Instant Personal Loan @10.99%* 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
The Personal Loan from Poonawalla Fincorp can be used to meet any financial obligation or expense. There are no restrictions on how you can use the funds from the loan.
Use the sanction to:
- Host a wedding - Plan the wedding that you always dreamt of, without worrying about the finances to take care of it. Make this once-in-a-lifetime event memorable for life and leave no stone unturned in ensuring that everything is planned and executed perfectly.
- Fund higher education - Let there be no compromise in ensuring the best education for yourself or your family. Poonawalla Fincorp Personal Loan ensures that you don’t have to worry about loan-related paperwork or lengthy processes. Just focus on getting admission to the institution of your choice and create a bright future for yourself!
- Address a medical emergency - When a medical emergency strikes, your priority is to get immediate medical attention and help. Use your time and energy to ensure the best course of treatment and recovery, and do not get bogged down by financial worries.
- Renovate a home - Give your home a new lease of life. Redesign your home with our personal loan scheme to create more space, give your walls and floors a fresh look and let your furniture reflect your personality.
- Make business or professional expenses - Cater to your business or professional needs, expand your business or practice and fund your purchases effortlessly.
- Pay for overseas travel or a vacation - Give yourself and your family a well-deserved break. Travel to your dream destinations in India or abroad. Refresh, rejuvenate and spend quality time with yourself and your loved ones.
- Consolidate high-interest debt- If you have multiple high-interest debts running, consolidate them into a single Personal Loan with a lower interest rate. It is always easier to remember the due date and other details for a single loan rather than for multiple loans.
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
- Collateral-free - No need to pledge any collateral with us. Focus on your dreams without worrying about your assets!
- Multi-purpose usage - Use the loan for any purpose, we won’t ask you for the enduse!Vacation, wedding, higher education, medical emergency, home renovation, buying gadgets, household appliances; the list is endless.
- Competitive interest rate & charges - With Poonawalla Fincorp Personal Loan, you can be sure about getting the best interest rate that is available in the market. Apart from that, other charges and fees are also priced rightly, so that you don’t have to worry about paying too much every month.
- Speedy approval - If you fulfil our basic personal loan eligibility criteria and have all the documents in place, approvals are given speedily.
- Instant disbursal - We realize that time is of the essence and hence we disburse loans instantly once all approvals are in place.
- Zero hidden charges - Whatever charges are to be paid will be mentioned clearly at the outset. We believe in having complete transparency in all our dealings with our customers. This makes sure that there are no unpleasant surprises or unexpected charges that you end up paying.
- No penalty for prepayment or foreclosure - If you have extra funds and want to prepay your loan partially or fully, you can do so without worrying about any penalty.
- Flexible repayment plans - Select a comfortable repayment tenure between 12 months and 60 months. Go for a tenure that best suits you.
- Simple 5 step online application - Applying for a Personal Loan from Poonawalla Fincorp is as easy as 1-2-3! Go to the "Apply Now" section under Personal Loan on our website. Enter your basic KYC details and then upload the required documents. After assessment from our side, you will receive confirmation. Approve it and the loan will be disbursed to your account!
- Easy-to-use EMI calculator - Before going in for a loan, you must plan it wisely. Check out the EMI you must pay every month using the free personal loan emi calculator available on our website. The calculator is very easy to use. Check it against various values of the loan amount, interest rate and tenure to arrive at the right EMI for you.
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.
What's the difference between secured and unsecured loans?
A secured loan requires some collateral, usually property. An unsecured loan doesn't need you to pledge any asset. An example of an unsecured loan is a Personal Loan.
*Terms & Conditions Apply