Question 1

What is Prefr? What kind of loans can I avail from Prefr?

Accepted Answer

Prefr is basically your go-to place for instant loans. We connect you with trusted lenders like Hero FinCorp and ABCL to help you get the money you need, fast. Whether you're a salaried employee or running your own business, we can help you out with a loan of up to ₹5 lakhs.

Question 2

How can I calculate my repayment?

Accepted Answer

Figuring out your repayment is easy! Let's say you borrow ₹1 lakh for a year at an 18% interest rate. We'll also add a small processing fee of 3%. We use the reducing balance method to calculate your monthly payments. This means you pay a bit less interest each month as you pay off the loan. Loan Amount: ₹1,00,000, Processing fee (Incl. GST): ₹3,540, Stamp duty charges: ₹275, Actual disbursal amount: ₹96,185, Monthly EMI: ₹9,168, Amount Repaid in 12 months: ₹1,10,016

Question 3

Are there any other charges, interests, and fees?

Accepted Answer

There are a few other costs to keep in mind. You might end up paying late fees if your payment is late, or a bounce charge if your payment bounces. Bounce charges (inclusive of GST): ₹500, Penal charges: 3% per month on overdue amount (accrued daily), Foreclosure charges: 4-5% of principal outstanding + GST, Pre-EMI: As applicable. Disbursed users can log into consumer.creditvidya.com and refer 'loan agreement' for exact charges. Subject to change at the sole discretion of the Lender.

Question 4

Can I reach out to you for assistance while applying?

Accepted Answer

Of course! We're here to make the loan process as smooth as possible. If you get stuck filling out the application, don't hesitate to give us a call at 040-69881555 or shoot us an email at wecare@prefr.com. We're happy to help!

Question 5

How much time will it take for me to get the funds into my account?

Accepted Answer

You can expect to see the money very fast! Once we verify your documents, the funds will be in your bank account within 2 hours.

Question 6

How much time will it take for me to get a loan approval?

Accepted Answer

Once you provide all the necessary details, you will get the loan approval in just a minute and then you are good to go!

Question 7

What is the security I have to keep to get the loan?

Accepted Answer

You don't need to put up anything as collateral to get a Prefr loan. It's a hassle-free process!

Question 8

How do I delete my data from the Prefr app?

Accepted Answer

Want to remove your data from Prefr? No problem! Here are three ways you can do it: Through the Prefr App - Just log in, tap your profile icon, and scroll down to 'Data Privacy.' You'll see an option to 'Request Data Deletion'. Fill out the online form directly or drop us an email at wecare@prefr.com. This data deletion process applies only if you've applied for a loan or created an account through the Prefr app.

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