Personal Loan

Get Instant Personal Loan Online in Minutes

Today, getting a personal loan is not difficult, especially if you have a financial emergency. This sort of loan allows you to access the money instantly and requires minimum documentation, making them convenient for you to use.

Apply For Instant Personal Loan Online

For those who are looking to get a loan for financial needs, there are several different ways you can borrow money. The most common type of loan is a personal loan. Whether you’re self-employed, a business owner or a first time borrower, personal loans can help you get the situation under control. With a personal loan, you do not have to manage your money and spend it yourself. When used responsibly, personal loans are a great way to control your financial future and improve your credit. They are also great for struggling borrowers who need help getting their credit back on track.

But what is a personal loan and how can they help you? Here’s everything you need to know.

Personal loans are sums of money that can be borrowed for various purposes. It can be used for consolidating debts, home renovation, or for planning a dream wedding. Personal loans can be obtained from a bank, credit union, or an online lender.

Typically, you must repay the borrowed money with interest over time, and there may also be fees associated with the personal loans.

Personal loans can be used for just about anything. However, sometimes some lenders want to know what you will do with the money they lend you, but as long as you've borrowed it for a responsible and legal reason, you can do what you want with it. The approval rate of personal loans has been based on the individual's credit history.

Personal loans can be used for just about anything. However, sometimes some lenders want to know what you will do with the money they lend you, but as long as you've borrowed it for a responsible and legal reason, you can do what you want with it. The approval rate of personal loans has been based on the individual's credit history.

People can have any kind of financial emergency at any time in today's world. Many people, however, don't know how to handle them. Although you may think you can deal with such situations with your savings, you never know when an emergency may arise and how expensive it may be. Hence, at the time of emergency, applying for instant personal loans can be a wise decision since they come unsecured and at a low interest rate.

An Instant personal loan online via Buddy Loan one of the easiest ways to apply for funds and to meet your financial requirements on time. It is easy to apply for a Personal loan online get it approved instantly in this digital age.

If you apply for a personal loan from Buddy Loan, you might get multiple benefits like instant funds, attractive rates, and easy EMIs. Personal loans don't need any collateral, pledges, or heavy documentation. Thus, no more lengthy applications!

There are ample benefits in store for the applicants who avail an instant personal loan via Buddy Loan.

A personal loan via Buddy Loan is free of collateral, and there is no need to pledge on the asset guarantee to get an personal loan instant approval.

  • Online Personal Loan Overview

    It has an easy application process to get an instant personal loan. Buddy Loan has a feature integrated to help ease the application process.

    The applicant can repay the loan through EMIs over the tenure from 6 months to 5 years. Buddy Loan has a paper-free process to avail for an instant personal loan.

  • Collateral Free Instant Personal Loan

    A personal loan via Buddy Loan can be availed easily as there is no need for the applicant to submit any surety for applying for an instant loan.

    Please note that if the applicant has a record of better credit score, the chances of getting personal loan at a lower interest are high. The process is easy and faster and requires minimal documentation.

  • Flexible Loan Tenures

    The applicant can borrow up to Rs. 15 Lakhs as much as you need and then repay the loan amount through the EMI options over a tenure from 6 months to 60 months.

  • High Personal Loan Approval Rates

    Buddy Loan aggregator has disbursed loans across the country. Thanks to the hassle-free process and vast pool of instant loan providers.

    Therefore, if you are looking for a personal loan to invest & grow your savings liquidity, Buddy Loan aggregator is the right place. To stand a chance for a better approval rate, get the necessary documents and ensure they are up to date.

    As a result, the minimal and hassle-free documentation can ease and make the personal loan availing journey enjoyable.

  • Disbursal Amount for Your personal Loan Interest rate

    The minimum and maximum loan amount you can opt for when applying for a personal loan online are between Rs.10000 to Rs. 15 lakhs.

  • Better Interest Rates

    Buddy Loan personal loans are disbursed starting with an interest rate of 11.99% p.a. If the applicant's credit history is good, it can be availed at lower interest rates. It means that you can avail of a loan instantly. Banks charge fixed rates or variable rates on the personal loan.

  • Swift Personal Loan Approval

    Your personal loan is sanctioned within 48 hours of submission, and the disbursement time is, however, less than the expected time.

    Applying for instant loans is never that difficult and time-consuming anymore. We connect as promised!

  • No Hidden Charges

    No prepayment charges or any hidden fees to sort. There is no pre-booking of the personal loan that is assisted through a third-party situation. Buddy loans don't hold any fast agreements that could moderate the means between you and the lender.

