Instant Loans for Your Instant Needs
Say “hello” to swift and hassle-free loans on the Poonawalla Fincorp app. With Poonawalla Fincorp’s Instant Loan app, you can apply for a Personal Loan anytime, anywhere, right from your smartphone. The app provides an efficient way to access funds with instant approval and minimal documentation, ensuring your loan application process is simple and fast. Whether for wedding expenses, a medical emergency, or any other need, the loan app ensures a quick, seamless process for accessing funds.
Download the Android app or iOS app now to get started.
Key Features of Poonawalla Fincorp Loan App
Poonawalla Fincorp’s mobile app offers an intuitive, user-friendly interface for applying for an Instant Loan. Here’s a breakdown of the app’s key features:
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Online Process: You can apply for a quick loan anytime, anywhere via the app, which offers instant approval for a seamless experience.
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Transparency: All fees and charges are disclosed clearly, so you will always know exactly what to expect.
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Safe and Secure: Poonawalla Fincorp ensures your personal data is safe with strict security measures throughout the loan application process.
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DocOnline Integration: The app also provides access to health services, such as consulting doctors via phone or video calls, and ordering medicines or tests online.*
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Minimal Documentation: You only need to provide the essential documents, ensuring a quick and hassle-free experience when applying for your loan.
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Flexible Repayment Options: Choose from a variety of flexible repayment options to select a plan that best suits your financial needs.
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Auto Debit: Enjoy seamless EMI payments with the auto debit feature, which automatically deducts your EMI amount directly from your bank account.
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Customer Care: Access dedicated customer care through the app for prompt support and assistance at every step of your loan journey.
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Trusted by Happy Customers: The app is trusted by thousands of happy customers, reflecting high user satisfaction and reliability.
*Note: Please be aware that certain services may require a paid subscription.
Eligibility and Documents Required for Instant Loan via Mobile App
Before applying for an Instant Loan through the app, make sure you meet the eligibility criteria and have the required documents ready. Below are the details:
Instant Loan Eligibility Criteria
To be eligible for an Instant Loan, ensure you meet the following criteria:
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Age Limit |
Minimum age of 24 years and maximum age of 55 years for new applicants |
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Citizenship |
Indian |
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Employment |
Salaried and Self-Employed, Full-time job with a government entity, public/private limited company, LLP, educational institution, or a company approved by Poonawalla Fincorp |
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Income |
Minimum annual household income (declared) must be ₹3 Lakh |
Documents Required for Instant Loan
Here’s what you need to apply for an Instant Loan:
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KYC Documents: PAN card and Aadhaar card for identity and address verification.
Interest Rate and Charges for an Instant Loan via Mobile App
Poonawalla Fincorp offers competitive interest rates on an Instant Loan online, along with transparent fees and charges. Here’s a breakdown of the applicable interest rates and charges:
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Interest Rate |
16%* p.a. onwards |
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Loan Amount |
₹50,000 to ₹5 Lakh |
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Loan Processing Fees |
Up to 5% plus applicable taxes |
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Lowest EMI Per Month |
₹1,962 for 36 months |
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Loan Tenure |
12-36 months |
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Prepayment/Foreclosure Charges |
1) Nil if prepaid from borrower’s own funds. |
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2) 4% of prepaid amount plus applicable taxes if done through balance transfer |
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Default Charges/ Penal Charges |
24% per annum |
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Repayment Instrument Bounce Charges |
₹500 per instance |
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Repayment Instrument Cancellation/Re-issue/Swapping Charges |
₹500 plus applicable taxes |
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Stamp Duty |
At actuals (as per state laws) |
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Documentation Charges (Incl. GST) |
₹236 |
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Duplicate No Objection Certificate |
₹500 plus applicable taxes |
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Cash Collection/Handling Charges |
₹500 plus applicable taxes per instance |
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Legal/Enforcement/Recovery Charges |
At actuals |
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Hidden Charges |
Nil |
Default Charges: Penalty will be charged for nonpayment of EMI amount and for non-compliance of material terms and conditions, as more particularly specified at Default Charges.
*T&C Apply
Repayment Example for an Instant Personal Loan
Loan Amount: ₹5,00,000
Interest Rate: 16% p.a.
Loan Tenure: 60 months
EMI Amount: ₹17,583 per month
Total Interest Payable: ₹1,32,998
Total Repayment Amount: ₹5,00,000 + ₹1,32,998 = ₹6,32,998
Note: These are estimated figures, and the exact EMI and total repayment amount may vary based on your loan approval and chosen loan tenure.
