Personal Loan Interest Rate & Charges
Competitive Rates | Prepayment Perks | No Hidden Charges | Affordable Loan Fees
The interest payable on a loan is the cost of borrowing, and you should always prioritise 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, and bag an even better deal with a strong financial profile.
We understand that affordability is a top priority, and so the Poonawalla Fincorp Personal Loan comes with a competitive interest 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.
|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.
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. Pay with your own funds, at any time, and enjoy the benefit fully.
|Zero hidden costs
We highly value transparency in all dealings, be it big-ticket or small loans. Each and every charge and condition, right from the personal loan processing fees to any other administrative fees are clearly mentioned. There are absolutely no hidden costs applicable.
|Late payment penalty
Missing EMI payments will attract a personal loan late payment penalty.
|Online interest calculator
Planning your loan beforehand is crucial to borrowing smartly. 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.
Factors That Affect Personal Loan Interest Rate & Charges
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 a more suitable rate. Depending on the financial stability, credit history, and income status, you can even get approved for a lower rate.
- Here are the different factors that affect the personal loan interest rate & charges.
- Credit score
- Employment status
- Credit history
- Existing debt
- Relationship with the lender
Types of Personal Loan Interest Rates
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. If you don’t take many financial risks and prefer stability, a fixed rate personal loan is the choice for you. This is because the interest rate remains the same all throughout the tenure.
The other option is called floating rate and with 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 favourable, 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 unfavourably, and the interest rate may be higher than what you initially signed up for.
Frequently Asked Questions
What is the rate of interest for the personal loan?
Currently, you can get approved for our personal loan with an interest rate starting at 10.99%*.
What is the processing fee charged for the personal loan?
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 personal loan processing fees are service charges, you will have to pay an additional amount in tax as well.
How do I get a personal loan at an attractive interest rate?
To get an attractive 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 at any time before the tenure ends.
What are the foreclosure charges?
There are no charges or penalties applicable on foreclosure payments for a Poonawalla Fincorp Personal Loan. 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 own 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.
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.