Prefr Loan Repayment

Prefr Loan payment methods are primarily online.  

• Auto-debit from bank account:

  You can opt for automatic EMI deduction from your bank account occurring on a fixed date every month. The EMI gets deducted every month on the due date without any manual effort.
  

• UPI payments:

  First, login into the Prefr portal (https://consumer.prefr.com/prefr/sdLogin/mobileLogin) or mobile app. Then, choose the option to ‘Repay Loan EMI’. You can pay your EMI instantly using UPI. This option is useful for quick payments, especially if you miss the auto-debit.
  

• Net banking:

  First, visit the official Prefr website. Then, click on ‘Loan Repayment’ and then ‘Net Banking’. EMIs can be paid through net banking by selecting your bank and completing the payment securely via the official platform.
  

• Debit card payments:

  EMI payments can also be processed using a debit card, making it simple for users who prefer card-based transactions.

Calculate Prefr Personal Loan EMI using the following formula:

EMI = [P × R × (1+R)^N] / [(1+R)^N - 1]

where,

• P = Principal loan amount

• R = Monthly interest rate (annual rate ÷ 12)

• N = Loan tenure in months

For example, 

If you borrow ₹5 Lakhs for 2 years at 18% p.a, then

• P = ₹5 Lakhs

• R = 1.5% (annual rate ÷ 12)

• N = 24

Then, EMI will be ₹24,962 each month.

Another simple and quick way to calculate your Prefr Loan EMI is by using the Prefr Loan EMI calculator. Select your loan amount (up to ₹5 Lakhs), pay back tenure, and interest rate. These selections easily calculate and display your monthly EMI in seconds.

Before starting repayment, it is important to be aware of possible charges:

• Late payment charges: Applied when an EMI is not paid by the scheduled date. This is typically, 36% per annum (or 3% per month) on the overdue amount, if any. 

• Payment bounce charges: Charged if auto-debit fails due to insufficient balance. This is typically ₹500 per instance.
  

• Prepayment or foreclosure charges: A prepayment of foreclosure charge of 4% of principal outstanding + GST may apply if you close your loan before completing the tenure.
  

• Taxes: Applicable taxes may be added to certain charges as per regulations.

Reference of all T&C necessarily refers to the terms of the Partners as regards to pre-approved offers and loan processing time amongst other conditions.