Need a personal loan immediately? Apply now for a Privo personal loan and get up to 5 lakh at the lowest interest rate. Privo, powered by Credit Saison India, is an RBI-compliant credit lender.
Let’s get to know more about the Privo personal loan, including its features, interest rate, charges, and eligibility criteria.
Privo Personal Loan Overview
Privo Personal Loan
5/5
Features and Benefits of Privo Personal Loan
Low Interest Rates: Most personal loan apps charge an interest rate, that starts from 15 or 16% per annum. But, Privo charges the lowest interest rates ranging from 9.99 to 36% per annum.
Easy Repayment Tenure: Most credit lending platforms provide a loan tenure of up to 36 months. But, Privo offers a flexible repayment tenure ranging from 12 to 60 months so that you can repay your loan easily.
No Collateral Required: Privo is an unsecured personal loan, which means you don’t need to give any security to Privo against your loan. If you’re eligible, you can get a loan without any collateral.
Complete Online Process: The complete loan application process is online, which means you’re not required to visit any branch location. Even you’ll not be required for any physical documentation.
Instant Loan Disbursal: Once your loan gets approved and the application process is done, the credit lenders of Privo will instantly disburse the loan amount to your bank account.
RBI-Regulated NBFC: Privo is powered by Credit Saison India, a nationally recognized NBFC regulated by RBI. That means transactions are done securely between the borrower and the NBFC.
Privo Personal Loan Interest Rate
If you need a personal loan at the lowest interest rate, then Privo is the best choice for you. It charges the lowest interest rate starting from 9.99% per annum and can go higher up to 36% per annum.
How does Privo determine the credit limit? Well, your credit score plays a great role. Your credit score determines your trustworthiness as a borrower. If you have a good credit score, you can get loans at an affordable interest.
But, if your credit score is low or you did delays in repaying loans in the past, then there’s a high chance that your application will be rejected. Luckily, if you get approved, you’ll have to pay a high-interest rate.
Now let’s calculate your monthly EMI with interest. Let’s say you got approved for a loan amount of ₹1 lakh at a 9.99% interest rate for 3 years, then your monthly EMI would be ₹3,226.
Calculate Your Loan EMI and Total Payable Interest
What Are the Charges of the Privo Personal Loan?
| Types of Charges | Applicable Amount |
| Processing Fees | 1% – 3% of the loan amount + applicable taxes |
| Foreclosure Charges | Zero |
| Prepayment Charges | Zero |
| Interest on Late Payment | 36% per annum |
| Bounce Charges | ₹450 |
| Swap Charges (Cheque/NACH) | ₹250 + applicable taxes |
Is Privo a Safe Platform to Take Personal Loans?
Yes, Privo is absolutely a safe platform to take personal loans. It complies with all the laws that a third-party loan app requires in India. The data you share with them are stored securely on their server.
Moreover, Privo is powered by Credit Saison India, a nationally recognized NBFC regulated by RBI. Privo facilitates the transaction between the borrower and the NBFC with a secure connection.
However, if you ever face any issues with their app, you can reach out to their customer support. They are available 24/7 to help you.
Who Can Apply for a Privo Personal Loan?
Eligibility Criteria
1. Customer must be a salaried person with ₹18,000+ monthly income.
2. The customer’s age should be between 21 to 57 years.
3. The customer should have a credit score of 700 or above.
Documents Required
1. Aadhaar card and PAN card with date of birth.
2. Bank account details including debit card or net banking for e-mendate.
3. Recent 3 salary slips or the employment letter.
How to Apply for a Privo Personal Loan?
Once you get to know that you’re eligible for a Privo personal loan, you can apply within 5 minutes. Here’s a step-by-step online application process.
1. Click Here or tap on the “Apply Now” button located at the bottom of this article.
2. Then you’ll be redirected to ZET to apply for this loan. Enter your name and mobile number, and verify with the OTP.
3. If the lender is available in your area, you’ll get the Privo app download link. So download it.
4. Open the app and log in through your mobile number. Permit to access SMS, location, and camera.
5. Now, enter your personal details such as your name as per PAN and Aadhaar, email ID, date of birth, PAN number, and PIN code.
6. After that, choose either salaried or self-employed as your employment status, and then click on “Continue”.
7. Now it will take up to 1-2 minutes to process your loan amount. Once done, you can see the credit limit you are approved for.
8. To get the approved credit, tap on the “Proceed to KYC” button.
9. Enter your Aadhaar number and verify it with the Aadhaar OTP. Your Aadhaar must be linked with your mobile number.
10. Now take a selfie and upload it to complete KYC verification.
11. Once KYC is verified, sign the loan agreement. Make sure you read the loan agreement carefully.
12. Click on the “Proceed to Withdraw” button and enter your bank account details.
13. To verify your bank account, the lender will deposit ₹1 in your account. Once verified, enable emendate through net banking or debit card.
14. Check all the details regarding the loan and enter your current address.
15. Finally, tap on “Withdraw” and then the amount will be transferred to your account immediately.
Privo Personal Loan Review
“Privo is a perfect option for salaried persons looking for personal loans at low-interest rates. As I have seen, most instant personal loan apps offer a repayment tenure of up to 24 to 36 months.
But Privo offers a flexible loan repayment tenure ranging from 12 to 60 months. So, you can easily repay your loan EMI without any tension. Not only this, its processing fee is also low.
But its late payment charges are very high as compared to other platforms. Overall, Privo is a good choice if you need funds urgently.” Review by Ashim
| Specifications | Ratings |
| Features and Benefits | 5/5 |
| Interest Rate | 5/5 |
| Fees and Charges | 4/5 |
| Repayment Tenure | 5/5 |
| Overall | 5/5 |