Poonawalla Fincorp Personal Loan
Poonawalla Fincorp offers a personal loan up to ₹50 Lakhs at competitive interest rates starting from as low as 9.99% p.a., with minimal documentation and fast approval. The loan can be used for any purpose without any end-usage restrictions. You can repay the borrowed amount in a flexible tenure of 12 to 84 months. For short-term small financial needs, you can apply for a Poonawalla Fincorp instant loan up to ₹5 Lakhs. Also, you can opt for foreclosure or prepayment of your personal loan with no extra charges if the loan is paid from your own sources.
Poonawalla Personal Loan Details
The following are the key Poonawalla Fincorp loan details:
| Loan Amount | ₹1 Lakh to ₹50 Lakhs |
|---|---|
| Rate of Interest | 9.99% p.a. onwards |
| Processing Fee | 0% to 3% + applicable taxes |
| Repayment Tenure | 12 to 84 months |
| Age | 21 to 60 years |
| Minimum Take-Home Salary | ₹30,000 per month |
Features & Benefits of Poonawalla Personal Loan
- Collateral-Free: No security or collateral needed to avail the loan.
- Digital & Hassle-Free Process: The Entire application and approval can be done online.
- High Loan Amount: You can get a loan amount of ₹1 Lakh to ₹50 Lakhs under the Poonawalla personal loan. For the Poonawalla instant loan scheme, the loan amount varies between ₹50,000 to ₹5 Lakhs.
- Quick Approval & Disbursal: Fast online application, minimal documentation, and quick fund disbursal.
- Flexible Repayment Tenure: You can get a flexible repayment tenure ranging from 12 to 84 months for a personal loan at Poonawalla. The repayment tenure for an instant loan ranges from 12 to 36 months.
- No Prepayment or Foreclosure Charges: You can pre-close your Poonawalla personal loan account with zero prepayment charges if paid from your own sources, whereas 4% prepayment/ foreclosure charges are applicable if the loan is paid from other sources.
Poonawalla Fincorp Instant Loan Interest Rates & Charges
The charges associated with Poonawalla Fincorp personal loans are as mentioned below:
| Type of Charges | Poonawalla Personal Loan | Poonawalla Instant Loan |
|---|---|---|
| Interest Rate | 9.99% p.a. onwards | 16% p.a. onwards |
| Processing Fees | Up to 3% + taxes | Up to 4.5% + taxes |
| Prepayment Charges | Up to 4% + taxes | Up to 4% + taxes |
| Default Charges | 24% p.a. + taxes | 24% p.a. + taxes |
| Repayment Instrument Dishonor Charges | ₹500 per bounce + taxes | ₹500 per bounce + taxes |
| Stamp Duty | At actuals (as per state) | At actuals (as per state) |
Compare Poonawalla Personal Loan with Other NBFCs
Below is the comparison of Poonawalla personal loan interest rate with other NBFCs and online lenders:
| Lenders | Loan Amount | Interest Rate | Tenure |
|---|---|---|---|
| Poonawalla Fincorp | Up to ₹50 Lakhs | 9.99% p.a. onwards | 12 months - 84 months |
| CASHe | ₹45,000 - ₹3 Lakhs | 2.79% - 3% per month | 9 months - 18 months |
| L&T Finance | ₹50,000 - ₹30 Lakhs | 11% p.a. onwards | 12 months - 72 months |
| IIFL | ₹5,000 - ₹5 Lakhs | 12.75% - 44% p.a. | 3 months - 42 months |
| FlexSalary | ₹500 - ₹3 Lakhs | 18% - 36.5% p.a. | Up to 36 months |
| Olyv | ₹1,000 - ₹5 Lakhs | 1.5% per month onwards | 2 months - 24 months |
| mPokket | ₹500 - ₹50,000 | 0% - 4% per month | Up to 4 months |
| LoanTap | ₹3,000 - ₹5 Lakhs | 15% - 32% p.a. | 1 - 60 months |
| MoneyTap | ₹3,000 - ₹5 Lakhs | 13% - 18% p.a. | 3 months - 36 months |
| Stashfin | ₹1,000 - ₹5 Lakhs | 11.99% - 59.99% p.a. | Up to 36 months |
| KreditBee | ₹1,000 - ₹5 Lakhs | 17% - 29.95% p.a. | 6 months - 60 months |
| PaySense | ₹5,000 - ₹5 Lakhs | 14% - 36% p.a. | Up to 24 months |
Poonawalla Fincorp Personal Loan Eligibility Criteria
You will have to meet the following Poonawalla Fincorp personal loan eligibility criteria to apply for the loan:
- Citizenship: The applicant must have an Indian citizenship.
