What is prefr – Prefr is an instant personal loan-providing platform for salaried and business individuals, eligible borrowers can apply for instant loans up to ₹3 lakhs through this platform. Prefr app works as a financial marketplace that provides loan facilities to its borrowers from trusted lenders regulated by the Reserve Bank of India.
Prefr Loan App is trusted by more than 1 Crore borrowers, having successfully disbursed loans worth more than Rs 2000 Crore.
If you are considering taking a Prefr personal loan – an instant loan app, read this Prefr loan review; By MyLoanReview.IN – Explore, compare, and secure the best loan!.
Table of Contents
Prefr personal loan Features
| Prefr Loan | Details |
|---|---|
| Loan amount | Up to Rs. 3 lakhs |
| Eligible borrowers | Salaried and self-employed individuals |
| Age | 22 to 55 years |
| Income | Rs. 18K for the salaried and Rs. 20K for the self-employed |
| Tenure | 12 to 48 months |
| Rate of interest | 15% to 36% per annum |
| Processing Fee | 3% to 5% of the loan amount |
| Documents Required | No |
| Rating | 4.3 star |
Prefr loan app offers unsecured personal loans of up to Rs. 3 lakhs to its customers to fulfill any urgent or emergency requirements. prefr loan interest rate is competitive ranging from 15% to 36% per annum.
Prefr loan repayment period is flexible between 12 to 48 months.
There are no usage restrictions on Prefr Personal Loan, you can use it for any type of expenses (wedding expenses, travel costs, medical emergencies, personal use, education, etc.).
Why Prefr Personal Loan
There are various benefits to choosing the prefr loan;
- Collateral-free loans.
- Loan amounts up to Rs. 3 lakhs.
- Interest rates: 15% to 36%.
- No credit score required (based on banking data).
- Loan approval in 1 minute after details provided.
- Loan disbursal within 2 hours after verification.
- 100% paperless process with minimal documentation.
- Streamlined application process.
- Flexible tenure as per capability.
Additionally, Prefer has partnered with banks and NBFCs approved by the Reserve Bank of India to provide instant personal loans, so Prefer is a safe and reliable platform. The founders of Prefer are Abhishek Agarwal and Rajiv Raj.
Prefr loan interest rate
Prefr personal loan interest rates start from 15% per annum and go up to 36%. Since it is serviced by participating lenders, the actual interest rate you get may vary depending on your credit score, employment profile, loan amount, etc.
Charges of Prefr Loan
| Processing Fee | 3 to 5% |
| Bounce Charges | Rs. 350 |
| Foreclosure charges | 5% of principal outstanding |
| Additional or penal interest | 3% per month of overdue EMI |
Prefr Personal Loan Eligibility Criteria
Here’s what you need to know about the eligibility criteria for a Prefr Personal Loan:
- You should be between 22 and 55 years old.
- Both salaried and self-employed individuals are eligible.
- You need to have a regular source of income.
- For salaried individuals: minimum income should be Rs. 18,000.
- For self-employed: minimum income should be Rs. 20,000
Documents required for Prefr Loan
The following are the required documents to be submitted for Prefr Personal Loan;
- Aadhaar Card for KYC
- PAN Card
- Lat 3 months bank statement.
- Selfie photo
Prefr loan apply – Complete process
Here’s a step-by-step guide to applying for a Prefr personal loan:
- Download the Prefr app from the Google Play Store.
- Provide your email address and mobile number.
- Authorize Prefr to receive your credit information.
- Click ‘Agree and Continue’.
- Enter the OTP for verification sent to your mobile number.
- Agree to the permissions stated.
- Click on “Apply for a Loan”.
- Provide personal and employment details.
Name, date of birth, desired loan amount, employment type, and monthly income. - Get a loan offer within 1 minute & proceed.
- Upload your PAN and other documents proof for verification.
- Set up auto-debit for easy EMI repayments.
- After approval, receive the loan amount in the bank account.
Comparison: Prefr Loan Vs Other Lenders
Before taking a personal loan from Prefr, compare different lenders to find the best option. Below is a comparison of interest rates, and processing fees from various lenders vs Prefr by MyLoanReview.IN;
| Lender | Interest Rate (p.a.) | Processing Fee |
|---|---|---|
| Prefr Loan | 15% to 36% | 3% to 5% |
| RupeeRedee Loan | 12% to 36% | 10% to 15% |
| Olyv Loan | 18% to 30% | 2% to 12% |
| PayRupik Loan | 29% | 10% + GST |
| InCred Loan | 16% to 36% | 2% to 5% |
| IndiaLends Loan | 10.25% to 29.99% | 1% to 6% |
Prefr loan review
Prefr is a digital lending platform that offers quick and easy personal loans up to Rs 3 lakh with interest rates ranging from 15% to 36% for a repayment period of 12 to 48 months. Anyone (both salaried and self-employed) can avail of a loan through the Prefr app with a 100% online application process, no collateral required, and minimal documentation.
Prefr loan RBI approved or not
Prefr is a financial service provider platform/aggregator partnered with RBI-registered lenders (NBFC) to provide personal loans.
Lending partners of Prefr loan;
- Hero FinCorp Ltd
- NDX P2P Private Limited (Liquiloans)
Prefr loan fake or real
Partnerships with RBI-approved lenders ensure that Prefr is a reliable and trustworthy instant loan lending platform. More than 1 million users have downloaded the Prefr app from Google Play Store and it has also received a 4.1-star rating for its reliability and user-friendly application process.
Prefr loan is safe or not
Prefr is a safe and secure platform for instant personal loans. Prefr values the privacy of its customers and never shares their data externally. For the safety and security of Prefr loans, explore its business partners and lending partners – that are RBI-approved.
Prefr Business Partners
Prefr Lending Partners:
Frequently asked questions – Faqs
What is the maximum loan amount for Prefr?
You can avail a personal loan of up to Rs 3 lakh using the Prefr app.
Who is eligible for Prefr loan?
Both salaried and self-employed individuals can apply for a Prefr loan, must be between 22 and 55 years old, and have a regular source of income, minimum monthly income (Rs. 18,000 for salaried, and Rs. 20,000 for self-employed).
What is the credit score for Prefr loan?
Prefr does not require a credit score to offer personal loans, it uses the borrower’s banking data to assess their eligibility and generate a loan proposal.
What is the minimum salary for Prefr personal loan?
The minimum salary required for a Prefr personal loan is Rs. 18,000 per month for salaried and Rs. 20,000 for self-employed individuals.
What is the age limit for Prefr loan?
The age limit for a Prefr loan is between 22 and 55 years old.
What is the interest rate for Prefr?
The interest rate for a Prefr loan ranges from 15% to 36%, depending on borrower eligibility and loan terms.
What is a Prefr loan in Google Pay?
Google Pay is a business partner of Prefr.
Is Hero FinCorp approved by RBI?
Yes, Hero Fincorp is approved as a Non-Banking Financial Company (NBFC) by the Reserve Bank of India (RBI).
Summary
In conclusion, With maximum loan amounts up to ₹3 lakhs, attractive interest rates, and flexible repayment terms Prefr can be a quick and legitimate platform for salaried and self-employed individuals seeking instant personal loans online.
Prefr loan review is brought to you by MyLoanReview.IN – explore, compare, and secure the best loan!
