Prefr is a digital lender offering loans of up to ₹3 lakh with 24×7 access to your funds. The whole process happens online with minimal paperwork, and it is built for both salaried professionals and self-employed people, including small business owners, which many instant lenders do not serve.
The 24×7 access to funds makes Prefr useful when money is needed outside banking hours, for example for a medical emergency or an urgent repair. Approval depends on Prefr’s own verification, and because it asks for a 725+ credit score, it is aimed at borrowers who already have a solid repayment record.
Key features
- Loan amount: up to ₹3,00,000, with quick approval.
- Access: funds available 24×7, so you can manage money any time.
- Process: fully digital, fast and paperless.
- Income proof: upload statements and pay slips, or share 3 months of banking data through an Account Aggregator.
- Who it serves: salaried, self-employed and self-employed business borrowers.
Eligibility
| Age | 22 to 55 years |
|---|---|
| Employment | Salaried, self-employed or self-employed business |
| Minimum income | ₹25,000 a month |
| Credit score | 725 or above |
| First-time borrowers | Not accepted |
| Not eligible | Homemakers, retired, students |
Tip: with a 725+ score requirement, it is worth checking your credit report before applying. Clear any overdue amounts first, as a rejection can briefly dent your score.
Documents you will need
- Identity: PAN card
- Income: bank statements and pay slips for the last 3 months, or 3 months of banking via Account Aggregator
How much will the EMI be?
Prefr does not publish its rates in this offer, so here are EMIs at an illustrative 18% a year, with example tenures. Your actual rate and tenure may differ.
| Loan amount | Tenure (example) | Monthly EMI | Total interest |
|---|---|---|---|
| ₹1,00,000 | 12 months | ₹9,168 | ₹10,016 |
| ₹2,00,000 | 24 months | ₹9,985 | ₹39,636 |
| ₹2,00,000 | 36 months | ₹7,230 | ₹60,297 |
| ₹3,00,000 | 36 months | ₹10,846 | ₹90,446 |
A longer tenure lowers the EMI but adds noticeably to the total interest. Keep your total EMIs under about 40–50% of your take-home pay.
Before you borrow
- Compare the annual rate: look at the yearly interest rate and the total amount repayable, not just the monthly EMI.
- Check every fee: processing fees, late-payment charges and foreclosure terms should all be shown before you accept.
- Borrow only what you need: a smaller loan over a shorter tenure costs far less in interest.
- Pay on time: missed EMIs add penalties and hurt your credit score, which makes future loans more expensive.
How to apply
- Tap Apply now on this page to open the official Prefr loan application.
- Register with the mobile number linked to your Aadhaar and fill in your details.
- Share income proof by upload or Account Aggregator, and complete video KYC from near your Aadhaar or current address.
- Review your offer, including rate, fees and EMI, accept it and receive the funds.
Who it suits
A good fit for salaried or self-employed borrowers aged 22 to 55 with a solid credit score who need up to ₹3 lakh quickly and want flexible, round-the-clock access to funds.
Look elsewhere if your score is below 725, you have no credit history, or you need more than ₹3 lakh. A bank personal loan may offer larger amounts and published rates. If you are new to credit, an FD-backed credit card is a better way to build a score first.
