Buddy Loan- Instant Loan Up To 15 Lakh

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 AMOUNTRs.1000- Rs. 15 lakh
LOAN TENURE6 months -5 years
INTEREST RATE11.99% p.a.
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:

  1. Both salaried employees and self-employed individuals are eligible to apply for the loan.
  2. An Indian citizen is required to apply.
  3. The candidate must be between the ages of 18 and 60 to be considered.
  4. For pay considerations, salaried candidates must have worked for their current employer for at least two years.
  5. 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.
  6. The applicant’s net monthly income must be at least Rs 15,000 to be eligible.
  7. 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:

  1. Use the Google Play Store to get the Budd Loan app.
  2. You may get a loan from a friend when you download the app. Please enter your username and password.
  3. Fill out the application form with all of your information.
  4. Decide how much money you want to borrow and how long you want it for.
  5. Enter the phone number you have on file.
  6. You’ll have the option of submitting an application for a loan.
  7. Fill out the basic loan application form.
  8. 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.
  9. Complete the application procedure by providing the requested information.
  10. You will be contacted by a representative of Buddy Loan before your application is shared with the lender.
  11. Wait for the money to be sent immediately into your bank account when it has been approved.
  12. The app also allows you to see the current status of your Buddy loan application.