personal loan interest rates

Personal Loan Interest Rate & Charges

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A personal Loan is a loan that provides borrowers with a one-time cash payment. Throughout the loan period, often known as the 'term', the borrowed sum can be paid back to the lenders in monthly instalments.The interest payable on the loan is the cost of borrowing, and you should always prioritize affordability. When you opt for the Poonawalla Fincorp Personal Loan, you get access to a cost-effective option, tailored to match your profile. Borrow a Personal Loan at an attractive interest rate with no hidden charges and bag an even better deal if you have a strong financial profile. Therefore, apply at Poonawalla Fincorp and get among the lowest Personal Loan interest rate in India.

Interest Rate Logo Personal Loan minimum Interest rate

We understand that affordability is a top priority, and so the Poonawalla Fincorp Personal Loan comes with a competitive Personal Loaninterest rate. It is amongst the most attractive in the industry and starts at 10.99%, making it a smart choice even as an emergency loan. Therefore, the Personal Loaninterest rates offered are very competitive, so you don’t have to worry much about other firms offering lower interest than us. Therefore, apply at Poonawalla Fincorp and get the lowest Personal Loan interest rate in India.

Loan Fees Logo Loan processing fees

Whether you opt for an online Personal Loan or any other type, you must pay the related administrative charges. To keep your costs low and savings optimal, our Personal Loan processing fees are minimal, and range between 0% and 2% plus taxes. Therefore, you do not lose much of your Personal Loan percentage.

Payment Logo Pre-payment charges

Personal Loan pre-payment charges can easily reduce any potential savings. This isn’t a concern with our Personal Loan, as there are zero prepayment or foreclosure charges or penalties 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 dealings, be it big-ticket or small loans. Every charge and condition, right from the processing fee to any other administrative fees is clearly mentioned. There are absolutely no hidden charges involved.

Late Replayment Logo Late payment penalty

Missing EMI payments will attract a late payment penalty.

  • Bounce charge: ₹500 per bounce + taxes
  • Penal interest: 2% penalty per month, levied on the unpaid and overdue interest
Loan Fees Logo Online interest calculator

Planning your loan is crucial to borrowing smartly. A portion of each payment goes toward the amount you borrowed (called the principal) and another piece goes toward interest costs as you repay the loan over time. You should know the EMIs payable as well as the interest owed on your loan. Use our Personal Loan EMI Calculator to simplify these calculations. Through this, you can calculate the minimum interest rate. Therefore, apply at Poonawalla Fincorp and get an attractive interest rate on your Personal Loan.

The interest rate advertised isn’t always the final rate applicable on the loan. We assess several factors of your financial and credit profile to offer the most appropriate interest rate. Depending on your financial stability, credit history, and income status, you can even get approved for a lower rate. We at Poonawalla Fincorp offer you among the best Personal Loan interest rates in India so that you don’t have to worry about paying high EMIs.

    Here are the different factors that affect the Personal Loan interest rate & charges.
  • Income
  • Credit score
  • Employment status
  • Credit history
  • Existing debt
  • Relationship with the lender

There are 2 types of Personal Loan interest rates, fixed and floating. Knowing all about these types is important because it helps you borrow smartly.

Fixed Rate Personal Loan
If you don’t take any financial risks and prefer stability, a fixed-ratePersonal Loan is a choice for you. This is because the interest rate remains the same throughout the tenure. The main downside of a fixed rate loan is that it costs 1 to 2.5 per cent more than a floating rate loan. If the interest rate falls due to market conditions, the fixed rate Personal Loan will not profit from the lower rates. As a result, the borrower is required to pay the same predetermined amount each month.

Personal Loan floating interest rate
The other option is called floating interest rate and in this type, the interest rate changes based on the financial market. This is better for those who are comfortable with some risk, as the interest rate can increase or decrease. If the market conditions are favorable, the rate goes down and you end up paying a lot less as interest. However, the risk is always there that the market could shift unfavorably, and the interest rate may be higher than what you initially signed up for. So, apply at Poonawalla Fincorp and get the lowest Personal Loan rates in India.

What is the current interest rate on Poonawalla Fincorp Personal Loan?
The current interest rates on Poonawalla Fincorp Personal Loans start at 10.99%*. However, these rates are subjected to a few calculations based on various factors.

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 anywhere between 0% and 2% of the approved loan sanction. Do note that since the processing fee for a Personal Loanis a service charge, you will have to pay an additional amount in tax as well.

How do I get a Personal Loan with less interest rate?
To get a Personal Loan with less interest rate, follow these simple guidelines.

  • Apply with a CIBIL score of 750 or higher
  • Have a good repayment track record
  • Maintain stable income through a business or as a salaried employee
  • Meet all the loan eligibility criteria without any issues
  • Clear all existing debt before applying for the loan

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 for this benefit to apply, 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 before the tenure ends.

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

Can I pay off the Personal Loan before my tenure ends?
Outstanding Personal Loan amounts can be paid either partially or in full. The whole loan amount can be settled in a single prepayment while you pay a part of the principal for partial prepayment of the outstanding amount. Most banks charge a penalty fee when you try to pay off your loan earlier. The prepayment fees can be a flat fee or a percentage of the amount being paid. It can also be measured on the interest amount overdue. So, apply at Poonawalla Fincorp and get the lowest Personal Loan rates in India

Some financial institutions, like Poonawalla Fincorp, do not charge any prepayment fees. It is essential to compare the penalty fees incurred against your savings on interest for the remainder of the loan tenure. Rather than making your repayment decision based only on the remaining term, factor in the interest charged when thinking about foreclosing your loan.

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Ever wonder how your friend is so relaxed even after taking debt or loans on his shoulders? Or how did your neighbour manage to send his kid abroad for higher studies? Well, the answer is Personal Loan!

Instant personal loan online
What all can a Personal Loan be used for?

All of us have multiple needs, however a lot of times the current finances may not be enough to address these needs. Thanks to Personal Loans, addressing these needs is possible now. The ease of availing with affordable interest rates makes them stand out as a good financial option. There are multiple needs for which a personal loan can be a good option.

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