Poonawalla Fincorp Personal Loan Interest Rates

4.5

Poonawalla Finance Private Limited, an NBFC with headquarters in Pune, provides personal loans to assist its clients in meeting their financial obligations. You can apply for a personal loan through Poonawalla Finance, which provides up to Rs. 30 lakhs at competitive interest rates. Up to 5 years are given as the repayment period.

  • Personal Loan offer for You

  • 9.99%

    Interest Rate (p.a.)
  • ₹1L - ₹30L

    Tenure(1 - 5 Years)
  • ₹2,124

    EMI Per Lakh
  • 9.99%

    Interest Rate (p.a.)
  • ₹1L - ₹30L

    Tenure(1 - 5 Years)
  • one-time nominal processing fee up to 3% plus applicable taxes.

    Processing Fee

Compare Poonawalla Fincorp Personal Loan Interest Rates with Other Lenders

  • Starting Interest Rate (p.a)
  • Processing Fee
  • Rating
  • Min. Loan Amount
  • CASHe PL Interest Rate

  • 27%

  • We offer a 2.50% interest rate per month (Equivalent to reducing the balance interest rate to 3.71% per EMI) on the loan amount.

  • 4.5

  • ₹1K - ₹4L

    Tenure(7 - 45 Years)

  • Prefr PL Interest Rate

  • 15% - 36%

  • 3-5% with Minimum Proc. Fee of INR 1500 + GST

  • 4.5

  • ₹50K - ₹5L

    Tenure(1 - 4 Years)

  • 50 K
  • 1 Cr
Years
  • 1
  • 5
%
  • 8
  • 25

Monthly Loan EMI

Payment Breakdown:

Principal Amount

₹10,00,000

Interest Payable

Total Amount Payable

The interest rate for personal loans from Poonawalla Fincorp begins at 9.99% per year. The final personal loan interest rates made available to loan applicants will change depending on their credit score, employment history, monthly income, and other factors.

Poonawalla Fincorp Limited SBI Personal Loan Interest Rate by Schemes

The Poonawalla Fincorp Limited offers 13 personal loan schemes at better interest rates. Let’s explore them all in this article:

Unsecured Personal Loan

These kinds of loans can easily be availed online from the comfort of your living room as the application process is completely online which takes very less time and the amount gets processed within a few days. In unsecured loans, one does not need to provide any collateral or security in order to apply or even to get  the application processed.

Amount of Loan: Rs. 1 Lakhs to Rs. 50 Lakhs

Tenure of Repayment: Upto 5 Years

Urgent Personal Loan

This kind of loan can be availed if there is an emergency and one needs urgent financing. Poonawalla Fincorp Limited makes sure that the whole process of this scheme is easy to perform and stress free.

Amount of Loan:  Rs. 1 Lakhs to Rs. 50 Lakhs

Tenure of Repayment: Upto 5 years

Short Term Personal Loan

This kind of scheme is extremely helpful for anyone who is facing any kind of financial crunch as the short term personal loan can be used for any purpose.

Amount of Loan:  Rs. 1 Lakhs to Rs. 50 Lakhs

Tenure of Repayment: Upto 5 years

Personal Loan for CA

It is a unique personal loan programme for chartered accountants to meet their financial demands for both personal and professional reasons. This can be paying for professional training, a wedding, travel, home remodeling, or workplace renovation.

Amount of Loan:  Rs. 1 Lakhs to Rs. 50 Lakhs

Tenure of Repayment: Upto 5 years

Personal Loan for CS

It's a unique personal lending programme designed just for company secretaries. The loan proceeds can be used by borrowers to cover both personal and professional expenses, such as a wedding, vacation, workplace refurbishment, etc.

Amount of Loan:  Rs. 1 Lakhs to Rs. 50 Lakhs

Tenure of Repayment: Upto 5 years

Personal Loan for Doctors

It's a personal loan for doctors that they can use for a variety of personal and professional requirements, including home improvements, clinic expansion, travel, a child's further education, etc.

Amount of Loan:  Rs. 1 Lakhs to Rs. 50 Lakhs

Tenure of Repayment: Upto 5 years

Personal Loan for Salaried Employees

It is a personal loan for salaried workers that can be utilised to cover a range of financial obligations, such as wedding expenses, unexpected medical costs, house improvements, tuition for higher education, etc.

Amount of Loan: Upto Rs. 50 Lakhs

Tenure of Repayment: Upto 5 years

Personal Loan for Government Employees

Government personnel may use this kind of personal loan to satisfy a variety of financial demands, including those relating to travel, automobile purchases, jewellery purchases, and medical situations.

Amount of Loan:  Rs. 1 Lakhs to Rs. 50 Lakhs.

Tenure of Repayment: Upto 5 years

Personal Loan for Home Renovation

Personal loans can be used for home renovation by borrowers to cover costs such as flooring, painting, tiling, upgrading, remodelling, repair, improvements, and extensions.

