personal loan interest rates

Personal Loan Interest Rate & Charges

Loan up to 30 Lakhs | 100% Digital Process | Quick Approval

A Personal Loan is a loan that does not require any collateral and can be used for any purpose. Throughout the loan period, often known as the 'term', the borrowed sum needs to be paid back to the lender in monthly instalments. When you opt for a Poonawalla Fincorp Personal Loan, you get access to a cost-effective option, tailored to match your profile. You can borrow a Personal Loan at an attractive interest rate. The loan comes with 100% transparency and no hidden charges, making your overall borrowing experience seamless. Apply for a loan at Poonawalla Fincorp and get the lowest Personal Loan interest rate in India.

Interest Rate Logo Personal Loan minimum interest rate

Poonawalla Fincorp Personal Loans are offered at a competitive interest rate, ensuring that you save money and enjoy affordable EMIs. The interest rate on a Personal Loan starts at just 9.99%* p.a. It is amongst the most attractive and lowest Personal Loan interest rates in India.

Loan Fees Logo Loan processing fees

Whether you opt for an online Personal Loan or any other type of loan, you must pay the related administrative charges. To keep your costs low and savings optimal, our loan processing fees are minimal, and may go up to 2% of loan amount plus applicable taxes.

Payment Logo Pre-payment Charges

Many lenders charge a pre-payment fee while allowing customer to do pre-payment for the personal loan. But this isn’t a concern with Poonawalla Fincorp’s Personal Loan, as there are zero prepayment charges applicable.

Payment Logo Zero hidden costs

Hidden charges can sometimes make customers lose a lot of money without their knowledge. We highly value transparency in all loan transactions. Every charge and condition, right from the processing fee to any other charges is clearly communicated during the process of loan transaction. There are absolutely no hidden charges involved.

Late Replayment Logo Late payment penalty

Missing EMI payments during the loan tenure will attract following late payment penalty:

  • Penal interest: 2% penalty per month, levied on the overdue EMI amount

Also, for cheque bounce, charges would be ₹500 per bounce + taxes.

Loan Fees Logo Online interest calculator

Planning your loan is crucial for smart borrowing. A portion of each EMI payment goes toward the amount you borrowed (called the principal) and the remaining payment goes toward interest costs as you repay the loan. You should know the EMIs that you will have to pay before taking the loan. You can use Poonawalla Fincorp’s Personal Loan EMI Calculator to do the calculation during the loan planning stage.

Personal Loan Interest Rates 9.99% p.a onwards
Loan Amount ₹1 Lakh to ₹30 Lakhs
Loan Processing Fees Up to 2% plus applicable taxes
Lowest EMI per month Starting from ₹2,124* per Lakh for 60 months
Loan Tenure 12 - 60 months
Prepayment/Foreclosure Charges Zero*
Late Payment Charges 2% per month
Cheque Bounce Charges ₹500 per bounce plus applicable taxes
Stamp Duty At actuals (as per state)
No Other Hidden Charges

We at Poonawalla Fincorp offer you the lowest Personal Loan interest rates in India. Hence, you don’t have to worry about paying high EMIs. But please note that the interest rate advertised isn’t always the final rate applicable on the loan. We assess several factors like customer’s financial and credit profile etc. to offer the most appropriate interest rate to our customers.

Here are the different key factors that affect the Personal Loan interest rate & charges:

  • Income
  • Credit score
  • Employment status
  • Credit history
  • Existing debt
  • Relationship with the lender

There are two types of Personal Loan interest rates -- fixed and floating. Mostly lenders offer a fixed interest rate for Personal Loan. Let’s try to understand the difference between two:

Fixed Interest Rate
If you don’t want to take any financial risks and prefer stability, a fixed interest rate is a choice for you. This is because the interest rate remains the same throughout the tenure. The main downside of a fixed interest rate loan is that it costs a little higher than a floating interest rate loan. If the interest rate falls due to external financial conditions, the fixed interest rate Personal Loan will not get benefit of the falling interest rates scenario. As a result, the borrower is required to pay the same pre-determined amount each month.

Floating Interest Rate
In the floating interest rate scenario, the interest rate changes based on the financial market. This is better for those who are comfortable taking some risks, as the interest rate can increase or decrease based on external conditions not dependent on you always. If the market conditions are favourable, the rate goes down and you end up paying less interest. However, the risk is always there that the market could move unfavourably, and the interest rate may increase in future.

What is the current interest rate on Poonawalla Fincorp Personal Loan?

The current interest rate on Poonawalla Fincorp Personal Loans starts at 9.99%* p.a. However, these interest rates are subject to several other factors like income, credit score, employment, and existing monthly obligations etc.

What is the processing fee for a Personal Loan and why is it charged?

This is a fee charged for processing and assessing your loan application. It can range up to 2% of the loan amount. Do note that since the processing fee for a Personal Loan is a service charge, you will have to pay an additional amount as service tax as well. It is charged to cover for the expenses incurred in processing the application.

How do I get a Personal Loan with less interest rate?

To get a Personal Loan with less interest rate, follow these simple guidelines:

  • Maintain a high credit score
  • Have a good repayment track record
  • Maintain stable income as a salaried employee
  • Meet all the required loan eligibility criteria

Can I pay off the Personal Loan before loan tenure ends?

Outstanding Personal Loan amounts can be paid either partially or in full before the end of the loan tenure based on the lenders policies. The whole loan amount can be paid off in a single prepayment, or you can pay a part of the outstanding amount through part prepayment. Most lenders charge a fee when you try to pay off your loan earlier, but Poonawalla Fincorp does not charge any prepayment fees.

When can I foreclose my loan in PFL?

You can foreclose your Personal Loan any time before the tenure ends.

What are the foreclosure charges?

There are no charges or penalties applicable on foreclosure payments for a Personal Loan from Poonawalla Fincorp. Do note that to avail this benefit, the payment must be made through your own funds.

When can I make a part payment?

Similar to foreclosure, you can make a part-prepayment at any time during the tenure of loan.

What are the charges for part payment?

There are no additional charges or penalties for partially prepaying the loan. This is true as long as the payment is made through your funds or personal savings.

*T&C Apply

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