How to take personal loan from Buddy Loan | How to apply for loan from Buddy loan.
A personal loan, offered by financial institutions, is an unsecured form of borrowing. It allows individuals to access a fixed sum for diverse needs like debt consolidation or unexpected expenses. Interest rates and terms fluctuate based on the borrower's creditworthiness and the lender's criteria, providing flexibility and financial assistance.
An instant loan provides quick access to funds, often with minimal documentation and fast approval processes. These loans are typically short-term and can be obtained online or through mobile applications. Borrowers should carefully review terms, interest rates, and repayment conditions before applying.
About Buddy loan App
Buddy Loan is a mobile application that facilitates the process of obtaining personal loans. It offers users a platform to apply for loans quickly and conveniently using their smartphones. The app streamlines the application process, enabling users to upload necessary documents and track their loan status easily. Buddy Loan aims to provide borrowers with hassle-free access to financial assistance while adhering to transparent lending practices.
- Interest rate : 11.99% p.a. onwards
- Loan amount : Rs.10,000 - Rs.15 Lakh
- Rapayment Tenture : 12 - 60 months
- Play Store Rating : 4.4/5
Requirements
- Good Credit Score: It requires a good credit score of 650 or higher.
Click here to check your credit score for free - Proof of Income: Employment or a stable income source to ensure repayment capability.
- Personal Identification: Valid ID, Adhaar Card, a driver's license or passport.
- PAN card
- 6 month bank statements or last 2 ITR (Income tax return)
- Residential Proof: Verification of current address through utility bills or lease agreements.
- Collateral (for secured loans): Assets such as a home or vehicle may be required for secured loans.(Only required when loan amount is high)
Steps to apply of loan
When you have all the above documents you can apply for personal loan by following the steps below:
- Downloan Buddy Loan app or goto their website.
Click here to goto Buddy Loan website
Click here to download Buddy Loan App - Login Using Gmail, Mobile number or Facebook.
- Go to personal loan section.
- Fill your details.
- After that you will see all the available loan options for you.
- Choose the loan option and loan amount
- Submit your documents
- Your application will be approved in a matter of hours and the loan amount will be dispatched within 48 hours.
Benefits of Loan App
Loan apps offer several benefits, including:
- Convenience: Users can apply for loans anytime, anywhere, using their smartphones or computers, eliminating the need to visit physical bank branches.
- Quick Approval: Many loan apps offer fast approval processes, with some providing instant decisions, enabling borrowers to access funds promptly.
- Minimal Documentation: Loan apps often require minimal documentation compared to traditional banks, streamlining the application process and reducing paperwork.
- Accessibility: Loan apps may cater to a wider range of borrowers, including those with limited credit history or lower credit scores, providing access to financial assistance that might be otherwise unavailable.
- Competitive Rates: Some loan apps offer competitive interest rates and terms, allowing borrowers to find the best possible options for their financial needs.
- Transparency: Many loan apps provide transparent information about interest rates, fees, and repayment terms, empowering borrowers to make informed decisions.
- Flexibility: Loan apps may offer flexible repayment options, including various loan amounts and repayment periods, to suit individual financial situations and preferences.
- Security: Reputable loan apps employ robust security measures to protect users' personal and financial information, ensuring a safe borrowing experience.
While loan apps offer numerous benefits, borrowers should exercise caution, carefully review terms and conditions, and borrow responsibly to avoid overextending themselves financially.