Personal loan

Personal Loan Frequently Asked Questions

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

It is best to borrow in the most informed manner possible. Borrowers may have doubts or misconceptions or looking for more information about certain aspects of borrowing. 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, the Personal Loan can be used for meeting any financial requirement since it has no spending restrictions. This loan is unsecured and easy to avail. Other benefits include one of the lowest 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 in Poonawalla Fincorp is very easy and real quick. All you have to do is to 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 an 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 which drive the interest rate for a personal loan. Some of the tips to have best interest rate in 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 1 year, whereas the maximum tenure is 5 years.

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

The interest rate on a Poonawalla Fincorp Personal Loan starts at just 9.99%* p.a. which is among the lowest Personal Loan interest rate available in India. Also, you will have to pay a processing fee of up to 2% of sanction amount plus applicable taxes to process the loan application. You can visit our dedicated webpage for a clear breakup of applicable interest rate & 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 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 need to meet all the eligibility terms related to your 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 govt., PSU, MNC, Listed, Unlisted Public Ltd., Private Limited Company, LLP, or companies which are listed internally to get a Poonawalla Fincorp 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 months of job stability at your current company.

What is the minimum annual salary required to get a loan?

You must have an annual salary of at least 3.6 lakh to get this loan. This means your monthly take home salary must be at least 30,000.

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 self-employed professional, you can apply for a Professional Loan from Poonawalla Fincorp and also business owners can apply for a Business Loan.

*T&C Apply

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