Prefr Personal Loan: All You Need to Know Before Applying
Whether it’s a medical emergency, a wedding, a home renovation, or business growth, a personal loan can be a quick and convenient solution. But finding a lender who understands both salaried and self-employed individuals, especially those with limited credit footprints, can be challenging. That’s where Prefr comes in.
Prefr is a digital-first lending platform designed to offer fast, accessible, and flexible personal loans ranging from ₹50,000 to ₹5,00,000. With a 100% digital process, no collateral requirements, and speedy disbursal, Prefr is making personal credit simpler for a wide range of borrowers.
In this blog, we’ll walk you through the features, eligibility, loan types, interest rates, and how to apply for a Prefr personal loan. We’ll also tell you how RupeeQ can help you check credit score & your eligibility instantly before applying.
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Key Features Of Prefr Personal Loan
Prefr personal loans are packed with user-friendly features. Here’s what you can expect:
- Loan amount: ₹50,000 to ₹5,00,000
- Usage: For both personal and professional needs
- Interest rate: 15% to 36% per annum (fixed)
- Processing fee: 3% to 5% of loan amount (min. ₹1,500 + GST)
- Disbursal time: Within 2 hours after successful verification
- CIBIL impact: No inquiry reported to CIBIL until disbursement
- Paperwork: Fully digital — no physical documents needed
- Security: No collateral required
- Verification: No in-person verification needed
RupeeQ Tip: Before applying, use RupeeQ ACE to check your credit score instantly. A good score improves your chances of getting better loan terms.
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Types Of Prefr Personal Loans
Prefr offers two types of personal loans tailored to different user segments:
1. Personal loan for salaried individuals
Designed for salaried professionals to meet short to mid-term expenses like:
- Home renovation
- Travel
- Wedding expenses
- Medical emergencies
- Education support
Loan tenure: 12 to 48 months
Eligibility: ₹18,000+ monthly salary
2. Term loan for self-employed individuals
Ideal for freelancers, consultants, and business owners looking to:
- Fund working capital
- Invest in equipment
- Manage cash flow gaps
Loan tenure: Flexible
Eligibility: ₹20,000+ monthly income with proof of business
Prefr Personal Loan Interest Rate And Charges
Your Prefr personal loan comes at a fixed interest rate depending on your profile. The rate and charges are determined based on income, loan type, tenure, and creditworthiness.
| Component | Details |
| Interest rate | 15% to 36% per annum (fixed) |
| Processing fee | 3% to 5% of loan amount |
| Minimum processing fee | ₹1,500 + GST |
| Prepayment penalty | Not mentioned (may vary case-wise) |
RupeeQ Tip: Always compare the net disbursed amount vs. total repayment to understand your effective borrowing cost. RupeeQ’s EMI calculators can help.
Eligibility Criteria For Prefr Personal Loan
You don’t need an exceptional credit profile to qualify for a Prefr loan, but meeting the minimum criteria is essential.
| Criteria | Requirement |
| Age | 22 to 55 years (at loan closure) |
| Employment | Salaried or self-employed |
| Income (salaried) | ₹18,000/month minimum |
| Income (self-employed) | ₹20,000/month minimum |
| CIBIL score | 725+ preferred |
| Repayment method | Auto-debit from bank account |
Documents Required For Prefr Personal Loan
Prefr simplifies documentation with a mobile-first, paperless process. Here’s what you need to submit:
- Selfie (photo check)
- PAN card (identity verification)
- Aadhaar via eKYC or CKYC (KYC check)
Optional documents (may be required in some cases):
- Address proof
- Bank statements
- Business proof (for self-employed)
All uploads are done digitally—no branch visits or physical documents required.
How To Apply For Prefr Personal Loan
Applying for a Prefr personal loan takes just a few minutes. Here’s a step-by-step breakdown:
- Enter your income, employer/business details, and loan requirement
- Get a preliminary offer in less than 1 minute
Step 2: Upload documents digitally
- Click a selfie in-app
- Upload PAN card and Aadhaar KYC
- Add optional documents if prompted
Step 3: Set up auto-debit
- Link your bank account for EMI auto-debit
- Complete the final verification
Loan disbursal: Funds are transferred to your account within 2 hours post-verification.
Benefits Of Choosing Prefr Over Traditional Lenders
| Feature | Prefr | Traditional banks |
| Minimum loan | ₹50,000 | ₹1,00,000 or more |
| Disbursal time | 2 hours | 2–5 working days |
| CIBIL impact (pre-disbursal) | No hard inquiry | Hard pull during inquiry |
| Paperwork | Fully digital | Mostly physical |
| Income eligibility | ₹18K (salaried), ₹20K (self-employed) | ₹25K+ usually required |
| Credit history flexibility | Moderate (725+ ideal) | Strict (750+ preferred) |
When Should You Choose A Prefr Personal Loan?
Prefr personal loans are ideal if you:
- Need instant funds for urgent needs
- Are new to credit or don’t want a hard CIBIL inquiry
- Prefer a no-contact, digital-first experience
- Earn ₹18K–₹25K per month and don’t qualify with bigger banks
- Want to build or rebuild your credit score with regular EMIs
Contact Details For Prefr Customer Support
In case you have queries or want to connect with Prefr, here’s how:
Final thoughts
In today’s fast-paced world, financial flexibility matters. Prefr personal loans are designed to give salaried and self-employed individuals the freedom to borrow without the hurdles of traditional banks. With a 100% digital experience, loans up to ₹5 lakh, and disbursal in just two hours, Prefr is reshaping how Indians borrow.
Whether you’re a first-time borrower or looking for an instant credit solution, Prefr offers the speed, simplicity, and transparency you need. And with RupeeQ, you can compare offers, check your credit score, and apply smartly—all in one place.
