In this post, we are going to talk about Prefr, an embedded lending service provided by CreditVidya.
With a focus on transparency and clarity, Prefr claims that borrowers have access to funds without encountering any hidden charges or surprises.
What is Prefr Loan App?
Prefr is an embedded lending service by CreditVidya, offering instant personal loans up to Rs. 5 Lakhs.
The app’s support team is available around the clock to assist users with any questions or concerns they may have.
It simplifies the loan application process for both salaried and self-employed individuals, offering flexibility with loan amounts from Rs. 50,000 to Rs. 5 Lakhs and tenure options from 12 to 48 months. With minimal processing fees, Prefr ensures transparency.
The website enjoys significant traffic, with approximately 167K visits in April 2024, according to SimilarWeb.
Prefr’s focus on user-friendly digital lending solutions and commitment to clarity makes it a reliable choice for those seeking quick and convenient loans.
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How Does It Work?
- Check Eligibility: Ensure that you meet the eligibility criteria.
- Visit Prefr Website: Access the Prefr website or download the app.
- Provide Details: Fill out the loan application form with accurate details.
- Upload Documents: Upload necessary documents like PAN card, Aadhaar card, income proof, and bank statements.
- Submit Application: Submit your loan application online.
- Receive Approval: Receive instant approval from Prefr.
- Disbursal of Funds: The loan amount is disbursed directly to your bank account within a few hours.
- Repay Loan: Repay the loan in easy monthly installments (EMIs) as per the repayment schedule provided.
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Purpose and Features
| Loan Amount | Rs. 50,000 to Rs. 5 Lakhs |
| Eligible Borrowers | Salaried and self-employed individuals |
| Age | 22 years to 55 years |
| Income | Salaried – Rs. 18,000, Self-employed – Rs. 20,000 |
| Purpose | 5% of the Principal Outstanding |
| Tenure | 12 to 48 months |
| Interest Rates | 15% to 36% per annum |
| Processing Fee | 3% to 5% of the loan amount |
| Disbursal TAT | Within 2 hours after document verification |
| Foreclosure Charges | Monthly EMI – deducted via automated mandate on the 5th of every month |
| Installment Cycle | Monthly EMI – deducted via automated mandate on 5th of every month |
Let us now explore the background and additional facets of Prefr Loan App’s business operations.
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Website Profile
| Website | Prefr.com |
| Name | Prefr Loan App |
| Product/Services | Loan |
| Domain registration date | 21 February 2008 |
| Address | 2nd Floor, Block 2, My Home Hub, Hitech City, Hyderabad, Telangana – 500081. |
| Contact | 040-48521334 [email protected] |
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Prefr Loan App Review
Here are some green flags of Prefr Loan App:
- Prefr is a registered NBFC.
- It is operated under Infocredit Services Pvt Ltd.
- The app is legitimate and available on the Play Store.
- The website boasts a good design.
- There are no negative reviews found for Prefr.
- The platform enjoys high traffic.
Prefr appears to be a legitimate lending platform offering a convenient and transparent lending experience for individuals in need of instant personal loans.
With competitive interest rates, flexible repayment options, and a user-friendly interface, Prefr is a reliable choice for those seeking financial assistance.
However, Caution is advised for online transactions involving money due to potential security risks and fraudulent activities.
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