Loan Customer Care

All the business loan customers can contact Prefr through the designated customer care number: 040-48521334 and email: wecare@prefr.com for all the queries, complaints, feedback or suggestions with regard to Prefr Business Loan.

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Prefr Credit Business Loan FAQs

What is the minimum income requirement for a business loan?


The minimum income requirement is subjective and can vary depending on the nature of business. 

Can Prefr extend a business loan to customers without CIBIL score?


Yes. Prefr analyses customer’s banking transactional data to provide a business loan offer.

What is the turnaround time for loan disbursal through Prefr?


Following successful verification of documents and bank account details furnished by the customer, Prefr disburses the business loan within 2 hours. 

Does Prefr require any kind of security to sanction business loans?


No. Prefr doesn’t asks for any kind of security deposit to extend a business loan.