Prefr
Prefr Personal Loan
A platform that arranges loans of ₹51,000 to ₹5 lakh from partner lenders at 18–30% p.a., open from ₹15,000 a month; it publishes no fee schedule or foreclosure terms and offers an EMI protection add-on.
- 18% to 30% a year
- ₹51,000 to ₹5 lakh
Rates and charges
- Interest rate
- 18% to 30% a year
- Processing fee
- 3% of the loan + 18% GST, deducted at disbursal, in Prefr's example loan; no fee schedule is published
- Foreclosure
- Not published
- Part-prepayment
- Not published
What ₹1,00,000 for 12 months would cost
| At | EMI | Interest | Fee + GST | Total cost |
|---|---|---|---|---|
| Lowest rate (18%) | ₹9,168 | ₹10,016 | ₹0 | ₹10,016 |
| Highest rate (30%) | ₹9,749 | ₹16,985 | ₹0 | ₹16,985 |
Uses the published rates with no processing fee plus 18% GST. Try your own numbers in the EMI calculator.
Loan terms and eligibility
- Loan amount
- ₹51,000 to ₹5 lakh
- Tenure
- 1 year to 4 years
- Who can apply
- Salaried and Self-employed
- Minimum income
- ₹15,000 a month
- Age
- 21–58 years
- Disbursal (lender's claim)
- Usually within 30 minutes; can take up to 24 hours depending on the lending partner.
- Who lends
- Named in the Key Fact Statement before you sign
- RBI digital lending apps directory
- Listed (as reported by the lender)
Apply with Prefr
Apply nowVia our referral partner. We may earn a commission.CreditParakh is not a bank or lender and doesn't guarantee approval. Approval is at the bank's or lender's discretion. The lender decides your rate, amount and approval.
Work out your EMI with Prefr's rates
Prefilled with Prefr's lowest published rate. Change any number to match your offer.
Your loan
- Monthly EMI
- ₹9,168
- Total interest
- ₹10,016
- Processing fee + 18% GST
- ₹2,360
- Total cost of the loan
- ₹12,376
- Effective annual cost
- 22.63%
- Money in hand
- ₹97,640
- You pay back in 1 yr
- ₹1,12,376
Total cost = interest + processing fee + GST. Effective annual cost is the yearly rate you really pay on the money in hand, the way lenders work out the APR in a Key Fact Statement.
Same loan, different tenures
| Tenure | EMI | Total interest | Total cost (incl. fee + GST) | Effective annual cost |
|---|---|---|---|---|
| 12 months (yours) | ₹9,168 | ₹10,016 | ₹12,376 | 22.63% |
| 24 months | ₹4,992 | ₹19,818 | ₹22,178 | 20.48% |
| 36 months | ₹3,615 | ₹30,149 | ₹32,509 | 19.73% |
| 48 months | ₹2,937 | ₹41,000 | ₹43,360 | 19.35% |
| 60 months | ₹2,539 | ₹52,361 | ₹54,721 | 19.12% |
A longer tenure lowers the EMI but raises the total interest. A fixed fee costs more per year on a short loan.
Not sure this lender is right for you? See offers matched to your profile
Check your loan offersVia our referral partner. It uses your PAN, credit score and income to suggest lenders likely to approve you. Approval isn't guaranteed. We may earn a commission. CreditParakh is not a bank or lender and doesn't guarantee approval. Approval is at the bank's or lender's discretion.
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Questions people ask
What interest rate does Prefr Personal Loan charge?
Prefr publishes 18% to 30% a year. The rate you're offered depends on your credit score, income and the lender's own checks, and is usually above the starting rate.
What is Prefr's processing fee?
3% of the loan + 18% GST, deducted at disbursal, in Prefr's example loan; no fee schedule is published. GST at 18% is added to the fee.
Who actually gives the loan?
Prefr is a lending app; it doesn't list its partner lenders on its website. RBI rules require the Key Fact Statement to name the bank or NBFC that gives the loan, so check it before you sign.
Is Prefr registered with RBI?
The Prefr app is listed in RBI's directory of digital lending apps, as reported by Poonawalla Fincorp Limited and SMFG India Credit Company Limited. The directory shows what lenders report; RBI doesn't vouch for the app. The app itself isn't a lender; the bank or NBFC behind it is regulated by RBI.
Who can apply for a Prefr personal loan?
Salaried and self-employed applicants. Minimum income ₹15,000 a month. Age: 21–58 years. Approval is at the lender's discretion.
How much does a ₹1,00,000 loan from Prefr cost?
Over 12 months at the lowest published rate, about ₹10,016 in interest and fees; at the highest published rate, about ₹16,985. Your EMI depends on the rate you're offered.
Related guides
- True Cost of a Personal Loan: Fees and APRWhat a personal loan really costs: flat vs reducing rate, processing fee and GST, APR in the Key Fact Statement, foreclosure and penal charges.
- CIBIL Score: Check Free, Improve in 90 DaysCheck your CIBIL score free with one full report a year from each bureau, dispute errors yourself, and build a better score with a 90-day checklist.
- True cost of a ₹1 lakh loan at every lenderInterest, processing fee and GST, side by side
Last verified 18 Oct 2026 on Prefr's official page. Rates and fees change; check the lender's terms before you apply.