Get a One-Year Personal Loan at Competitive Interest Rates
If you need funds for a specific purpose or have some unexpected expenses, a one-year Personal Loan from Poonawalla Fincorp at competitive interest rates can serve as the ideal solution. With minimal documentation, easy eligibility criteria, and no hidden charges, you can get hassle-free financing for all your needs. Apply now!
EMI Calculator for a One-Year Personal Loan
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One-Year Personal Loan Interest Rates and Charges
| Personal Loan Interest Rates | 9.99%* p.a. onwards |
| Loan Amount | ₹1 Lakh to ₹30 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 |
| Pre-Payment/Foreclosure Charges | 0%* If paid from own sources & 4% If paid from other sources |
| Late Payment Charges | 3% per month |
| Cheque Bounce Charges | ₹500 per bounce plus applicable taxes as per regulations |
| Stamp Duty | At actuals (as per state) |
| Hidden Charges | Nil |
Eligibility Criteria for a Personal Loan of One Year
| Factor | Personal Loan Requirements |
| Age | Applicants should be at least 22 years old at the time of loan application and a maximum of 57 years old. |
| Citizenship | Applicants must have Indian citizenship. |
| Employment | Applicants must have a full-time job at Central Govt, PSU, MNC, Listed, Unlisted Public Ltd, Pvt Ltd, LLP, or companies listed internally. |
| Work Experience | Applicants must have at least 1 year of job experience and at least 1 month of stable employment at the current job. |
| Monthly Income | Monthly net take home salary of at least ₹30,000. |
In addition to this, you must have a good credit score and credit history. By meeting these few requirements, you can get a Personal Loan online in no time!
Meeting the eligibility criteria mentioned above increases the likelihood of loan approval and ensures a smooth loan application process. It's important to note that specific requirements may vary among lenders, so it's advisable to review the eligibility criteria of different lenders to find the best match for your financial situation.
Documents Required:
- Identity Proof: PAN Card, Aadhaar Card, Passport, Driving Licence and Voter ID
- Address Proof
- Income Proof
- Bank Statements
- Employment Proof
- Passport-size Photo
Lenders commonly request these documents when applying for a 12-month Personal Loan. It's important to ensure you have all the necessary documents before initiating the loan application process. Remember to check with specific lenders, as document requirements may vary. Having all the required documents in order will help expedite the loan approval process and increase the chances of approval.
Reasons to Opt for a Personal Loan for One Year
There are several reasons why opting for a Personal Loan for one year can be a favourable choice. Firstly, a shorter loan tenure means you can repay the loan faster, reducing the overall interest cost. It allows you to meet your immediate financial needs without getting into a long-term commitment.
Additionally, a one-year Personal Loan is ideal for managing unexpected expenses, such as medical emergencies or home repairs, as it offers quick access to funds. Moreover, it can be a suitable option for consolidating high-interest debt or funding small-scale projects. Overall, a one-year Personal Loan offers convenience, affordability, and the ability to address short-term financial goals efficiently.
Features & Benefits of One-Year Personal Loan
| Features | Benefits |
| Short loan tenure | Quick repayment and reduced interest costs |
| Competitive interest rates | Affordable monthly instalments |
| Unsecured loan | No collateral is required, a simple application process |
| Quick processing | Fast approval and disbursal of funds |
| Minimal documentation requirements | Convenient and hassle-free application |
| Flexible financing solution | Suitable for small projects, immediate needs, and debt consolidation |
Apply for a One-Year Personal Loan within 5 Minutes
To apply for an instant Personal Loan for 1 year within 5 minutes from Poonawalla Fincorp, you can follow these steps:
- Step 1: Click on the ‘Apply Now’ button.
- Step 2: Fill in the required details on the loan application form.
- Step 3: Upload necessary documents.
On successful verification, the loan will be transferred to your bank account.
Frequently Asked Questions
Yes, it is possible to get a loan for 12 months with Poonawalla Fincorp's One-year Personal Loan.
Yes, it is possible to close a Personal Loan before 12 months. We charge 0% foreclosure charges if paid from own sources and 4% if paid from any other sources.
12-month financing refers to a loan or credit arrangement where the repayment period is set at 12 months, meaning the borrower is expected to repay the loan within a one-year timeframe.
The minimum duration of a loan varies depending on the lender and the type of loan. It is advisable to check with the specific lender to determine their minimum loan duration requirements.
*Terms & Conditions apply
