Affordable Interest Rate & No Hidden Charges
A Personal Loan is a loan that provides borrowers with collateral free funds. 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 are planning to take a loan.
When you opt for the Poonawalla Fincorp Personal Loan, you get access to cost-effective low-interest loans, 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.
Personal Loan minimum interest rate
We understand that affordability is a top priority for any borrower, and so the Poonawalla Fincorp Personal Loan comes with one of the best Personal Loan interest rates. It is amongst the most attractive in the industry and as low as 9.99%* p.a., making it a smart choice. The Personal Loan interest rates offered are among the lowest, so you don’t have to worry much about other lenders offering lower Personal Loan interest rates. Simply apply at Poonawalla Fincorp and get low interest Personal Loans in India.
|Loan processing fees
The processing fee for a Personal Loan varies between lenders. Whether you opt for an online Personal Loan or any other type, you must pay the related administrative Personal Loan charges. To keep your costs low and savings optimal, our Personal Loan charges for loan processing are minimal, and ranges between 0% and 2% of the loan amount plus taxes. You only need to pay this low Personal Loan fees & charges to apply for a loan with Poonawalla Fincorp.
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. Also, in addition to low charges, we offer low interest Personal Loans in India.
|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 and other charges are clearly communicated during the process of loan transaction. There are no Personal Loan hidden charges involved.
|Late payment penalty
Missing EMI payments during the loan tenure will attract a late payment penalty:
Also, for cheque bounce, charges would be ₹500 per bounce + taxes.
|Online interest calculator
Planning your loan is crucial to borrowing smartly. A portion of each repayment goes toward the amount you borrowed (called the principal amount) 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 interest amount to be paid according to the latest Personal Loan interest rates offered to you. Apply at Poonawalla Fincorp and get an attractive interest rate on your Personal Loan.
Personal Loan – Schedule of Charges & Other Features
|Personal Loan Interest Rates||9.99%* p.a. onwards|
|Loan Amount||₹1 Lakh to ₹50 Lakh|
|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|
|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|
Factors Affecting Personal Loan Interest Rate & Charges
Generally, the best place to find current Personal Loan interest rates for Poonawalla Fincorp is to look into this page or touch base with call center in case you need more details. But please note that the interest rate advertised aren’t always the final rates applicable on a 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 approval for a lower Personal Loan interest rate in India. 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.
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.
Fixed Interest Rate
If you don’t take any financial risks and prefer stability, a fixed-rate Personal 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 a little higher than a floating interest rate loan. If the interest rate falls due to policy changes, a fixed-rate Personal Loan will not be affected in this scenario. As a result, the borrower will be required to pay the same predetermined amount each month. However, irrespective of a fixed or floating interest rate Personal Loan, you can find the best Personal Loans with low interest rates at Poonawalla Fincorp.
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 policy changes are favorable to the customer, the interest rate is accordingly lowered, and you end up paying a lot less as interest. However, there is always a risk that the policy changes are unfavorable to the customer, 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.
|Fixed interest rate||Floating interest rate|
|Interest rates remain constant||Interest rate can change depending on the fluctuation in the market|
|Your EMI payable will remain the same throughout the repayment tenure||Your EMI payable is likely to change during the repayment tenure.|
|You are likely to be charged a prepayment charge if you prepay your loan||You may not be charged a prepayment charge if you prepay your loan|
Tips to Avail Personal Loans at Low Interest Rate
A Personal Loan with a low interest rate is great for fulfilling specific goals without having to strain your budget. If you have a good credit score and credit history, getting a Low-interest loan could be possible. Make sure that you maintain a high credit score and you are regular with your re-payments. Check out the table below for more tips to avail of Personal Loans at a low interest rate.
Following are some points that you need to bear in mind for getting a Personal Loan at a lower interest rate:
Personal Loans at Low Interest Rate
Maintain a healthy credit score
Look out for pre-approved offers from lenders
Maintain a stable and regular source of income
Choose the right mix of principal and tenure
Personal Loan Interest Rate FAQs
What is the current interest rate on Poonawalla Fincorp Personal Loan?
The current interest rates on Poonawalla Fincorp Personal Loans start 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 anywhere between 0% to 2% of the approved 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 in tax as well.
How do I get a Personal Loan with less interest rate?
Follow these simple guidelines to get a Personal Loan with less interest rate.
- 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
How to calculate the Personal Loan Interest Rate?
Your Personal Loan ROI or rate of interest determines the monthly EMIs that you repay against your loan. The Personal Loan percentage of interest is determined by the lending institution. However, the interest component can be calculated as per the following formula:
A = P (1 + r/n) nt
- P = Principal amount
- r = rate of interest
- n = number of times interest is compounded every year
- t = time (in years)
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 funds.
When can I make a part payment?
Just like 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 if 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 can also pay a part of the principal for a partial prepayment of the outstanding amount. Most lenders charge a penalty fee when you try to repay your loan early. 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 prepayment decision based only on the remaining term, factor in the interest fees when thinking about foreclosing your loan. So, apply at Poonawalla Fincorp and get the lowest Personal Loan interest rates in India.