Poonawalla Fincorp offers personal loans up to Rs. 5 lakhs to salaried individuals, self-employed professionals and businessmen. The loan can be used for any personal needs like wedding expenses, home renovation, vacation, medical emergency etc. Key features of the loan include quick processing, attractive interest rates starting from 11.99% per annum, flexible tenors up to 5 years and minimum documentation. No collateral or guarantor is required for the loan. You can get pre-approved offers and can apply online through a completely digital process. The eligibility criteria are simple – you should be employed with an MNC, public/private company or self-employed. This affordable personal loan can help you fund your needs without dipping into savings.
Poonawalla Personal Loan Features:
- Loan amount up to Rs. 5 lakhs
- Tenors from 12 months to 60 months
- Competitive interest rates starting from 11.99% per annum
- Quick online approval within 24 hours
- Minimal documentation required
- No collateral or guarantor required
- Flexible repayment options
- Pre-closure allowed with nominal charges
- Doorstep document pickup facility
- Dedicated relationship manager for assistance
- Pre-approved offers to existing customers
- Free credit report check
Poonawalla Personal Loan Eligibility:
To avail Poonawalla Fincorp’s personal loan, you must meet the following eligibility criteria:
- Age between 21 to 60 years
- Salaried individual working with reputed MNC, public or private company
- Self-employed professional like doctor, chartered accountant etc.
- Minimum net monthly income of Rs. 15,000 in metro cities and Rs. 10,000 in non-metro cities
- Work experience of at least 2 years with current employer or in business
- Good credit score and repayment track record
- Has all KYC documents like ID proof, address proof, bank statements etc.
Co-applicants are allowed to jointly apply for the loan to enhance eligibility. NRIs and self-employed individuals with business vintage of 3 years can also apply.
Poonawalla Personal Loan: Documents Required
You need to submit the following documents when applying for Poonawalla Fincorp’s personal loan:
- Duly filled loan application form
- Identity proof (Aadhaar card, voter ID, passport etc.)
- Address proof
- Latest salary slips for salaried individuals
- Bank statements for last 6 months
- Financial statements for self-employed professionals
- Business registration proof for self-employed individuals
- Other income proofs (Form 16, ITR etc)
- Passport size photographs
- Signature verification proof
- Existing loan details, if any
Post submission of documents, Poonawalla Fincorp will perform income, creditworthiness and eligibility checks before disbursing the loan amount.
Poonawalla Personal Loan: Interest Rates and Charges
Poonawalla Fincorp offers personal loans at attractive interest rates starting from 11.99% per annum. Following are the interest rates and charges applicable:
- Interest rate – 11.99% to 24% p.a. based on applicant’s eligibility
- Processing fee – Up to 2% of loan amount + applicable taxes
- Prepayment charges – Nil for loans with tenors above 12 months, 2% + taxes for tenors less than 12 months
- Late payment charges – 2% per month on EMI overdue amount
- Cheque bounce charges – Rs. 500 per instance
- Legal and recovery charges – As per actuals
There are no hidden charges. The final interest rate offered will depend on your income, credit score, company profile and loan eligibility.
Poonawalla Personal Loan: EMI Calculator
You can use Poonawalla Fincorp’s EMI calculator to determine the perfect EMI and tenure suited to your repayment ability.
For instance, for a personal loan of Rs. 5 lakhs taken for 5 years at 12% annual interest, the EMI works out to be Rs. 9,968 per month. The total interest payable over 5 years works out to Rs. 1.2 lakhs.
You can use the EMI calculator available on Poonawalla Fincorp’s website by entering the desired loan amount, tenure and interest rate. It will instantly calculate and display the EMI amount, total interest payable, total repayment amount etc. This helps you plan your repayment schedule effectively.
Poonawalla Personal Loan: Application Process
Applying for a personal loan from Poonawalla Fincorp involves an easy online process:
- Visit Poonawalla Fincorp’s website and click on ‘Apply Now‘ on the personal loan page.
- You will need to fill in your basic personal and financial details in the form.
- Upload the required documents and submit the form.
- The loan application will undergo verification and credit checks.
- If you are eligible, you will get instant online approval and the loan amount will be disbursed directly to your bank account within 24 hours.
- Alternatively, you can visit your nearest Poonawalla Fincorp branch. The branch executive will explain the scheme details and assist you with the application process.
- Existing Poonawalla Fincorp customers can get pre-approved loan offers and fast-track approval.
FAQs
What is the maximum loan amount I can get?
You can avail a personal loan up to Rs. 5 lakhs from Poonawalla Fincorp.
What is the loan tenure offered?
The maximum tenure offered is 5 years. You can choose any tenure between 1 to 5 years as per your repayment capability.
Can I get a pre-approved loan offer?
Yes, existing customers of Poonawalla Fincorp can get pre-approved loan offers based on their relationship with the company.
Are there any prepayment charges?
For loans with tenor above 12 months, you can fully or partially prepay without any charges. For loans less than 12 month tenure, 2% prepayment charge + taxes will be applicable.
How soon will I get the loan amount?
Once approved, the loan amount gets disbursed to your account within 24 hours.