Instant Personal Loan for Your Various Needs
Minimal Requirements | Instant Approval | Quick Disbursal | Prepayment Perks
In today’s modern financial market, borrowers expect convenience and speed. We, at Poonawalla Fincorp, understand that need and now offer a personal loan that perfectly caters to the new-age borrower. This loan is loaded with features, digital provisions, and perks that not only save you time and money, but also reduce the effort required to get funds.
In just a few clicks, you can apply for the loan and get a high-value, multi-purpose sanction. Within minutes, you can get approved for a personal loan at competitive and customised terms and authorise online disbursal. We optimise every step of this journey to ensure you have the best borrowing experience, right from loan planning with the online EMI calculator, to loan application, disbursal, and repayment.
Various Personal Loan Needs
Our multipurpose loan can also be used to meet any financial obligation or expense. There are no restrictions on usage whatsoever.
Use the sanction to:
- Host a wedding
- Fund higher education
- Address a medical emergency
- Renovate a home
- Make business or professional expenses
- Pay for overseas travel or a vacation
- Consolidate high-interest debt
Features & Benefits
Collateral Free | Large Sanction | Quick Disbursal | Flexible Tenure
We highly value your borrowing experience and have customised our loan to deliver on your expectations. The features & benefits of a personal loan offered by Poonawalla Fincorp make it one of the best choices when you’re looking for an instant personal loan. Our personal loan is designed to be easy to avail, offers quick processing and disbursal, has minimal requirements, and provides you with the flexibility required to manage repayment with ease.
Top Features of the Poonawalla Fincorp Personal Loan
Eligibility Criteria for a Personal Loan
Qualifying for the Poonawalla Fincorp Personal Loan is easy and effortless. You don’t have to meet a long list of personal loan eligibility criteria to get approval. This makes the loan easy to avail and process, thus reducing delays that could affect disbursal.
All applications are assessed based on 5 main criteria, which are:
- Work experience
- Employer category
- Monthly income
In addition to this, you are required to have a good CIBIL score and credit history. By meeting just these few requirements, you can get a personal loan online. Apply for one by filling these details in the online form, and get approval in no time!
Documents Required for a Personal Loan
To make the process of availing a personal loan simpler, you are only required to submit basic personal loan eligibility documents. This feature of the Poonawalla Fincorp Personal Loan is one of the many reasons why it is an easy offering to avail. It makes loan processing and verification a lot quicker and helps us to approve your application without any lags.
As an applicant, you only need to submit documents such as:
- Address proof
- Income proof
- Financial documents
- Proof of Employment
We Offer Personal Loans For
- Salaried individuals
- Professionals and self-employed persons:
- Chartered Accountants
- Company Secretaries
Frequently Asked Questions
What is a personal loan?
A personal loan in an unsecured borrowing instrument, which allows you to get funds without needing to pledge your assets. It is usually a short-term loan, with a tenure that can range between 1 and 5 years. These loans are easy to avail, and you can get an instant personal loan online from Poonawalla Fincorp.
Is it a good idea to take a personal loan?
Yes, when planned well, taking a personal loan can be a smart way to get funds without risking your personal or professional assets. Repaying a small personal loan on time can also help you boost your credit score. Although personal loan interest rates are higher than secured loans, you can enjoy affordable rates when you have a high credit score and meet all the eligibility criteria. However, it is best to take a personal loan for meeting big-ticket financial goals, major expenses, or urgent medical needs. Avoid taking it to make unnecessary purchases or to invest in risky ventures.
How to plan a personal loan?
The best way to plan a personal loan is by assessing your financial needs and calculating the amount you require. Then use the personal loan EMI calculator to check various EMI amounts you get based on different tenors. Once you compute the monthly instalments, compare them with your monthly income and expenses. Carefully forecast your expenses all through the loan tenure. If you can afford to pay the EMIs on time every month, you can apply for the loan. Overborrowing or taking a larger amount than you require can put a strain on your finances during repayment. So, check this carefully to enjoy an easy and comfortable experience during repayment.
When it the right time to take a personal loan?
Personal loans are the ideal credit solutions when you have high-interest debt to repay. If the personal loan interest is lower than your existing debt, it is the right time to apply for it. This is why personal loans are an affordable way to consolidate various debts into one. Similarly, you can take a personal loan to pay off a large credit card balance as their interest penalty may be higher than the personal loan interest rate. Another time when taking a personal loan is a good idea is when you are borrowing for upskilling, such as a professional course. This way, you are investing in yourself and boosting your earning potential. You can also take a personal loan when you want to protect your assets or don’t have any collateral to offer.
How to decide on the right personal loan amount?
To choose the ideal personal loan amount, consider your needs for finance. While you can take a loan of a slightly higher amount to address any unexpected costs, don’t overborrow or under borrow. Both of these moves fail to help you achieve your objectives. Instead, you can consider this expert advice: ensure your personal loan EMIs don’t amount to more than 10-20% of your monthly income. If you have other existing debt, ensure your total EMIs don’t cross more than 50% of your income.
Why should I choose the Poonawalla Fincorp Personal Loan?
There are 6 main benefits of choosing our loan, which are:
- 1. High loan amount of up to Rs.30 lakh.
- 2. Complete transparency with no hidden costs.
- 3. Simple and minimal documentation process.
- 4. Attractive and competitive interest rates.
- 5. Zero foreclosure or pre-payment charges.
- 6. Quick approval and easy disbursal.
How to apply for a personal loan?
To apply for an instant personal loan, follow these steps.
- Step 1: Click on ‘Apply Now’ on our website.
- Step 2: Enter basic KYC details and upload the needed documents.
- Step 3: Await application assessment.
- Step 4: Receive confirmation on loan approval.
- Step 5: Approve and authorise personal loan online disbursal.
Can I calculate EMIs for my personal loan online?
Yes, you can calculate your personal loan EMI online by using the EMI calculator. This is a free to use tool available on our website, and it offers instant and accurate results.
Are there any tax benefits on a personal loan?
While you cannot generally get tax deductions on personal loan repayment, you can enjoy certain tax benefits if you use the funds in specific ways. For instance, you can get deductions when you use the personal loan to finance home repairs or construction, towards business expenses or to buy assets like shares or jewellery. For all of this, you can get a tax benefit on the interest component of a personal loan against the relevant paperwork as proof.
*Terms & Conditions Apply