Poonawalla Fincorp Instant Loan: Welcome to PoonawallaFincorps.net. Today I am going to tell you about Poonawalla Fincorp Instant Loan in a blog. As you all know, with the rapid advancement of technology, we keep looking for options that can get us money quickly and easily. Whether it is for medical expenses, educational needs, or even for travelling at the last minute, many of us prefer an instant personal loan. Poonawalla Fincorp is a well-known non-banking financial company (NBFC) in India that offers such emergency aid. The unique feature of this personal loan is that it is digital technology driven, reducing the amount of paperwork needed. In this article, we will explore the process of availing a loan from Poonawalla Fincorp, details regarding who can avail the loan, and their EMI along with other pertinent information for those intending to avail a loan from Poonawalla Fincorp.

What is Poonawalla Fincorp Instant Loan?

Poonawalla Fincorp Instant Loan is an example of an unsecured personal loan which comes with instant funding. It is available for certain short term objectives like working towards a medical emergency, a higher educational goal, travelling as well as improving the home. Being an unsecured loan, it carries no risks of default should the borrower have a good credit history and relevant income streams. In addition, there is an approval process that takes only a few minutes for eligible applicants and fund transfers within several hours.

Poonawalla Fincorp Instant Loan: Step by Step Guide

To make this process more effective, Poonawalla Fincorp has streamlined the processes.  

Step 1: Go to poonawallafincorp.com or Download Mobile App – You can opt to use either the company website or download their app from playstore or app store.

Step 2: Select “Instant Personal Loan” – Go to the loan area and click on the instant loan button.  

Step 3: Fill in Personal, Financial, and Employment Details – Enter your date of birth, PAN number, and your net monthly revenue.  

Step 4: Upload Documents – Upload all documents necessary for online verification.  

Step 5: Get Approval Within Minutes (in Eligible Cases) – Approval is given for most applicants within the set thresholds.

Loan Disbursed Directly to Your Bank Account: As per agreement, the loan amount is made available in your bank account in a few hours.

This is especially useful in resolving critical and time-sensitive matters which require the flow of funds to be speedy. 

Poonawalla Fincorp Instant Loan Eligibility Criteria

Indian Citizen: Should be living in India.

Aged between 22 to 58 Years: Should fall under this age range at the time of application and also when the loan matures.

Minimum Monthly Earning: Income of 25,000 Rs is expected, but this could change depending on the applicant’s location and steadiness of earnings.  

Salaried Employees: Only applicable to employees of government and private institutions for more than a year, with one month service in the current company.

Clean Credit Record: An applicant is required to have a CIBIL score not less than 700 showing a good history of repayment of debts. 

Residents of certain cities: These are the cities where Poonawalla Fincorp has his branches and operations, and services are available.

Poonawalla Fincorp Instant Loan Required Documents

The steps for document submission are simple and completely online:

Identification Documents: A PAN card together with an aadhar card suffices for identity and address verification.

Proof of Income: Submission of salary slips for the past three months or ITR for the previous two years.

Bank Statement: A bank statement covering the last six months is required to evaluate the applicant’s financial standing.

Proof of Employment: As applicable, offer letters and employee ID cards are accepted as proof of employment.  

These files in relation to the customer do not need to be sent physically but can be uploaded directly avoiding paperwork.  

Poonawalla Fincorp Instant Loan Amount and Repayment Tenure

Poonawalla fincorp offers easy access to loans under the following conditions:  

Loan amounts: Loan eligibility starts from ₹1 lakh and goes to ₹5 lakh. Further higher amounts can be granted depending on the applicant’s credit profile and eligibility criteria.    

Repayment Tenure: Borrowers are offered a range of flexible options between 12 to 60 months within which they can choose a period that fit best with their repayment capacity.  

Flexible EMIs and Prepayment options: Changes made to pre-closure of the loan are allowed provided certain conditions are met including the borrower utilizing funds out of what has been borrowed.  

Poonawalla Fincorp Instant Loan Interest Rates and Charges

Interest rates: Starting from around 9.99% per annum, but may vary because of credit score, income, and loan amount.

Processing fee: The average range of the processing fee is between 1% and 2% of the loan value and will be subtracted before disbursement. 

Late payment and bounce fees: During late payments, the overdue sum incurs a penalty of 2% monthly on top of ₹500 plus taxes per bounce. 

No charges obscured: All prices have been presented in full and do not undergo alterations after the first offer has been made.

Poonawalla Fincorp Instant Loan: EMI Calculator Tool

An EMI calculator for estimating payments is offered by Poonawalla Fincorp through their mobile app and website. Below is sample EMI data at a 9.99% p.a. interest rate.

As presented, repayment estimate is influenced by loan amount, interest, and duration: extended duration results in lower installments but more total interest paid.

Customer Support & Contact

Poonawalla Fincorp offers multiple customer care options to cater to their diverse clientele. Some of these include:  

Toll free number: 1800-266-3201 from 9 AM to 7 PM Monday to Saturday.  

Email: customercare@poonawallafincorp.com which customers having issues or are dissatisfied can escalate to.  

Online Chat: Feature available on the website and the application for 24/7 support.  

Branch Locator: Using the online locator tool to find the nearest branch is also possible.  

Grievance Redressal: Users can submit a complaint via customer portal or email and receive replies within a guaranteed time frame.  

Conclusion

Clients of Poonawalla Fincorp are likely to value the faster loan processing due to the unique selling point of providing instant loans within 5 minutes. These loans have flexible repayment options and are suited for urgent funding requirements such as medical expenses, educational needs, or travel. The rates are competitive starting at 9.99% for salaried employees. Added convenience comes in the form of very little documentation needed and release of funds within a short time. It is critical to always read terms related to interest rates and fees to avoid hidden charges.

FAQ Section

Q1. How fast is the loan disbursed by Poonawalla Fincorp? 

The loans are disbursed by Poonawalla Fincorp within two hours after approval, with most being disbursed on the same day.

Q2. What is the minimum CIBIL score required for instant loan approval? 

CIBIL scores below 700 tend to be frowned upon, however there is room for some leniency for lower scoring applicants subject to certain conditions.

Q3. Can I pre-close my Poonawalla instant loan? 

The loan can be pre-closed without charge if the borrower pays off the loan after 6 EMIs.

Q4. Is there an app for applying for personal loans? 

Poonawalla Fincorp does have an android and ios app from which instant loans can be accessed.

Q5. Can self-employed individuals apply for this instant loan? 

Currently, this instant loan is only available to salaried employees. Self employed individuals may find options available to them.

Q6. Up to how much can I borrow from Poonawalla Fincorp Instant Loan? 

Enhanced amounts may be achievable depending on eligibility but to start off with, the limit is set to ₹5 lakh.

Q7. What is the turnaround time for approval and processing of a loan application?

Meeting the requirements usually leads to an application being approved within minutes and funds being disbursed in hours. 

Q8. Can I apply for a loan with a bad credit score?

Yes, but it has an impact on approval and interest. It is best if your score is 700 or higher, and a lower score decreases the chances of approval but increases the chances of a higher interest rate.

Q9. What are the charges for closing the loan accounts before the due date?

No charges after six repayments for prepayment and 4% for repayment from other sources.

Q10. How can I track my loan application progress?

Use Poonawalla Fincorp app and website. You can contact customer care on 1800-266-3201.