FAQs (Frequently Asked Questions)
A personal loan is a standard loan that you can avail of from Buddy Loan aggregator. There is no need to pledge any collateral to avail of it. All you must do is apply online, and you will be able to use the loan amount however you like.
Getting approval for the application process for a personal loan via Buddy Loan is easy. You need to keep all your documents ready as the documents vary from one lender to another. However, the approval of most applications mostly depends on your credit history.
Buddy loan aggregator has the most straightforward application process to apply for. However, the minimum salary required is ₹15,000 for non-metro cities and ₹20,000 for metro cities.
Here are the requirements you need to meet:
- You must be a citizen of India.
- Your age must be between 23 and 57 years.
- You must be employed with an MNC, public agency, a private firm, or self-employed individuals.
- You must meet the salary requirements as specified based on your city of residence.
You can use the handy personal loan EMI Calculator to determine your monthly installments.
The banks review an application for a loan by considering the following factors:
- Monthly Income
- Credit Score
- Credit History
You can use the handy Personal Loan EMI Calculator to determine your monthly installments.
No, Buddy Loan does not have any prepayment charges for the disbursement of a loan.
Applicants can borrow the loan amount up to 15 lakhs from Buddy Loan without having to pledge any assets. They can repay the loan over a flexible six- to 60-month period.
Buddy Loan aggregator offers a range of attractive benefits, including:
- Instant approval
- Minimal documentation
- Flexible tenure
- No hidden charges
Complete the application from Buddy Loan App.
To get a personal loan from Buddy Loan, you can contact us at our official website or apply at the Buddy loan app for easy approval and fast disbursal.
There is no such thing as a perfect personal loan, and it is imperative that every borrower chooses a lender that meets their needs. This can be done by comparing the lenders offline or by applying through a platform such as Buddy Loan, which helps you find the lender that meets your needs.
To get one of the best rates of interest on instant personal loans, one must have a good credit profile. An individual must have good credit, a consistent source of income, and be salaried or self-employed to qualify for the best rate of interest.
A personal loan may have an interest rate ranging from 10.75% to 35%, depending on the lender.
Early repayment of a personal loan is possible, which is called prepaying the loan. However, lenders will charge a different amount as a penalty for this.
The best personal loan differs from borrower to borrower's credit profile. A credit profile includes the credit score, monthly income, employer, employment type, etc. All the above factors are considered to find the best loan.
Personal loans are loans that you can use for many different purposes and fulfill your emergency funds needs. In addition to being processed more quickly, these loans require minimal documents. The application process is simple, and your money should arrive within two to five business days.
A credit score of 750 or higher is considered healthy and can significantly boost the chance of being approved for a personal loan. However, every lender has a different eligibility criterion and all rights are reserved upon them for the approval of a loan.
When the economy is in a slump, it can be a good solution. Getting a loan is an ideal way to meet an immediate financial need in various situations, from wedding expenses to home renovations to medical emergencies, since they are easy to get, fast to disburse, and do not require collateral.
Your personal loans heavily influence your credit score. If you miss an EMI, your credit score can be adversely affected. Personal loans are unsecured loans, and thus, they can be a reason for affecting your credit score.
There are many ways by which you can repay your personal loan. These include:
- Electronic Fund Transfer (EFT)
- By cheque
- By visiting and paying at a branch of the lender
- Standing instruction to automatically deduct from your account