Synopsis: Olyv, mPokket and Prefr are fintech apps focused on digital lending in India. This article will compare these three personal loan providers’ interest and processing rates and find out which is the best to get personal loans from.
There are many upcoming personal loan providers in the market, and these apps provide loans at different rates and for different tenures. In this article, we are going to compare the details of these three companies and show which company charges the least. But first, here are the key details of the personal loans offered by these companies.
Olyv
Olyv, formerly known as Smartcoin Financial Pvt Ltd., is a digital platform that acts as a middleman between borrowers and personal loan providers, such as NBFCs and banks. It was founded by Rohit Garg, Jayant Upadhyay, Vinay Singh, and Amit Chandel in Bengaluru in 2017. It also has an app and a website to apply for personal loans. Here are the main details about the personal loans they provide:
| Loan Amount | Up to ₹5,00,000 |
| Interest Rate | Starts at 1.5% per month (18% p.a) |
| Tenure | 2 to 24 months |
| Processing Fees | 3% of the loan amount + 18% GST |
| Foreclosure charges | 2% to 5% of the outstanding |
| Minimum monthly income required | ₹15,000 |
To download the app, click on this link
Prefr
Prefer is a fintech platform that operates as a technology company that connects borrowers with lending partners (NBFCs like Hero Fincorp, ABCL, etc.) to provide personal loans. It was founded in 2008 by Abhishek Agarwal and Rajiv Raj in Hyderabad. It has an app and a website that can be used to avail its services.
| Loan amount | Up to ₹3,00,000 |
| Interest Rate | Ranges from 17% to 30% p. a |
| Tenure | Up to 36 months |
| Processing fees | 3% to 5% of the sanctioned loan amount +18% GST |
| Foreclosure charges | 5% of principal outstanding |
| Minimum monthly income required | ₹18,000 |
Note: Prefr also charges a bounce charge of ₹350. (Bounce charge is a penalty charged by a lender when the loanee’s EMI fails to get deducted from the bank account due to a lack of funds.)
To download the app, click on this link
Also read: Muthoot vs Manappuram vs SBI: Which Offers the Best Gold Loan in 2026?
mPokket
mPokket is a digital lending platform that was established in Kolkata by Gaurav Jalan and Samrjit Choudhury in 2016. They provide the loans themselves rather than acting as an aggregator between lenders and borrowers. They have an app and a website that can be used to avail personal loans. These are the rates charged for different amounts by mPokket as per their website:
| Principal | Tenure (months) | Interest Rate |
| ₹1,000 – ₹5,000 | 6 | 27% – 36% |
| ₹5,001 – ₹45,000 | 12 | 24% – 30% |
| ₹45,001 – ₹1,00,000 | 6 – 24 | 22% – 30% |
| ₹1,00,001 – ₹2,00,000 | 18 – 24 | 22% – 24% |
| Business Loans | ||
| ₹50,000 – 2,00,000 | 6 – 24 | 19% – 29% |
| Processing fees | 50 to 200 + 18% GST | |
| Foreclosure charges | 5% of principal outstanding | |
| Minimum monthly income required | ₹9,000 |
To download the app, click on this link
Assuming someone takes a loan of ₹10,000 from all these apps, the amount that will be charged for one year is:
| Olyv (Amount in ₹) | mPokket (Amount in ₹) | Prefr (Amount in ₹) | |
| Loan Taken | 10,000 | 10,000 | 10,000 |
| Interest charged | 1800 (18%) | 2,700 (27%) | 2,350 (23.5%) |
| Processing Fees | 472 (4% of 10000 +18% GST) | 147.5 (125+18% GST) | 472 (4% of 10000 + 18% GST) |
| Total | 12,272 | 12,847.5 | 12,822 |
Conclusion
Based on the information given by these websites and by looking at the calculation, Olyv will provide you the best rate possible. While looking at the amount that the apps are offering for personal loans as well, Olyv is the better app as they are providing up to ₹5,00,000, which is more than the other two apps. An important thing to keep in mind is that the amount charged may vary based on the interest rate that the apps might charge based on your creditworthiness.
Written by Sagar V M
