Urban Money

Poonawalla Fincorp Limited Personal Loan

Poonawalla Fincorp Limited
4.5

A personal loan is an ideal solution to your long time requirements in this modern time. However, sometimes it becomes impossible to fulfil all your desires with savings; in that case, financial institutions or banks offer personal loans that can meet your need, whether it is for destination weddings, travel, renovating a house or investing in your education. Take Poonawalla Credit Pvt Ltd, for example. This bank offers personal loans with a lucrative rate of interest and tenure period as per your convenience. So don't wait! Apply for Poonawalla Credit Pvt Ltd Personal Loan to take one step closer to your dream.

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Poonawalla Fincorp Limited Personal Loan Interest Rate

Poonawalla Fincorp Limited

10.99%

1% - 2%

4.5

₹3L - ₹10L

Tenure(1 - 5 Years)

Details

Features and Benefits of Poonawalla Fincorp Limited Personal Loan

In today’s ever-changing financial market, borrowers have become accustomed to speed and convenience. Understanding this, Poonawalla Fincorp provides their customers with a personal loan customised to suit their needs. This offering is loaded with attractive features, perks, and digital provisions that save time and money while reducing the effort required to get immediate financial help. With just a few clicks of the mouse, you can make an application for a multi-purpose high-value personal loan.

With the convenience of online disbursal, you can get approved in minutes for a Poonawalla Fincorp Limited personal loan with favourable terms. Being one of the leading loan finance companies in India, every step of the borrowing process is optimised to ensure the most hassle-free experience. In this piece, we will take a look at the Poonawalla Fincorp personal loan interest rates, eligibility criteria, documents required, and the application process.

Given below are some of the features and benefits of a personal loan from Poonawalla Fincorp:

  • You can get a personal loan from Poonawalla at attractive rates with favourable terms
  • The applicant is not required to pledge any type of security to obtain a personal loan from Poonawalla.
  • The entire application process can be done online with minimum documentation requirement
  • Once you have submitted the loan application, the lender only takes two days to process the application if the details have been submitted correctly. Once the application has been processed, the amount will be disbursed to your bank account almost immediately
  • There are no prepayment penalties or foreclosure charges, whatsoever 
  • There is full transparency regarding the fees and charges. You can obtain a loan from Poonawalla with zero hidden charges
  • The loan application has been optimised at every step to make the process easy and hassle-free. All you are required to do is fill out the online form with the correct information and submit all the supporting documents
  • Provided that you have made all your EMI payments on time, you can apply for multiple loans in the future
  • Poonawalla Fincorp grants loans with a flexible repayment tenure ranging up to 5 years

Eligibility Criteria for Poonawalla Fincorp Limited Personal Loan

Given below are some of the basic eligibility criteria that an applicant will need to fulfil to be eligible for a loan from Poonawalla:

Criteria  Requirement
Age The applicant should be a minimum of 22 years old during the loan application and a maximum of 58 years during the loan maturity
Citizenship The applicant should be an Indian citizen
Employment The applicant should have full-time employment with a reputed public/private limited company or LLP
Work Experience The applicant should have a minimum job experience of 1 year with two months of stable experience at the current organisation
Monthly Income The applicant should have a minimum bet monthly income of Rs. 20,000

Poonawalla Fincorp Limited Personal Loan Interest Rates

Poonawalla understands that affordability is the top priority for any borrower, so it offers personal loan products with nominal interest rates. One can obtain a Poonawalla Fincorp personal loan with interest rates starting from 9.99%, which makes this a smart option even for an emergency loan.

Factors Affecting Poonawalla Fincorp Limited Personal Loan Interest Rates

Here are some factors that affect Poonawalla Fincorp Limited interest rate for a personal loan:

Credit Score

The applicant’s credit score is one of the main factors that determine the interest rates for a personal loan. After the loan application has been submitted, the lender puts in a request to pull your credit score from any of the four credit bureaus in the country. It helps the lender evaluate your previous borrowing pattern, your current debt level, and how responsible you have been during your repayment process. In simple terms, a credit score helps the lender evaluate the risk associated with sanctioning a loan to you. The higher the credit score, the better the chances you get a personal loan with better interest rates. For reference, an ideal applicant should have a healthy credit score of over 750.

Applicant’s Income

A personal loan from Poonawalla Fincorp does not require the applicant to pledge any collateral. The maximum loan amount a borrower can get depends on the lender’s assessment of the borrower’s profile. One of the most important aspects of this process is the income of the applicant. From the lender’s perspective, you will only be able to repay the loan if you have a sustainable income cycle. The income of the borrower gives the lender insight into their repayment ability. If you have a higher sustainable income, you have more of a chance of getting a loan at affordable rates. 

Debt-to-income Ratio

The debt-to-income ratio can be defined as the level of your existing debt in proportion to your income. Most lenders prefer applicants with a debt-to-income ratio below 40% to 50% of the income level. For example, if the applicant has an income of Rs. 50,000 and already has an existing home loan with an EMI of Rs. 25,000. The ratio is already 50%, and lenders may think twice before granting a loan or may sanction a loan with higher interest rates. It is a good practice to keep your ratio in check so you can avail of personal loans at affordable interest rates.

