Personal Loan Interest Rates
Poonawalla Fincorp is a trusted financial institution that offers Personal Loan with interest rate starting at just 9.99%* p.a. With our competitive interest rate, you can access a high loan amount without any collateral to fulfil your dreams.
Competitive Interest Rate
Our Personal Loan starts at only 9.99% annually, making it a cost-effective solution. It is designed to meet your financial needs with flexible repayment options.
Loan Processing Fees
Take the pressure off with minimal processing fees ranging from 0% to 3% plus taxes. This makes it easier for you to reduce the overall cost of borrowing.
Zero Hidden Charges
Kick your stress to the curb and secure your desired loan amount at an attractive interest rate with no hidden charges.
Prepayment and Foreclosure Charges
- 0% prepayment/foreclosure charges or penalties applicable - if paid from own sources.
- 4% prepayment/foreclosure charges are applicable - if paid from other sources.
Late Payment Penalty
- Default Charges: 24% per annum, on the defaulted EMI amount.
- Cheque Bounce: Charges would be ₹500 per bounce
Personal Loan Interest Rate and Charges
Avail your desired loan amount to turn your dreams into reality with Poonawalla Fincorp’s exclusive Personal Loan Interest Rates and transparent charges. Whether you're planning a wedding, renovating your home, or managing unexpected expenses, our competitive interest rates and flexible repayment options make personal financing simple and stress-free. Discover the benefits of borrowing with confidence and ease
i) If Foreclosure or Prepayment is done including balance transfer from another financial institution – 4 % on amount being prepaid plus applicable taxes.
2) After repayment of first six EMI:
i) If Foreclosure or Prepayment is done from own funds of the Borrower- Nil charges.
ii) If Foreclosure or Prepayment is done any other source including by balance transfer from another bank/financial institution- 4% on amount being prepaid plus applicable Taxes.
Default Charges: Penalty will be charged for nonpayment of EMI amount and for non-compliance of material terms and conditions, as more particularly specified at Default Charges.pdf
*T&C Apply
Personal Loan Annual Percentage Rate (APR)
The Annual Percentage Rate (APR) represents the total cost of borrowing a Personal Loan, including interest and applicable fees, expressed as a yearly percentage. Unlike nominal interest rates, APR provides a more accurate picture of the overall loan expense. At Poonawalla Fincorp, we ensure complete transparency in our Personal Loan Interest Rates and associated charges, helping you make informed financial decisions.
Our APR is designed to be competitive and fair, reflecting our commitment to customer-centric lending. Whether you're comparing loan offers or planning your budget, understanding the APR helps you evaluate the true cost of your loan. Explore our flexible terms and enjoy the benefits of responsible borrowing.
Types of Personal Loan Interest Rates
Understanding the types of Personal Loan Interest Rates is essential when choosing the right loan for your needs:
Fixed Interest Rate: This rate remains constant throughout the loan tenure, ensuring predictable monthly payments. It’s ideal for borrowers who prefer stability and want to avoid market fluctuation.
Floating Interest Rate: This rate varies based on market conditions and benchmark rates. While it may offer lower initial rates, monthly payments can change over time. It suits borrowers comfortably with some level of risk and potential savings.
How is the Personal Loan Interest Rate Calculated?
Personal Loan Interest Rates are determined based on several key factors that reflect your financial profile and market conditions. We assess your credit score, income level, employment stability, and existing financial obligations. A higher credit score and stable income typically result in lower interest rates.
At Poonawalla Fincorp, we ensure a transparent and fair evaluation process, offering competitive Personal Loan Interest Rates that are created as per your financial needs. Understanding these factors helps you plan better and choose the most suitable loan option.
Factors That Affect Personal Loan Interest Rates
Several key factors influence the Personal Loan Interest Rates offered:
• Credit Score: A higher credit score indicates strong creditworthiness and can lead to lower interest rates.
• Employment Stability: A consistent employment history with a reputable organisation can positively impact your interest rate.
• Income Level: Stable and higher income assures lenders of your repayment capacity, often resulting in better rates.
• Loan Amount and Tenure: Larger loan amounts or longer tenures may attract different rates based on risk assessment.
• Existing Financial Obligations: High existing debts can increase your risk profile, leading to higher interest rates.
Personal Loan Interest Rate Calculation
The interest rate on a Personal Loan depends on various factors such as credit score, borrowed amount, lender, and tenure. To plan your monthly EMIs, you can use the formula below to calculate your monthly EMI amount.
E = [P x R x (1+R) N] / [(1+R) (N-1)]
Where,
- P = Principal or the loan amount
- R = Monthly interest rate (annual interest rate/12)
- N = Number of monthly instalments
This formula is used to calculate the fixed monthly payment that a borrower has to make towards the loan repayment, which includes both the principal amount and the interest charged on it.
- P = Loan Amount – Rs. 2,00,000
- R = Rate of Interest - 15% p.a.
- N = Loan Tenure – 2 years
2,00,000 * 15%/12 * (1+15%/12)^2/((1+15%/12)^2-1)
EMI - ₹9,697
Apply for a Personal Loan Online in Just 3 Steps
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Tap the “Apply Now”button to initiate your application.
