Poonawalla Fincorp Personal Loan

The following are the key Poonawalla Fincorp loan details:

Collateral-Free: No security or collateral needed to avail the loan.
Digital & Hassle-Free Process: The Entire application and approval can be done online.
High Loan Amount: You can get a loan amount of ₹1 Lakh to ₹50 Lakhs under the Poonawalla personal loan. For the Poonawalla instant loan scheme, the loan amount varies between ₹50,000 to ₹5 Lakhs.
Quick Approval & Disbursal: Fast online application, minimal documentation, and quick fund disbursal.
Flexible Repayment Tenure: You can get a flexible repayment tenure ranging from 12 to 84 months for a personal loan at Poonawalla. The repayment tenure for an instant loan ranges from 12 to 36 months.
No Prepayment or Foreclosure Charges: You can pre-close your Poonawalla personal loan account with zero prepayment charges if paid from your own sources, whereas 4% prepayment/ foreclosure charges are applicable if the loan is paid from other sources.

The charges associated with Poonawalla Fincorp personal loans are as mentioned below:

Type of Charges	Poonawalla Personal Loan	Poonawalla Instant Loan
Interest Rate	9.99% p.a. onwards	16% p.a. onwards
Processing Fees	Up to 3% + taxes	Up to 4.5% + taxes
Prepayment Charges	Up to 4% + taxes	Up to 4% + taxes
Default Charges	24% p.a. + taxes	24% p.a. + taxes
Repayment Instrument Dishonor Charges	₹500 per bounce + taxes	₹500 per bounce + taxes
Stamp Duty	At actuals (as per state)	At actuals (as per state)

Below is the comparison of Poonawalla personal loan interest rate with other NBFCs and online lenders:

Lenders	Loan Amount	Interest Rate	Tenure
Poonawalla Fincorp	Up to ₹50 Lakhs	9.99% p.a. onwards	12 months – 84 months
CASHe	₹45,000 – ₹3 Lakhs	2.79% – 3% per month	9 months – 18 months
L&T Finance	₹50,000 – ₹30 Lakhs	11% p.a. onwards	12 months – 72 months
IIFL	₹5,000 – ₹5 Lakhs	12.75% – 44% p.a.	3 months – 42 months
FlexSalary	₹500 – ₹3 Lakhs	18% – 36.5% p.a.	Up to 36 months
Olyv	₹1,000 – ₹5 Lakhs	1.5% per month onwards	2 months – 24 months
mPokket	₹500 – ₹50,000	0% – 4% per month	Up to 4 months
LoanTap	₹3,000 – ₹5 Lakhs	15% – 32% p.a.	1 – 60 months
MoneyTap	₹3,000 – ₹5 Lakhs	13% – 18% p.a.	3 months – 36 months
Stashfin	₹1,000 – ₹5 Lakhs	11.99% – 59.99% p.a.	Up to 36 months
KreditBee	₹1,000 – ₹5 Lakhs	17% – 29.95% p.a.	6 months – 60 months
PaySense	₹5,000 – ₹5 Lakhs	14% – 36% p.a.	Up to 24 months

You will have to meet the following Poonawalla Fincorp personal loan eligibility criteria to apply for the loan:

Citizenship: The applicant must have an Indian citizenship.
Age required: The applicant should be 21 to 60 years of age for Poonawalla Fincorp personal loan and 25 to 55 years for an instant loan.
Employment: The applicant must be a salaried or self-employed individual, having a full-time job with the Central Government, PSU, MNC, Listed/Unlisted Public Ltd, Pvt Ltd, LLP, educational institution, or a company approved by Poonawalla Fincorp.
Work experience required: The applicants must have a minimum of 1 year of total work experience and at least 1 month with the current employer.
Monthly income required: Applicants must have a minimum monthly take-home salary of at least ₹30,000. For an instant loan, a minimum annual household income (declared) of ₹3 Lakhs is required.
Credit score: Applicant must have a credit score of 750 or above for higher chances of approval.

KYC: PAN Card, Aadhaar Card, Passport, Driving License, or Voter ID.
Current address proof: Passport, Utility Bills, or Rent Agreement.
Income proof: Latest salary slip of the last 1 month and bank account statements of the last 3 months.
Employment proof: Office Email ID Verification or Office ID Card (in case the office email ID is not confirmed).
Documents for instant loan: If you want the Poonawalla Fincorp instant loan apply online with just a PAN Card and Aadhaar Card.

Follow the steps mentioned below to apply for a personal loan from Poonawalla Fincorp: