What is Prefr – Prefr is an instant loan platform that offers personal loans up to ₹3 lakh through the Prefr app. Both salaried and self-employed individuals are eligible to avail Prefr instant personal loan.
Prefer is a trusted platform, Rs. 2000 crore plus successfully disbursed to over 1 crore borrowers, which proves that Prefer Loan is a safe option.
If you are considering taking a Prefr personal loan – read the Prefr loan review; brought to you By Mujhe-Turant-Loan-Chahiye.IN team!
Table of Contents
Prefr Personal Loan Features
| Prefr Loan | Details |
|---|---|
| Loan amount | Up to Rs. 3 lakhs |
| Interest Rate | 15% to 36% per annum |
| Processing Fee | 3% to 5% of the loan amount |
| Eligible borrowers | Salaried and self-employed individuals |
| Age | 22 to 55 years |
| Tenure | 12 to 48 months |
| Documents Required | No |
| Rating | 4.3 star |
Prefr offers unsecured personal loans up to Rs 3 lakh to both salaried and self-employed individuals to meet their immediate or emergency needs, available at competitive interest rates ranging from 15% to 36% per annum for a flexible repayment tenure of up to 48 months.
Prefr App has partnered with lenders (NBFCs) approved by the Reserve Bank of India to provide instant personal loans, hence Prefer is a safe and reliable platform. The founders of Prefer are Abhishek Agarwal and Rajiv Raj.
Prefr Personal Loan can be used for any type of expense like personal use, wedding expenses, travel costs, medical emergencies, education, tuition fees, etc. There are no restrictions on usage.
Why Prefr Personal Loan
Prefr loan comes with various features and benefits:
- No need for any collateral.
- Up to Rs. 3 lakhs Loan limit.
- Attractive interest rates of 15% to 36%.
- No credit score is required.
- Loan approval in 10 minutes.
- 100% paperless application.
- Flexible tenure as per capability.
Prefr loan interest rate
Prefr app personal loans can be availed at attractive interest rates ranging from 15% to 36% per annum. Since the Prefr app offers loans through its participating lenders, the actual interest rate you get on Prefr loans may vary depending on your income, credit score, loan amount, etc.
Fee and charges of Prefr Loan
Here are the fees and charges associated with Prefr Loan:
- Processing Fee: 3% to 5% of the loan amount.
- Bounce Charges: Rs. 350 per bounced EMI payment.
- Foreclosure Charges: 5% of the outstanding principal amount.
- Additional or Penal Interest: 3% per month.
Prefr Personal Loan Eligibility Criteria
Here are the eligibility requirements for Prefr Personal Loan:
- Age between 22 and 55 years old.
- Both salaried and self-employed individuals.
- Have a regular source of income.
- For salaried individuals: minimum Rs. 18,000.
- For self-employed: minimum Rs. 20,000
Documents required for Prefr Loan
The following documents are required for Prefr Personal Loan;
- Aadhaar Card for KYC
- PAN Card
- Last 3 months bank statement.
- Selfie photo
Prefr loan apply – Complete process
Here’s a step-by-step simple application process to avail instant personal loan from the Prefr app:
- Download & install the Prefr app from the Google Play Store.
- Enter your email address and mobile number.
- Authorize the app to receive your credit information.
- Click ‘Agree and Continue’.
- Verify using the OTP sent to your mobile number.
- Click on the “Apply Loan” button.
- Fill in your personal and employment details.
- Get a loan offer within 1 minute & proceed next.
- Upload required documents proof for verification.
- Set up auto-debit for easy EMI repayments.
- Wait for approval and receive the loan amount in the bank account.
Prefr loan review
Prefr is a service provider that offers quick and easy personal loans up to Rs 3 lakh with attractive interest rates ranging from 15% to 36% for a repayment period of 12 to 48 months. Both salaried and self-employed can avail of Prefr loans with a 100% online application process, no collateral required, and minimal documentation.
Prefr loan RBI approved or not
Prefr is a trusted lending platform partnered with RBI-registered lenders (NBFC) to provide personal loans. Lending partners of the Prefr app are Hero FinCorp Ltd and NDX P2P Private Limited (Liquiloans). Prefr app is not registered as an NBFC with RBI, it only partners with lending institutions.
Prefr loan fake or real
Prefr is a trusted and reliable lending platform. More than 1 million users have downloaded the Prefr app from the Google Play Store and have given it a 4.1-star rating for its reliability and instant loan disbursement. Also, the partnership with RBI-approved lenders makes Prefr one of the more trusted lending platforms.
Prefr loan is safe or not
Yes, Prefr is a safe and secure platform, values the privacy of its customers, and never shares their data externally.
Prefr has some trusted business partners and lending partners:
Business partners: Google Pay, WISHFIN, paytail, Spice Money, Buddy Loan, etc.
Lending partners: Hero FinCorp Ltd and NDX P2P Private Limited (Liquiloans)
Comparison: Prefr Loan vs. Other Loan
Here is a personal loan comparison between Prefr loan vs. other lenders. Before considering a Prefr personal loan, compare different lenders and secure the best option. Below is a comparison of interest rates and processing fees of Prefr vs different lenders:
| Lender | Interest Rate (p.a.) | Processing Fee |
|---|---|---|
| Prefr Loan | 15% to 36% | 3% to 5% |
| Fibe Loan | 16% | 2% |
| CASHe Loan | 2.50% per month | ₹500 to ₹1,200 |
| Bharat Loan | 35% | 2% |
| 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% |
FAQ
What is the maximum loan amount for Prefr?
The maximum loan amount you can borrow from Prefr app is Rs. 3 lakhs.
Who is eligible for Prefr loan?
Both salaried and self-employed can apply for a Prefr loan, should be between 22 to 55 years of age, and should have regular monthly income (minimum Rs 18,000 for salaried and minimum 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 your banking data to assess eligibility and generate a loan offer.
What is the minimum salary for Prefr personal loan?
The minimum monthly salary required for a Prefr Personal Loan is Rs 18,000 for salaried and Rs 20,000 for self-employed applicants.
What is the age limit for Prefr loan?
The applicant should be between 22 and 55 years old to be eligible for a Prefr loan.
What is the interest rate for Prefr?
Prefr personal loan interest rate ranges from 15% to 36%, depending on borrowers income, eligibility, and loan terms.
What is a Prefr loan in Google Pay?
Google Pay is a business partner of Prefr loan app.
In conclusion – Prefr loan review!
Prefr can be a safe and genuine platform for those who seek instant personal loans at attractive interest rates and flexible repayment terms. Prefr focuses on both salaried and self-employed applicants.
As per our research and comparison with different lenders based on interest rates, processing fees, and disbursement time, Prefr Loans can be a mid-range lending platform.
Prefr loan review is brought to you by Mujhe-Turant-Loan-Chahiye.IN team!