- Age required: The applicant should be 21 to 60 years of age for Poonawalla Fincorp personal loan and 25 to 55 years for an instant loan.
- Employment: The applicant must be a salaried or self-employed individual, having a full-time job with the Central Government, PSU, MNC, Listed/Unlisted Public Ltd, Pvt Ltd, LLP, educational institution, or a company approved by Poonawalla Fincorp.
- Work experience required: The applicants must have a minimum of 1 year of total work experience and at least 1 month with the current employer.
- Monthly income required: Applicants must have a minimum monthly take-home salary of at least ₹30,000. For an instant loan, a minimum annual household income (declared) of ₹3 Lakhs is required.
- Credit score: Applicant must have a credit score of 750 or above for higher chances of approval.
Documents Required for Poonawalla Personal Loan
- KYC: PAN Card, Aadhaar Card, Passport, Driving License, or Voter ID.
- Current address proof: Passport, Utility Bills, or Rent Agreement.
- Income proof: Latest salary slip of the last 1 month and bank account statements of the last 3 months.
- Employment proof: Office Email ID Verification or Office ID Card (in case the office email ID is not confirmed).
- Documents for instant loan: If you want the Poonawalla Fincorp instant loan apply online with just a PAN Card and Aadhaar Card.
How to Apply for a Poonawalla Fincorp Instant Loan Online
Follow the steps mentioned below to apply for a personal loan from Poonawalla Fincorp:
- Click on the ‘Apply Now’ button on Poonawalla Fincorp’s website.
- Enter basic KYC details.
- Upload the required documents.
- Wait for the application assessment.
- Get confirmation on loan approval.
- Approve and authorise your personal loan online disbursal.
Poonawalla Fincorp Personal Loan Customer Care Details
You can contact the Poonawalla Fincorp personal loan through the following ways:
- Toll-free Poonawalla customer care number: 1800-266-3201, from 9 AM to 7 PM (Monday to Saturday).
- Email: customercare@poonawallafincorp.com.
- Corporate office address: Unit No. - 2401, 24th Floor, Altimus, Dr G.M. Bhosale Marg, Worli, Mumbai, Maharashtra - 400018.
- Registered office address: 201 and 202, 2nd Floor, AP81, Koregaon Park Annexe, Mundhwa, Pune, Maharashtra - 411036.
FAQs
Poonawalla Fincorp personal loan interest rates start from just 9.99% p.a. For an instant loan, the interest rate starts from 16% p.a.
Poonawalla Fincorp processing fee is up to 3% plus applicable taxes for a personal loan, up to 4.5% plus applicable taxes for an instant loan.
Yes, having a credit score of 750 or above is necessary for increasing your chances of personal loan approval.
Yes, you can prepay or foreclose your Poonawalla personal loan account. If foreclosure/ prepayment is done before repayment of first 6 EMIs, including balance transfer from another financial institution, 4 % on amount being prepaid plus applicable taxes will be charged. After repayment of first 6 EMIs, if foreclosure/ prepayment is done from own funds of the borrower, no charges will be applied. However, if foreclosure/prepayment is done any other source including by balance transfer from another lender, 4% on amount being prepaid plus applicable taxes will be charged.
Yes, self-employed individuals can also apply for a Poonawalla personal loan.
Yes, taking a personal loan from Poonawalla Fincorp is considered safe, as it is a legitimate, RBI-registered Non-Banking Financial Company (NBFC).