Personal loan

Personal Loan Frequently Asked Questions

Loan up to 30 Lakh | Complete Online Process | Quick Approval

As a well-informed borrower, you must understand all the aspects of loan, especially Personal Loan. Borrowers may have doubts or misconceptions or seek more information about certain borrowing aspects. Here are answers to the most Frequently Asked Questions (FAQs) about the Poonawalla Fincorp Personal Loan.

What are the benefits of a Personal Loan?

Our Personal Loan has a range of benefits. Right from a medical emergency, home renovation to higher education and debt consolidation, Personal Loan can be used to meet any financial requirement since it has no spending restrictions. The loan is unsecured and easy to avail. Other benefits include competitive interest rates, flexible tenure options, sizable loan amounts, and a 100% digital process.

How can I apply for a Personal Loan?

Applying for a Personal Loan with Poonawalla Fincorp is very easy and quick. All you have to do is meet the eligibility criteria, submit the required documents mentioned in the Personal Loan document list, and fill out an easy online application form.

Can I get an instant approval for a Personal Loan?

Yes, you can get instant approval for a Poonawalla Fincorp Personal Loan. Do note that this benefit is only available to applicants who meet all the Personal Loan eligibility criteria.

How do I get the best interest rate for a Personal Loan?

There are many factors that drive the interest rate for a Personal Loan. Some of the tips to have the best interest rate on loan are as follows:

  • Meet all the eligibility criteria and submit the required documents
  • Maintain a high Credit Score
  • Have a good repayment track record and credit history
  • Maintain employment stability and have a steady income
Are there any advantages of unsecured Personal Loans?

Below are some of the advantages of unsecured personal loan over other loans :

  • No need of collateral
  • Quick funding time
  • Flexibility in terms of use
  • Low interest rate
  • Flexible loan tenure
What are the minimum and maximum loan amounts?

The minimum loan amount you can avail of is 1 Lakh, whereas the maximum loan amount is 30 Lakh.

What are the minimum and maximum loan tenures?

The minimum loan tenure for a Poonawalla Fincorp Personal Loan is one year, whereas the maximum tenure is five years.

What are the fees, charges, and interest rates applicable on a Personal Loan?

The interest rate on Poonawalla Fincorp's Personal Loan starts at just 9.99%* p.a. Also, you will have to pay a processing fee of up to 2% of the sanction amount plus applicable taxes to process the loan application. You can visit our dedicated webpage for a clear breakup of applicable interest rates & charges.

Is there any penalty for foreclosing the loan?

No, there is no additional charge or penalty for foreclosing your loan before the tenure as long as you make the payments with your own funds.

Which documents do I need to submit to get a Personal Loan?

To get a Poonawalla Fincorp's Personal Loan, you only need to submit some basic documents such as KYC documents, address proofs, income documents, etc. The full list of Personal Loan required documents is available online.

How do I qualify for the Personal Loan?

To qualify for a Personal Loan, you must meet all the eligibility terms related to age, work experience, employment, monthly salary, and citizenship.

What type of company do I need to work for to get a Personal Loan?

You must have a full-time job at a central and state government, PSU, MNC, Listed, Unlisted Public Ltd., Private Limited Company, LLP, or companies listed internally to get a Poonawalla Fincorp's Personal Loan.

What are the terms related to job continuity applicable on the loan?

To get approved for the loan, you must have at least 1 year of work experience overall with at least 1 month of job stability at your current company.

Can self-employed individuals get a Poonawalla Fincorp Personal Loan?

No, self-employed individuals cannot get a Personal Loan from Poonawalla Fincorp. Only salaried employees can get a Personal Loan. If you are a self-employed professional, you can apply for a Professional Loan from Poonawalla Fincorp, and business owners can apply for a Business Loan.

*T&C Apply

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