Prefr Loan
Prefr Credit or Prefer offers instant loans of up to ₹5 Lakhs to salaried as well as self-employed individuals for all their personal and business financial requirements. Availing of a Prefr loan involves a 100% digital process with simplified minimal documentation. The loan comes at an interest rate starting from 18.00% p.a. and a processing fee of 3% to 5% of the loan amount. The borrowed personal loan amount can be repaid within 6 to 36 months of tenure through affordable EMIs.
Prefr Personal Loan Details
The following are the key highlights of the Prefr personal loan:
| Loan Amount | ₹50,000 to ₹5 Lakhs |
|---|---|
| Interest Rate | 18.00% per annum |
| Eligible Borrowers | Salaried individuals and self-employed individuals |
| Repayment Tenure | 6 to 36 months |
| Processing Fees | 3% to 5% of the sanctioned loan amount |
| Disbursal TAT | Within 10 minutes |
| Minimum Income | Monthly salary of at least ₹18,000 |
Features & Benefits of Prefr 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 18.00% 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 & Charges
Prefr loan interest rates are affordable and fixed between 18.00% 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.
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.
Compare Prefr Loan App with Other Loan Apps
Below is the comparison table for the Prefr loan app with other app-based personal loans:
| Partner | Loan Amount | Starting Interest Rate | Tenure |
|---|---|---|---|
| Prefr | ₹1,000 - ₹5 Lakhs | 18.00% per annum | 3 - 36 months |
| Flexsalary | ₹1,000 - ₹3 Lakhs | 18.00% per annum | 3 - 36 months |
| Ram Fincorp | ₹4,000 - ₹2 Lakhs | 1.50% per month | 3 - 12 months |
| Kamakshi Money | ₹1,000 - ₹2 Lakhs | 1.50% per month | 1 - 3 months |
| Anytime Rupee | ₹2,000 - ₹3,000 | 0.1% - 1% per day | 2 - 6 months |
| Moneyview | ₹5,000 to ₹10 Lakhs | 14.00% per annum | 3 - 60 months |
| PayMe | ₹500 - ₹5 Lakhs | 1.50% per month | 3 - 24 months |
| TrueBalance | ₹5,000 - ₹2 Lakhs | 2.40% per month | 2 - 12 months |
| PayRupik Loan | ₹1,000 - ₹1 Lakhs | Up to 36% p.a. | 3 - 12 months |
| Freo | ₹3,000 - ₹5 Lakhs | 13.00% per annum | 3 - 36 months |
Prefr Personal Loan Eligibility Criteria
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.
Documents Required for Prefr Loan
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
Steps to Apply for Prefr Loan Online
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
Prefr Customer Care Details
The following are the Prefr customer care details:
- Call the 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
- 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.
FAQs
Prefr loans are 100% legal and are governed by Indian laws. Prefr is a technology company that connects potential borrowers with lenders.
Is Prefr loan RBI approved or not - if you are wondering about this, the answer is no. Prefr is not registered with the Reserve Bank of India (RBI).
The Prefr loan app is owned by Dreamplug Technologies Private Limited (DTPL), an Indian company that operates the Prefr business division.
If you are wondering whether the Prefr loan is safe or not or is Prefr loan fake or real, the answer is that the Prefer loan is completely safe. It is a trusted lending partner that offers loans with transparency. Prefr facilitates loans from regulated and credible lenders.
- Call: 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
To close your Prefr loan account, you can make a full Prefr loan payment through Internet banking or UPI. Also, you can contact Prefr directly at wecare@prefr.com.
Reshma Rawat is a passionate writer with a decade of experience in writing for a variety of domains (finance, technology, lifestyle, e-commerce, real estate, etc.). Currently, she is working as Assistant Manager - Content @MyMoneyMantra and writes blogs & webpages on financial products (loans, credit cards, insurance, government financial policies, mutual funds, etc.).
Director- MyMoneyMantra FinTech| A senior retail and commercial banking professional, adept at handling Business Development, Sales Planning & Growth, Product Strategy, Marketing Operations and Client advisory services phygitally.