Overview of Prefr
Prefr is an online app that facilitates customers with borrowing and lending activities of financial products. The user of the platform can get access to all financial products like loans, insurance, etc, using the portal. However, the user must understand that the app does not offer financial products directly to the customer.
Users of the account should know that Prefr is registered with RBI. Users must read the terms and conditions of the app before accessing any financial products offered by the platform. The portal does not hold any licensing about facilitating the lending and borrowing of any financial products. The portal is a service provider that helps users get access to financial products using other financial partners.
Key Highlights for Accessing Prefr Platform
1. What are the different types of Prefr personal loans?
Ans. The platform offers two types of personal loans namely term loans for self-employed users and Perfe loans for salaried users.
2. What is the eligibility for a personal loan in Perfr?
Ans. The account holder should be between the ages of 22 to 55. They should have a regular income source to apply for the loan. The salaried account holders should have a minimum income of 18000 while for self-employed the amount is 22000.
3. What are the documents required for the Perfr loan application?
Ans. The documents required for the Perfr loan application include a PAN Card, Bank statement, Aadhaar Card, Address proof, business proof and photos of the account holder.
4. How much does the Perfr charge as a processing fee?
Ans. The platform charges between 3 to 5% as a processing fee from customers.
5. Does the platform charge a penalty for late repayment of EMI?
Ans. Yes, there is a penalty interest charged by the platform for late repayment of EMI. The user has to pay 3% on overdue EMI per month with pro-rated on number of days the user EMI is pending.
6. What is the interest rate on personal loans charged by Perfr?
Ans. Account holders have to pay interest of 15% to 36% per annum on their personal loan.
To sum up, the portal offers instant loan approval of about 25000 to 3, 00,000 rupees to users. The platform also provides facilities like EMI transfer and flexible repayment tenure. However, the interest charges are on the higher side. The loan approval rate is also lower compared to other financial institutions like banks, LIC, etc. Another issue with the platform is high penalty charges on outstanding due amounts. All in all, if there is a dire need for a loan then only, the account holder should apply for the Perfr personal loan.
Prefr is an online app that facilitates customers with borrowing and lending activities of financial products. The user of the platform can get access to all financial products like loans, insurance, etc, using the portal. However, the user must understand that the app does not offer financial products directly to the customer.
Users of the account should know that Prefr is registered with RBI. Users must read the terms and conditions of the app before accessing any financial products offered by the platform. The portal does not hold any licensing about facilitating the lending and borrowing of any financial products. The portal is a service provider that helps users get access to financial products using other financial partners.
Key Highlights for Accessing Prefr Platform
- The user must of 18 years of age or above to legally enter into the contract.
- The Terms and Conditions for loan approval must be agreed upon by the account holder to use the financial services offered by the website.
- In the event of a violation of the terms & conditions, the app can terminate the membership of the user.
- The account holder needs to provide the app with the required details like name, email ID, mobile number, etc to access the platform.
- The account holder is responsible for maintaining the security of their account using passwords for conducting activities and ensuring confidentiality.
- If the platform has any suspicion regarding the account holder's activity or misinformation, the platform holds the right to terminate the membership.
- The account holders can update their information using the dashboard within their account to notify the platform.
- The right-to-use of the account cannot be transferred to any other entity or person by the account holder.
- The platform holds the privacy of the user in high regard and adheres to a strict privacy policy governed by the Laws of India to safeguard customers' interests.
- The platform provides no warranties for the services offered by the website to its customers.
- The platform offers a Pay-Later facility to its users. The account holder can use this facility to purchase inventory for their business. It allows business owners to cater to their customer needs timely in the advent of a lack of funds availability for their business resulting in higher customer satisfaction for business owners.
- A cash advance is another key feature of the Prefr. The portal helps business owners access liquid funds as working capital or short-term cash requirements for their business. The funds are given as loans that the account holder can pay later to the platform. The facility ensures that the customer’s business operation does not come to hold owing to a lack of liquid funds.
- Term-loan availability for self-employed account holders of the platform. The platform helps users expand and grow their business using term loans. The flexible Term loan with easy repayment facilities ensures maximum value addition for the account holder.
1. What are the different types of Prefr personal loans?
Ans. The platform offers two types of personal loans namely term loans for self-employed users and Perfe loans for salaried users.
2. What is the eligibility for a personal loan in Perfr?
Ans. The account holder should be between the ages of 22 to 55. They should have a regular income source to apply for the loan. The salaried account holders should have a minimum income of 18000 while for self-employed the amount is 22000.
3. What are the documents required for the Perfr loan application?
Ans. The documents required for the Perfr loan application include a PAN Card, Bank statement, Aadhaar Card, Address proof, business proof and photos of the account holder.
4. How much does the Perfr charge as a processing fee?
Ans. The platform charges between 3 to 5% as a processing fee from customers.
5. Does the platform charge a penalty for late repayment of EMI?
Ans. Yes, there is a penalty interest charged by the platform for late repayment of EMI. The user has to pay 3% on overdue EMI per month with pro-rated on number of days the user EMI is pending.
6. What is the interest rate on personal loans charged by Perfr?
Ans. Account holders have to pay interest of 15% to 36% per annum on their personal loan.
To sum up, the portal offers instant loan approval of about 25000 to 3, 00,000 rupees to users. The platform also provides facilities like EMI transfer and flexible repayment tenure. However, the interest charges are on the higher side. The loan approval rate is also lower compared to other financial institutions like banks, LIC, etc. Another issue with the platform is high penalty charges on outstanding due amounts. All in all, if there is a dire need for a loan then only, the account holder should apply for the Perfr personal loan.
