If you are unable to obtain financing on your own, a guarantor loan may be of assistance.
Buddy Loans may allow you to borrow between 1,000 and 15 lakh over a one to five-year period. Just you need a qualified guarantor willing to co-sign the loan.
Buddy Loan Quick Recap
|LOAN AMOUNT||Rs.1000- Rs. 15 lakh|
|LOAN TENURE||6 months -5 years|
|INTEREST RATE||11.99% p.a.|
|PROCESSING FEES||2% + GST|
|ELIGIBILITY FOR||Student/ Housewife/ Self Employed|
Also Read: Money View personal loan
Benefits of Buddy Loan
- The buddy personal loan has the highest loan approval rate at 80%.
- Buddy loans are quick and easy to be approved. Within 48 hours of submitting an application, your loan request is accepted.
- You may get a loan ranging from Rs. 1,000 to Rs. 15 Lakhs, depending on the amount of money you want to borrow.
- There is a wide range of payback terms available, from 6 months to 5 years.
- Buddy loan interest rates start at 11.99% p.a., which is a very competitive interest rate.
- You must pay a line set up charge of Rs. 499 + GST = Rs. 588 before you may use the credit line for the first time.
Buddy Loan Charges
|Interest rate||11.99%-30% per annum|
|Processing Charges||2% + GST|
|Late Fee||0.2% of the due amount|
Also Read: Top 7 loan apps in India
Buddy Loan Eligibility
The following are the specific qualifying requirements for a personal loan from a buddy:
- Both salaried employees and self-employed individuals are eligible to apply for the loan.
- An Indian citizen is required to apply.
- The candidate must be between the ages of 18 and 60 to be considered.
- For pay considerations, salaried candidates must have worked for their current employer for at least two years.
- In order to qualify as a self-employed candidate, you need to have worked in your present field for at least two to three years.
- The applicant’s net monthly income must be at least Rs 15,000 to be eligible.
- The candidate should have a credit score of at least 750.
Documents Required for Buddy Loan
- Aadhaar Card/ Voter Card/ Passport
- Pan Card
- Recent 6 months Bank Statement
- Recent 3-month salary slips for salaried person
- 2 yrs income tax files for Self Employed
Also Read: PSB loans in 59 Minutes
How to Apply for Buddy Loan
To use the Buddy Loan app to apply for a personal loan, just follow the procedures outlined below:
- Use the Google Play Store to get the Budd Loan app.
- You may get a loan from a friend when you download the app. Please enter your username and password.
- Fill out the application form with all of your information.
- Decide how much money you want to borrow and how long you want it for.
- Enter the phone number you have on file.
- You’ll have the option of submitting an application for a loan.
- Fill out the basic loan application form.
- You’ll be able to pick and choose from a variety of deals going forward. Depending on your qualifications, you’ll be presented with a variety of lending choices.
- Complete the application procedure by providing the requested information.
- You will be contacted by a representative of Buddy Loan before your application is shared with the lender.
- Wait for the money to be sent immediately into your bank account when it has been approved.
- The app also allows you to see the current status of your Buddy loan application.