Employment Status

The employment status of the applicant is another major factor determining the interest rate for a loan from Poonawalla Fincorp. The lender checks the employment status, experience, and type of company you are working for. The nature of your work- whether you are working full-time or part-time- also affects the interest rate. Most banks and NBFCs in the country prefer an applicant working in established companies with strong backgrounds so that they can minimise the risk of default. If you exhibit a solid work background in a reputed organisation, you are more likely to be granted favourable interest rates.

Rapport With the Lender

If the applicant has had a decent relationship with the lender and has been able to repay the loan without any major hassles, it might just work in your favour. In some cases, you might also get a pre-approved loan offer from the lender based on your past interactions. As the lender does not want to lose a good customer to a competitor, you might get a loan at lower interest rates.

Poonawalla Fincorp Limited Fees and Charges

In addition to the interest rate for a personal loan, there are various other expenses associated with a personal loan. The table below depicts the fees and charges of a Poonawalla Fincorp Limited personal loan:

Processing Fees Regardless of whether you choose an online personal loan or any other type, you are required to pay processing charges. The processing charges for a personal loan from Poonawalla range from 0% to 2% plus applicable taxes.
Pre-payment charges Pre-payment or foreclosure of a personal loan can hamper an individual’s savings. With a personal loan from Poonawalla, you don’t have to worry about the same since there are zero prepayment charges or penalties for foreclosing a loan.
Late payment penalty Missing an EMI for a personal loan or making late payments can attract charges as given below:
  • Penal Interest: 2% of the unpaid amount applicable monthly till the payment has been made
  • Cheque Bounce Charges: Rs. 500 per instance + applicable taxes

Documents Required for Poonawalla Fincorp Limited Personal Loan

The applicant is required to submit a certain set of documents depending on their applicant type. Given below are some of the common documents that an applicant will be required to submit:

Type of Document Applicable Documents
KYC Aadhaar Card/ PAN Card
Address Proof Rent Agreement/ Passport/ Utility Bills
Income Details Salary slips/ Bank Statements
Financial Documents Bank account statements from the previous 3 months
Education Proof Degree Certificate

How Does the EMI Calculation Work for Poonawalla Fincorp Limited Personal Loans?

The most convenient and hassle-free way to know your personal loan EMI is to use the Personal Loan EMI Calculator on the official website. All you need to do is enter a few loan details, and the results will be generated with just the click of a button. However, it is also ideal to know how the bank calculates EMI. Given below is the formula used by Poonawalla to calculate the EMI for a personal loan:

EMI = [P x R x (1+R) N] / [(1+R) (N-1)]

In the above-given formula,

  • P stands for the principal amount borrowed
  • N stands for the tenure of the loan
  • R denotes the interest rate that will be applied every month

Example: Suppose the applicant borrows Rs. 10,00,000 from the bank at an applicable interest rate of 10.5% per annum for a tenure of 10 years. Given below is what the EMI calculation will look like:

EMI = ₹10,00,000 × 0.00875 × (1 + 0.00875)120 / ((1 + 0.00875)120 – 1)

EMI = Rs. 13,493

The EMI for the loan is Rs. 13,493

How Does Poonawalla Fincorp Limited Compare With Other Lenders?

Given below is how a personal loan from Poonawalla Fincorp compares to other personal loan offers from lenders in the country:

Name of Bank/NBFC Interest Rates
IndusInd Bank 10.49%
L&T Finance 24%
PNB 7.90%
SBI 9.60%
Axis Bank 10.25%
HDFC Bank 10.25%
Clix Capital 14.99%
ICICI Bank 10.25%
IDFC First Bank 10.49%
Kotak Mahindra Bank 10.25%
Deutsche Bank 24.00%
Bajaj Finserv 13.00%
Tata Capital 10.99%

Poonawalla Fincorp Limited Personal Loan Customer Care Number

In case you have any doubts or queries regarding a Poonawalla personal loan, you can get in touch with customer care in the below-mentioned ways:

Address 201 and 202, 2nd Floor, AP81, Koregaon Park Annex, Mundhwa, Pune - 411036
Email Address info@poonawallafincorp.com
Phone Number +91 20 67808090
Toll-Free Number 1800-266-3201

FAQs

From refinancing to reducing your interest, we have the answers right here.

What is the interest rate of a personal Loan in Poonawalla Fincorp Limited?

The ideal applicant can get a personal loan from Poonawalla with interest rates starting at 9.99% per annum.

What are the benefits Poonawalla Fincorp Limited provides on Personal Loans?

Hassle-free application process, quick disbursal, minimum documentation requirement, and nominal interest rates are some of the benefits an applicant can get from a Poonawalla Fincorp Limited personal loan.

What are the documents required in Poonawalla Fincorp Limited for a Personal Loan?

The documents that an applicant will have to submit depend on their application type. Some of the common documents that an applicant is required to submit are PAN Card, Aadhar Card, Bank statement, and salary slips.

Does Poonawalla Fincorp Limited Check for CIBIL Score for Personal Loans?

Yes, the bank checks the applicant’s CIBIL score before sanctioning a loan application. Banks usually prefer applicants with a credit score over 750.

What are the KYC documents I will have to submit to apply for a personal loan from Poonawalla Fincorp Limited?

The applicant will be required to submit a copy of their PAN Card or Aadhar Card to complete the KYC process.

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