Poonawalla Fincorp Prime Personal Loan
Presenting Prime Personal Loan, created specifically for salaried workers employed by a few Indian corporations. Take advantage of a 24/7, end-to-end digital application procedure with adjustable EMI terms of up to 84 months. This unique product from Poonawalla Fincorp offers immediate disbursement and requires no collateral.
Prime Personal Loans features
- The maximum loan amount is Rs.15 lakh.
- Fast approval and little paperwork
- Interest rates that are appealing
- No unstated fees
- Variable length of payback
Interest Rates & Charges for Prime Personal Loan
Category | Details |
Interest Rate | 12.65%* p.a. (fixed) onwards |
Loan Amount | ₹1 Lakh to ₹15 Lakh |
Processing Fees | 0.5% to 2% of the sanctioned amount, plus applicable taxes |
Lowest EMI Per Lakh | Starting from ₹1,765* for 84 months |
Tenure | 12-60 months for all applicants between 12-84 months for applicants above 28 years with a net salary of ₹30,000 per month |
Prepayment/Foreclosure Charges | Within the first 6 months: Between - 4% on the prepaid amount (if closed via balance transfer) After first 6 EMIs: Nil (if prepaid from own funds) and 4% on the prepaid amount (if closed via balance transfer) |
Default/Penal Charges | 24% p.a. plus applicable taxes |
Repayment Instrument Dishonour Charges | ₹500 per bounce plus applicable taxes |
Stamp Duty | As per state regulations |
Hidden Charges | Nil |
Eligibility Criteria
Eligibility Factor | Requirements |
Age | Between 23 and 58 years |
Citizenship | Indian |
Net Monthly Income | ₹30,000 and above |
Employment Type | Full-time employment with a private or public limited company |
Work Experience | Minimum 1 year, with at least 1 month in the current company |
Credit Score | Good credit/bureau score |
Required Documents for Application
Document Type | Accepted Documents |
KYC Documents | PAN Card and Aadhaar Card |
Financial Statements | Bank statements for the last 12 months |
Proof of Employment | Verified official email ID (via OTP verification) |
Tips for a Successful Loan Application
- Before applying, confirm your eligibility.
- To increase your chances of being approved, check your credit score.
- To increase credibility, keep your debt-to-income ratio modest.
- Send in all required paperwork to prevent delays.
- Don't apply for more than one loan to avoid damaging your credit.
FAQs on Poonawalla Fincorp Prime Personal Loan
- Can someone with a poor CIBIL score apply for Poonawalla Fincorp's Prime Personal Loan for Salaried Employees?
To qualify for our Prime Personal Loan, you must have a high bureau/credit score.
- Does applying for a Prime PL for paid staff require me to provide any collateral?
No, in order to apply for our personal loan, you are not need to provide any security or collateral. Just make sure you fulfil the requirements for qualifying and send in the required paperwork to have your loan approved.
- What are the primary determinants of a Prime Personal Loan interest rate for salaried workers?
Your current employer, credit score, work history, loan amount, monthly income, ability to repay, and other criteria all influence the interest rate for our Prime Personal Loan for Salaried Employees.
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