Know everything about our Personal Loan
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.
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.
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.
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
Below are some of the advantages of unsecured personal loan over other loans :
- No need of collateral
- Quick funding time
- Low interest rate
- Flexible loan tenure
The minimum loan amount you can avail of is 1 Lakh, whereas the maximum loan amount is 30 Lakh.
The minimum loan tenure for a Poonawalla Fincorp Personal Loan is one year, whereas the maximum tenure is five years.
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.
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.
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.
To qualify for a Personal Loan, you must meet all the eligibility terms related to age, work experience, employment, monthly salary, and citizenship.
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.
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.
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.