Amount of Loan:  Rs. 1 Lakhs to Rs. 50 Lakhs.

Tenure of Repayment: Upto 5 years

Personal Loan for Wedding

You can pay for wedding-related expenses with this kind of personal loan.

Amount of Loan:  Rs. 1 Lakhs to Rs. 50 Lakhs.

Tenure of Repayment: Upto 5 years

Personal Loan for Travel

The proceeds of a travel personal loan may be used by borrowers to pay for travel-related expenses such as purchasing tickets, lodging, and other items.

Amount of Loan:  Rs. 1 Lakhs to Rs. 50 Lakhs.

Tenure of Repayment: Upto 5 years

Personal Loan for Medical Emergency

Borrowers can utilise this type of loan in the event of an emergency; to pay for their medical bills.

Amount of Loan:  Rs. 1 Lakhs to Rs. 50 Lakhs.

Tenure of Repayment: Upto 5 years

Personal Loan for Women

Poonawalla Fincorp Limited offers personal loans for women whose application can be processed without even a significant reason, hence this kind of loan can be availed for women for numerous purposes.

Amount of Loan:  Rs. 1 Lakhs to Rs. 50 Lakhs.

Tenure of Repayment: Upto 5 years

Poonawalla Fincorp Limited Personal Loan Interest Rates for Salaried and Self-Employed

Poonawalla Fincorp Limited personal loan interest rates for salaried employees and self-employed professionals start from 9.99% onwards. It can go up to 18% based on applicant credibility and other associated factors such as income, age, repayment history, etc. 

Type of Employment Offered Personal Loan Interest Rate Processing Charges  Prepayment Charges
Salaried Employee From 9.99% per annum onwards Upto 2% of the approved loan amount + GST Not Applicable
Self-Employed Professional From 9.99% per annum onwards INR 1999 + GST Not Applicable

Poonawalla Fincorp Limited Personal Loan Interest Rate for Salary Account

Numerous advantages are available to customers with a Poonawalla Fincorp Limited personal loan account. To find out if they qualify for a personal loan which has been pre-approved, interested candidates can visit the bank's official website and supply particular information. Like other lenders, Poonawalla Fincorp Limited offers already approved personal loans to borrowers with strong credit ratings and a history of on-time repayment. Salary accounts at Poonawalla Fincorp Limited have interest rates that begin at 9.99% per year. 

Poonawalla Fincorp Limited Pre Approved Personal Loan Interest Rate

Poonawalla Fincorp Limited offers pre-approved personal loans to specific applicants. These offers are available for limited tenure, and the interest rate varies based on various factors. Generally, the Poonawalla Fincorp Limited pre-approved personal loan interest rate starts from 9.99%. 

Poonawalla Fincorp Limited Personal Loan Balance Transfer Interest Rates

Poonawalla Fincorp Limited also offers personal loan balance transfer to applicants who wish to enjoy lower interest rates by transferring their existing high-interest loans to Poonawalla Fincorp Limited. Poonawalla Fincorp Limited balance transfer interest rates are as follows:
  1. Balance transfer interest rates start from 9.99% p.a. 
  2. Maximum interest rate is 18% p.a.
  3. Processing fee is up to 2.% of the loan amount.
  4. Prepayment charges are nil. 
  5. No foreclosure charges are applicable.

Poonawalla Fincorp Limited Personal Loan Interest Rates and Charges

Before submitting an application for Poonawalla Fincorp Limited Personal Loan, one should familiarise oneself with all the applicable fees and charges. It would be easier for you to determine the full cost of the money which is being borrowed:  
Credit Facility Type ICICI Bank Personal Loan Interest Rate and Applicable Charges
Personal Loan Interest Rates 9.99% onwards
Charges for Loan Processing Charges or Origination (Non-Refundable) Upto 2% of the total loan amount
Charges Associated with Prepayment NIL
Loan Foreclosure Charges NIL
Charges for EMI Bounce ₹500 per bounce plus GST
Charges for Late Payment 2% per month

Factors Affecting Poonawalla Fincorp Limited Personal Loan Interest Rates

The affordability of a personal loan is substantially impacted by the interest rate.   A higher interest rate could lead to increased EMIs. The interest rates charged by various banks and lenders vary. This decision is influenced by a number of factors. The interest rates for personal loans at Poonawalla Fincorp Limited First Bank are influenced by some important aspects. 

The Income

Your salary will be the main factor used to evaluate your personal loan application. As your income rises, your chances of qualifying for personal loans with reduced interest rates rise. Your ability to repay the loan in full must be determined by the bank. Before approving a customer for a personal loan, the bank must have faith in them. This is only possible when their wage is greater than a certain minimum sum.

History of Credit

Before approving a loan, lenders often look at your CIBIL score to assess your credit history. A person's credit score is a three-digit numerical number determined by their history of timely credit repayment and provided by the Debt Rating Agency. A high credit score demonstrates your ability to carefully manage the loan and make on-time payments.