Enter Details
Enter your DOB, PAN card number, monthly income, KYC details and residential details.
Upload Documents
Upload the necessary documents for quicker approval.
On successful verification, the loan amount will be disbursed into your bank account instantly.
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Frequently Asked Questions
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
Where,
- P = Principal amount
- r = rate of interest
- n = number of times interest is compounded every year
- t = time (in years)
To secure the lowest Personal Loan Interest Rates, maintain a high credit score (typically 750+), ensure a stable income, and reduce existing debts. Opting for a shorter loan tenure and having a strong relationship with the lender can also help.
• Part Payment: Paying a portion of your loan before the due date, which reduces the principal and future interest.
• Pre-payment: Paying off a significant part of the loan ahead of schedule, potentially reducing tenure or EMI.
• Pre-closure: Settling the entire outstanding loan amount before the end of the tenure, closing the loan early.
Each option may have different charges or conditions, so check with your lender.
• Fixed Interest Rate: Remains constant throughout the loan tenure, offering predictable EMIs.
• Floating Interest Rate: Varies based on market conditions and benchmark rates, which can lead to fluctuating EMIs.
Choosing between them depends on your risk tolerance and financial planning preferences.
While a low CIBIL score may limit access to the lowest Personal Loan Interest Rates, you can still improve your chances by showing stable income, reducing existing debts, applying with a co-applicant, or offering collateral.
Poonawalla Fincorp’s Personal Loans starts at 9.99%* p.a. However, the interest rate is subject to several other factors like income, credit score, employment, and existing monthly obligations etc.
You can get a Personal Loan with low interest rate by:
- Maintaining a high credit score
- Having a good repayment track record
- Maintaining stable income as a salaried employee
- Meeting all the required loan eligibility criteria
Explore Different Types of Personal Loans to Suit Your Needs
Happy Customers, Happy Us
I opted for a Loan Against Property balance transfer with Poonawalla Fincorp, and the experience exceeded my expectations. The application process was completely digital, quick, and required minimal paperwork. Getting a significantly lower interest rate helped me reinvest in my business. With better financial flexibility, I was able to scale operations efficiently, leading to a 30% increase in business turnover. Poonawalla Fincorp made the entire journey stress-free, and I highly recommend their services to any business owner looking for smart financial solutions.
Poonawalla Fincorp’s Pre-owned Car Loan made the entire financing process effortless. The loan approval was quick, and the minimal documentation made it even more convenient. Within just a couple of days, the funds were disbursed, allowing me to purchase a well-maintained pre-owned vehicle without any hassle. The repayment options were flexible, and the entire experience was seamless. Thanks to Poonawalla Fincorp, I could get my car without any financial strain. Highly recommended!
Securing a loan to purchase a commercial property with rental income was crucial for my business. Having previously worked with Poonawalla Fincorp, I was confident in their services. The process was incredibly smooth and transparent. The quick disbursement and excellent post-sales support made the entire experience stress-free. Thanks to Poonawalla Fincorp, I now own a prime commercial property in Mumbai, which has significantly boosted my business. Their quick turnaround time and excellent post-sales support made all the difference. I wholeheartedly recommend them to anyone in need.
I had a great experience with Poonawalla Fincorp’s Pre-owned Car Loan. The offered loan amount was as per my expectations, and the entire process was smooth and hassle-free. The documentation was minimal, and the loan was disbursed in just two days! What stood out was the flexibility—repayment was easy, and the EMI structure was well-planned. The loan approval process was straightforward, making it convenient to get the car I wanted without any delays. Overall, the service was excellent, and I highly recommend Poonawalla Fincorp to anyone looking for an easy and quick loan process!
A friend in need, is a friend indeed. Poonawalla fincorp has been like one of those friends for me, who has supported me in my journey. With no hidden charges and no prepayment charges, the company has provided me with the adequate funds I needed for me professional practice. From the loan application process to the disbursal of funds, I did not face any problems. My experience was hassle-free and smooth. Not just me, all my fellow professionals and friends have had a wonderful experience with Poonawalla Fincorp’s Professional Loan.
I am practicing Chartered Accountant (CA) based out of Hubli. There were working capital issues that i was facing like upgrading my firm’s overall infrastructure, hiring well-qualified staff and digitization. Poonawalla fincorp hab been of great support when it comes to funding these requirements. I’ve got one of the best interest rates available in the market, my documentation process was fast & hassle-free. and the digital application process made it very simple to get a Professional Loan as a CA. I recommend to CAs to consider Poonawalla Fincorp for their working capital or any other funding requirements.
I run a chain of farmacy stores with 5 branches in pune. With the growing polpularity of home delivery, my customers were expecting the same from me as well. However, the extra capital requirement made it difficulf for me to hire delivery persons. With Poonawalla fincorp’s Business loan, I am now able to compete with online pharmacy retailers, manage working capital and upgrade my system. My customers have grown 50-60%. The loan applicatipn process is digital, simple and speedy. I was delighted to get my loan amount disbursed quickly, allowing me to upgrade my operationg seamlessly.