Know About Buddy Loan App Details - Interest rates, Eligibility

Financial crisis may come into your life unannounced anytime. Catering to such financial emergencies becomes extremely difficult if you don’t have savings, and asking your friends or relatives for big financial support may not be a good idea. During such circumstances, personal loans can come to your rescue. If you are looking for a personal loan to fulfil any financial requirements, opt for the Buddy Loan app.

Buddy Loan is not just an instant personal loan app from where you can apply for an online personal loan in the most seamless manner, it is your one-stop solution that helps in searching and applying for your dream job, exploring numerous deals and offers from brands of all sectors, and earning and redeeming reward points for exciting products.

Here’s everything you should know about Buddy Loan.

Features of Buddy Loan

Following are some attractive Buddy loan details and features:

• Highest loan approval rate: The approval rate for buddy personal loan is 80%.
• Instant sanction: Buddy loan is instant and hassle-free. Your loan request gets approved within 48 hours of submitting the application.
• Loan amount: You can choose the loan amount of your choice, starting from Rs. 1,000 to Rs. 15 Lakhs. 
• Flexible tenure: The repayment of the borrowed amount can be made in a tenure of 6 months to 5 years. 
• Competitive interest rate: Buddy loan interest rate starts from as low as 11.99% p.a.
• Processing fee: The processing fee for Buddy Loan is 2% of the sanctioned loan amount + GST = Rs. 2,360.
• Line setup fee: You will be required to pay a line setup fee of Rs. 499 + GST = Rs. 588before starting the credit line.

Why Apply for Buddy Loan?

Buddy loan offers the following benefits: 

• Online personal loan review: Buddy loan follows an easy online application, approval, and disbursal process. The entire process is paperless, and you can repay the loan in EMIs online.
• Security & transparency: Buddy loan platform is completely safe and secure. Your details are not shared with anyone. Also, there are no hidden charges. It’s safe, instant and reliable.
• Nil prepayment charges: The loan buddy app doesn’t levy any charges on the prepayment of the loan.
• Collateral-free loans: Buddy personal loans are offered with minimum documentation based on the borrower’s credit history, and there is no need to pledge any security.
• 24x7 customer care: Buddy Loan offers 24x7 customer care service. You can call the Buddy loan customer care number anytime to ask for anything related to Buddy Loan products.
• Credit history building: Buddy Loan helps you build a strong credit history and score if you repay the loan on time and regularly.

Buddy Loan Eligibility Criteria

Buddy loan eligibility criteria for a personal loan are mentioned below in detail:

• Salaried, as well as self-employed persons can apply for the loan.
• The applicant must be an Indian citizen.
• The applicant must be aged between 18 to 60 years.
• Salaried applicants must have at least 2 years of employment with their present organization for salary purposes.
• Self-employed applicants should have a minimum of 2 to 3 years in the current profession/ business. 
• The minimum net monthly income of the applicant must be at least Rs. 15,000.
• The credit score of the applicant should be at least 750 or above.

Documents Required for Buddy Loan

Once you meet the eligibility criteria mentioned above, you must submit the following documents:

Documents requirement for salaried applicants: 

• Application form: Completely filled and duly signed with a recent photograph.
• Identity and age proof: Driving License/ Passport/ PAN Card/ Voter ID Card.
• Residence proof: Driving License/ Passport/ Postpaid Bill/ Landline Bill/ Utility Bills (electricity, water or gas)/ Voter ID Card.
• Aadhar Card
• Income proof: Bank statements of the last 3 months (preferably of salary account), salary slips of last 3 months, Form 16/ Income Tax Returns of the last 3 months.

Documents requirement for self-employed applicants: 

• Application form: Completely filled and duly signed with a recent photograph.
• Identity and age proof: Driving License/ Passport/ PAN Card/ Voter ID Card.
• Residence proof: Driving License/ Passport/ Postpaid Bill/ Landline Bill/ Utility Bills (electricity, water or gas)/ Voter ID Card.
• PAN Card/ Aadhar Card<
• Income proof: Bank statements of the last 3 months (preferably of salary account), salary slips of last 3 months, Income Tax Returns of the last 3 months with computation of income, Balance Sheet and Profit & Loss Statements of the last 3 years (audited by a CA).

Types of Personal Loans

You can apply for any of the following buddy loan personal loans depending on your need:

• Personal Loan to Finance a Wedding
• Personal Loan to Get a Home Improvement
• Personal Loan to Finance Your Travel/Vacation
• Overdraft Personal Loan 
• Top-Up Personal Loan
• Personal Loan for Consumer Durables

How to Apply for Buddy Loan?

Follow the steps mentioned below to apply for a personal loan through the Buddy Loan app:

• Download the Budd Loan app from the Google Play Store.
• After downloading the app, opt for buddy loans log in.
• Fill in all your details in the application form.
• Enter the desired loan amount and tenure.
• Enter your phone number.
• You will get an option to apply for the loan.
• Fill in the eligibility form, which includes the following details:
  • Email ID
  • Employment type
  • Company type
  • Industry type
  • Current company’s name
  • Company address
  • Year of employment
  • Monthly in-hand salary
  • Mode of salary
  • PAN card details
  • Full name as per your PAN card
  • PIN Code of current residence
  • Mobile number
• Now will have an option to select from multiple offers. You will be shown various lenders' options based on your eligibility.
• Submit the details to complete your application process.
• A representative of Buddy Loan will contact you to confirm the details entered by you before sharing your application with the lender.
• Wait for the approval and amount disbursal directly to your bank account.
• You can also check Buddy loan application status through the app.

Other Products Offered by Buddy Loan

Apart from personal loans, you can also avail of the following products from the Buddy Loan app:

• Business Loan
• Travel Loan
• Marriage Loan
• Car Loan
• Two-Wheeler Loan
• Medical Loan
• Education Loan
• Home Loan
• Gold Loan

FAQs

Is buddy loan RBI approved?

Buddy Loan is a personal loan aggregator platform partnered with various NBFC lending partners which are RBI registered.

What are the documents required for Buddy Loan?

Documents requirement for salaried applicants: 

• Application form: Completely filled and duly signed with a recent photograph.
• Identity and age proof: Driving License/ Passport/ PAN Card/ Voter ID Card.
• Residence proof: Driving License/ Passport/ Postpaid Bill/ Landline Bill/ Utility Bills (electricity, water or gas)/ Voter ID Card.
• Aadhar Card
• Income proof: Bank statements of the last 3 months (preferably of salary account), salary slips of last 3 months, Form 16/ Income Tax Returns of the last 3 months.

Documents requirement for self-employed applicants: 

• Application form: Completely filled and duly signed with a recent photograph.
• Identity and age proof: Driving License/ Passport/ PAN Card/ Voter ID Card.
• Residence proof: Driving License/ Passport/ Postpaid Bill/ Landline Bill/ Utility Bills (electricity, water or gas)/ Voter ID Card.
• PAN Card/ Aadhar Card
• Income proof: Bank statements of the last 3 months (preferably of salary account), salary slips of last 3 months, Income Tax Returns of the last 3 months with computation of income, Balance Sheet and Profit & Loss Statements of the last 3 years (audited by a CA).

Are Buddy loans safe?

Yes. The Buddy loan platform is completely safe and secure. Your details are not shared with anyone. Also, there are no hidden charges. It’s safe, instant and reliable.

What is the interest rate of a Buddy loan?

The interest rate for Buddy loan personal loan starts from as low as 11.99% p.a.