How to Apply for an Instant Personal Loan on the Mobile App
To apply for an Instant Personal Loan with the Poonawalla Fincorp personal loan app, you simply need to follow these steps:
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Download the App: Start by downloading the Poonawalla Fincorp app from the Play Store or App Store.
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Log in with Your Mobile Number: Open the app and log in using your mobile number to access the personal loan application.
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Complete Registration: Users must complete a registration process by submitting their details and verifying their mobile number through OTP.
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Select Your Loan: Choose the loan type that best fits your needs and preferences. You may see tailored loan offers based on your financial profile and credit score.
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Enter the Required Details: Provide your name, income, and loan amount.
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Upload Documents: Upload the required documents, such as your PAN card, Aadhaar card, and salary slip, directly through the app.
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CIBIL Score Check: As part of the eligibility and approval process, your CIBIL score will be checked to assess your creditworthiness.
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Apply and Get Instant Approval: Once your personal loan application is submitted and verified, you can receive an instant approval. The loan amount will be disbursed directly to your bank account.
The entire process is fully digital, quick, and seamless, allowing you to complete your personal loan application from anywhere with minimal documentation.
Other Loans Available on Poonawalla Fincorp Loan App
Apart from the Instant Personal Loan, Poonawalla Fincorp offers a range of loan products to meet different financial needs. These include:
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Business Loan: This loan is designed to support the growth of small and medium-sized businesses by providing necessary capital.
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Gold Loan: You can quickly access funds by pledging your gold as collateral, providing a fast, easy solution.
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Used Car Loan: Get financing to purchase a pre-owned vehicle, making it easier to own a car without the upfront cost.
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Education Loan: This loan provides financial assistance to cover higher education fees, helping ensure a brighter future.
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Consumer Durable Loan: Purchase the latest electronics and household appliances with easy EMIs, allowing you to upgrade your lifestyle without the high upfront cost.
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Loan Against Property: Secure a loan by mortgaging your property, allowing you to unlock the value of your real estate to meet your financial needs.
Click the links below to download the Poonawalla Fincorp Mobile Application:
For Android Users: Click here to download the app.
For iPhone Users: Click here to download the app.
How to Use the Poonawalla Fincorp App?
Using the Poonawalla Fincorp app is super easy. Here’s a step-by-step breakdown:
- Step 1: Download the Poonawalla Fincorp app.
- Step 2: Login using your mobile number.
- Step 3: Select the loan you need.
- Step 4: Enter the required details.
- Step 5: Upload the necessary documents and hit ‘Apply Now’.
On successful verification, the loan will be transferred to your bank account.
Frequently Asked Questions
What is a good credit score to apply for a Personal Loan?
A good credit score typically ranges from 750 to 850. If your credit score is within this range, you are more likely to receive favourable loan terms and Instant Loan approval.
What are the loan options available on the Poonawalla Fincorp app?
The app offers a wide range of loan options, including Business Loan, Education Loan, Personal Loan, Gold Loan, and more, catering to diverse financial needs.
Can self-employed individuals apply for an Instant Personal Loan?
Yes, self-employed individuals can apply for a Personal Loan through the loan app. They must meet the necessary eligibility criteria, such as income stability and bank details.
How can I apply for multiple loans through the Poonawalla Fincorp app?
You can apply for multiple loans as long as you meet the loan eligibility criteria and are within the loan amount limits. The app provides you with options based on your credit score and repayment capacity.
What happens if I have insufficient balance to repay my loan EMI?
If your account balance is insufficient, the EMI may bounce, resulting in a bounce fee. It’s essential to ensure that you have sufficient funds to avoid this situation.
Is it possible to apply for a Personal Loan with a low credit score?
While having a low credit score may reduce your chances of approval, it’s still possible to apply. However, you may face higher interest rates and Personal Loan fees if your credit score is not ideal.
Can I adjust the tenure to reduce my interest payments?
Yes, by opting for a shorter flexible tenure, you can reduce the total interest paid over the loan’s duration. However, your monthly EMI amount may increase with a shorter tenure.
How is the total interest calculated on my loan?
The total interest on your loan is calculated based on the loan amount, interest rate, and the chosen loan tenure. A longer tenure may result in higher interest payments over time, but the EMI will be more affordable.