Get a One-Year Loan at Competitive Interest Rates
Access quick financial assistance to fund your diverse needs with a Personal Loan. Get up to Rs.50 Lakh for higher studies, weddings, home renovation, or unexpected expenses with a one-year loan from Poonawalla Fincorp. Enjoy competitive interest rates, flexible loan tenure, fast approval, and zero hidden charges. Finance your needs without hassle. Apply now!
Check EMI Per Month For 12 Months Loan
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EMI Amount = *
Interest Rates And Charges For A Loan For One Year
We offer this loan at competitive interest rates and nominal charges:
| Interest Rates | 9.99%* p.a. onwards |
| Loan Amount | ₹1 Lakh to ₹50 Lakh |
| Loan Processing Fees | Up to 3% |
| Lowest EMI Per Month* | Starting from ₹2,124* per Lakh for 60 months |
| Loan Tenure | 12-84 months |
| Pre-Payment/Foreclosure Charges | 0% if paid from own sources 4% if paid from other sources |
| Default Charges | 24% per annum |
| Cheque Bounce Charges | ₹500 per bounce plus applicable taxes as per regulations |
| Stamp Duty | At actuals (as per state) |
| Hidden Charges | Nil |
Note: Default Charges: Penalty will be charged for non payment of EMI amount and for non-compliance of material terms and conditions, as more particularly specified at Default Charges.
Required Eligibility To Take Loan For One Year
Meet these basic eligibility requirements to get quick approval:
| Factor | Requirements |
| Age | Applicants should be at least 21 years old at the time of loan application and a maximum of 60 years old. |
| Citizenship | Applicants must have Indian citizenship. |
| Employment | Applicants must have a full-time job at Central Govt, PSU, MNC, Listed, Unlisted Public Ltd, Pvt Ltd, LLP, or companies listed internally. |
| Work Experience | Applicants must have at least 1 year of job experience and at least 1 month of stable employment at the current job. |
| Monthly Income | Monthly net take-home salary of at least ₹30,000. |
In addition to this, you must have a good credit score and credit history. By meeting these few requirements, you can get a loan for personal use online quickly.
Documents Needed For Loan for 12 Months
Submit the following documents to get quick financial assistance:
- Address Proof: Utility Bills, Passport, or Rent Agreement
- KYC Documents: Aadhaar Card, PAN Card, Voter ID, Driving License, or Passport
- Employment Proof: Official Email ID or Employee ID Card
- Financial Documents: Bank statements for the last 3 months
- Income Proof: Salary slips for the last 3 months
Lenders commonly request these documents when applying for a 12-month loan for personal use. It's important to ensure you have all the necessary documents before initiating the loan application process. Remember to check with specific lenders, as document requirements may vary. Having all the required documents in order will help expedite the loan approval process and increase the chances of approval.
Reasons to Opt for One Year Personal Loan
- Minimize the borrowing cost with a shorter tenure
- Reduce the debt burden in a shorter period
- Fund your immediate financial needs instantly
Additionally, a one-year loan is ideal for managing unexpected expenses, such as medical emergencies or home repairs, as it offers quick access to funds. Moreover, it can be a suitable option for consolidating high-interest debt or funding small-scale projects. Overall, a one-year loan offers convenience, affordability, and the ability to address short-term financial goals efficiently.
Process To Get One-Year Loan within 5 Minutes
1. Click on "Apply Now” Tap the "Apply Now" button to initiate your application.
2. Enter Details Enter your DOB, PAN card number, monthly income, and other details.
3. Upload Documents Upload the necessary documents to get quick approval.
Frequently Asked Questions
Yes, it is possible to get a loan for 12 months with Poonawalla Fincorp's one-year Personal Loan.
Yes, it is possible to close a loan before 12 months. We charge 0% foreclosure charges if paid from own sources and 4% if paid from any other sources.
12-month financing refers to a loan or credit arrangement where the repayment period is set at 12 months, meaning the borrower is expected to repay the loan within a one-year timeframe.
The minimum duration of a loan varies depending on the lender and the type of loan. It is advisable to check with the specific lender to determine their minimum loan duration requirements.
*Terms & Conditions apply