The Organization’s Reputation

People who work for respected businesses are more likely to get approved for low-interest personal loans. Banks believe that those who work for reputable companies have fairly secure employment and will make payments on time.

History of the Loan Repayment

Your overall credit score and your payback history are both be taken into account when calculating the interest rate for your personal loan. If the bank or lending company sees that you have been regular with your repayments, they will typically only charge you a little interest rate on the loan. Most banks favour lending to customers who haven't received a payment in a year. A high interest rate or having their loan application rejected are the two most common outcomes for loan defaulters.

Relationship With the Financial Institutions

By previously creating savings accounts and fixed deposits with your bank, you would have proven to be a trustworthy customer. Being dependable can help you establish a rapport with the bank and obtain a personal loan with advantageous terms. Because the bank doesn't want to lose you to a competitor, an established relationship will provide you some clout.

How to Calculate Poonawalla Fincorp Limited Personal Loan Interest/EMI

One may calculate the interest/EMI using the Poonawalla Fincorp Limited’s fast and accurate personal loan EMI calculator wherein one just needs to fill in the general6 loan details . (Equated Monthly Instalment). OR One can fairly use the formula given below in order to calculate the EMI: EMI = [P x R x (1+R)^N]/[(1+R)^N-1]

How to Get Low Interest Rates on Poonawalla Fincorp Limited Personal Loan?

It's critical to choose the best personal loan deal at the lowest interest rate. By doing this, you can reduce your overall debt and benefit from an EMI plan that is affordable and reasonable.  Below are five excellent recommendations:

Managing the Credit Score

Maintaining an extremely high personal loan eligibility so as to get a good rate of interest is the easiest thing to do; a score of 750 or above is considered the best and makes one eligible for a loan. If you have a higher credit score, your lender will be more confident in your ability to repay a larger loan. As a result, you will get lower interest rates. To keep your credit score good, always pay off your credit card payments and other EMIs before the due date.

No Outstanding Loans

If a significant amount of your income is already going towards existing loans and EMIs, your chances of receiving a reduced interest rate on a new personal loan are decreased. Therefore,  lower the total debt by foreclosing on some of the ongoing loans that you have to get it down to less than 40% of your monthly income before applying for a personal loan.

Well-Researched Options

Market research and analysis will be of great use to you in evaluating all the lenders and options and selecting the best interest rate. Always keep in mind that even a modest change in interest rates could produce considerable savings. Always check if the lender offers a quick disbursement and application processes. As a result, Poonawalla Fincorp Limited First Bank offers quick, paperless personal loan disbursal to all customers. There are also available online testimonials, rankings, and reviews. Before applying for one of our alluring personal loan programs, read Poonawalla Fincorp Limited reviews on our website and other portals to have a fair notion of what to anticipate.

Offers and Deals

Watch your email and SMS messages for any holiday or seasonal promotions from your present lenders. Additionally, you can look through your financial apps to see if there are any pre-approved personal loan offers or temporary discounts that you can use right away without having to submit any paperwork!

The Professional Network

Last but not least, you can negotiate for a lower personal loan interest rate by using the goodwill of your job or your professional standing. You can confidently and quickly take advantage of better personal loan terms if you work for one of the several respectable firms with close ties to financial institutions. 

Conclusion

By visiting the bank's official website and clicking "Track My Application," you can find out the status of your Poonawalla Fincorp Limited. You may view the status of your application once you've completed all the necessary data, including the applicant's name, loan reference number, and birthdate.

Personal Loan by Other Banks

Frequently Asked Questions (FAQs)

What is the current interest rate of Poonawalla Fincorp Limited personal loan?

The current rate of interest of Poonawalla Fincorp Limited personal loan starts from 9.99%.

How can I reduce my interest in Poonawalla Fincorp Limited personal loan?

To reduce your interest in Poonawalla Fincorp Limited personal loans, try making part-prepayments. It will reduce your principal component as well as your interest component. Additionally, keep the repayment tenure as less as possible. 

Is Poonawalla Fincorp Limited personal loan a floating rate loan or a fixed-rate loan?

Poonawalla Fincorp Limited offers collateral free personal loans at great interest rates.

Do Poonawalla Fincorp Limited demand collateral or security for personal loans?

No, Poonawalla Fincorp Limited does not demand any collateral or security for personal loans.

Can individuals pay off their Poonawalla Fincorp Limited loans EMI early?

Yes, individuals can pay off the EMIs early if they have availed a loan from Poonawalla Fincorp Limited.

What is the EMI for 1 lakhs personal loan?

The EMI for 1 lakhs of personal loan with interest rate 9.99% and a tenure of 5 years amounts to Rs. 2,124.

What is the EMI for a 10 lakhs personal loan?

The EMI for 10 lakhs of personal loan with interest rate 9.99% and a tenure of 5 years amounts to Rs. 21,242.

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