The Poonawalla Fincorp Personal Loan is a fully digital loan of up to ₹15 lakh, with interest from 11.50% a year and a tenure of up to 84 months. Its standout feature is zero foreclosure charges: if your finances improve, you can close the loan early without paying a penalty. Both salaried and self-employed borrowers can apply.
Key features
| Loan amount | Up to ₹15,00,000 |
|---|---|
| Interest rate | From 11.50% a year |
| Tenure | Up to 84 months |
| Foreclosure charges | Zero |
| Process | 100% digital with instant approval in minutes |
| Paperwork | Minimal: PAN and address proof |
Why zero foreclosure matters
Many lenders charge a fee if you repay a personal loan before the end of its tenure. With Poonawalla Fincorp, you can take a longer tenure for a comfortable EMI and still close it early when you get a bonus or salary hike, saving the remaining interest. That flexibility is worth a lot over a 5–7 year loan.
What can you use it for?
As an unsecured personal loan, the money can go towards most personal needs: a wedding, a medical bill, home repairs, a course fee, travel, or paying off costlier credit card debt. You don’t need to pledge any asset or explain every rupee of spending, though the lender will assess your ability to repay.
How much will the EMI be?
Here is what EMIs look like at an illustrative 11.50% a year. Your actual rate depends on your profile and may be higher.
| Loan amount | Tenure | Monthly EMI | Total interest |
|---|---|---|---|
| ₹2,00,000 | 2 years | ₹9,368 | ₹24,834 |
| ₹5,00,000 | 3 years | ₹16,488 | ₹93,568 |
| ₹5,00,000 | 5 years | ₹10,996 | ₹1,59,778 |
| ₹10,00,000 | 7 years | ₹17,386 | ₹4,60,463 |
Longer tenures cut the EMI but raise total interest. Since early closure is free, a sensible approach is to choose a comfortable EMI and prepay whenever you can.
Eligibility
| Age | 24 to 55 years |
|---|---|
| Employment | Salaried or self-employed |
| Minimum income | ₹3,00,000 a year |
| Credit score | 720+ with at least 1 year of credit history |
Tip: lenders reward a strong credit record. Check your score before applying and avoid making several loan applications at once, which can pull it down.
Documents you will need
- Identity: PAN card
- Address: Aadhaar, passport, driving licence or voter ID
Before you accept the offer
- Your actual rate: 11.50% is a starting rate; compare what you are offered with other lenders.
- Processing fee and charges: read the key fact statement so you know the total cost, not just the EMI.
- Tenure: pick the shortest tenure whose EMI fits within about 40–50% of your take-home pay, including other EMIs.
- Prepayment plan: since foreclosure is free, decide how you will use bonuses or windfalls to close the loan early.
How to apply
- Tap Apply on Poonawalla Fincorp site on this page to open the official application.
- Enter your details with your Aadhaar-linked mobile number and check your eligible amount.
- Complete KYC and verification from your current address in the same session.
- Review the rate, EMI and terms, accept, and receive the money in your bank account.
Who it suits
A good fit for salaried or self-employed borrowers aged 24–55 with a good credit record who want up to ₹15 lakh and the freedom to repay early. Look elsewhere if you need a larger amount, are under 24, or have less than a year of credit history.