  • Safety Of Your Loan

    By law, the applicant's information is held confidential with Buddy Loan from any other party apart from the lender. Buddy Loan aggregator has instantly disbursed many personal loans to applicants who hold good credit history.

Personal loans can be categorized into the following:

Personal Loans To Finance A Wedding

Weddings in India are costly compared to other countries. It can even blow away all your savings. A wedding budget that involves all your savings is not a wise choice. Wedding Loan can ease this problem and give you the chance to have the marriage of your dreams. Thus, planning a wedding is now easier than ever.

Personal Loan To Get A Home Improvement.

Are you aware of what you can do if your old house is badly in need of repairs? The costs of renovating a house often deter people from doing so. Fortunately, an instant loan can help you fulfill your dreams, from remodeling your kitchen to increasing your house's durability and comfort while also increasing its market value. Hence taking a Home Improvement Loan can help you fulfill all your needs.

Personal Loan To Finance Your Travel/Vacation.

A personal loan is an excellent option if you plan a vacation and want to pay your travel expenses without breaking the bank or affecting your monthly budget. Even though credit cards can also fulfill your needs, a holiday loan can make your travel plans easier and at a lower interest rate. Due to its convenience and economic appeal, Personal Loan for Travel is a viable alternative. The main feature is that the application process is simple and you can get your loan easily approved. Many banks offer you a travel loan of up to ₹15 Lakhs and the repayment tenure of the loan goes up to 5 years.

Overdraft Personal Loan

No one can predict what will happen tomorrow, but you need to prepare for the worst, don't you think? Having a personal loan enables you to have enough money in your account if there is an emergency to avoid running out of money. Compared to a traditional loan, this one comes with a higher interest rate, and you only pay interest when you use it.

Top-Up Personal Loan

Top-up loans are offered by the same lender from whom you have already taken out a loan. In a top-up loan, you need to repay it within the current term to borrow a certain amount of money over your existing loan.

Personal Loan for Consumer Durables

It is easy to get a consumer durable loan with no EMI. A durable consumer loan can be used to purchase phones, refrigerators, furniture, washing machines, microwaves, etc. An amount of the product can be divided into EMIs and repaid over a specified period. In some cases, there will be down-payments or processing fees, while in others, there may not.

Personal Loan for Higher Education

Secured education loans are offered against collateral such as your degree certificate or a real estate property. But many lenders offer unsecured personal loans to help you finance your higher education. You can get a personal loan to pay your tuition fee, residence fee and use it for any other academic purpose. Most banks will offer you a personal loan to cover expenses related to your education and the loan amounts up to ₹15 Lakhs. The repayment tenure for a personal loan taken to use education can go up to 5 years.

Personal Loan for Business

It takes a lot of financial burden to sustain your business in a competitive market. You must be aware of the current trends and your customer needs in order to stay in demand. In such situations, you can take a personal loan to finance your business requirements such as expanding your business, increasing your production capacity or even launching a new business. You can get thebusiness loanamount of up to Rs.15 lakhs and the tenure for loan repayment starts from 12 months to 60 months.

Personal Loan For Festival

Festival celebrations often bring more expenses that you have not planned for while budgeting. So, in order to celebrate your festival without worrying about your expenses, you can take a small personal loan. Many banks will offer you a personal loan for festivals up to ₹50,000.

Personal Loan For Festival

In this digital era, computers and smartphones have become inseparable in our lives. So many banks and NBFCs started offering small personal loans to cover such specific needs of the borrowers.

Personal Loan For Medical Emergency

Medical emergencies do not come with a warning, and with the increase in cost of medical treatments and hospital bills, you may not have enough liquid cash with you during the time of an emergency. In such situations, an instant personal loan for a medical emergency can be a lifesaver. Depending on your eligibility and creditworthiness, you can quickly get a medical loan for emergencies up to ₹15 lakhs for a tenure of up to 5 years.

Personal Loan For Agriculture

Banks offer personal loans to farmers to cover expenses related to farming and agricultural activities. These loans are usually offered at comparatively lower interest rate and have a flexible repayment tenor of up to 5 years.

Personal Loan For Debt Consolidation

Debt consolidation is availing a new loan to repay your existing loans. You can take a personal loan at a low interest rate to pay off another loan that has a higher rate of interest, for example a credit card loan which usually has interest rate of 40% to 45% p.a. Many banks and NBFCs would grant you a personal loan of an amount up to ₹15 Lakhs for debt consolidation.

Personal loans are offered by nearly all banks and NBFCs, though eligibility requirements may vary. Depending on the bank and the lending company,personal loan eligibility criteria may differ. Still, specific criteria apply to all financial institutions.

For salaried and self-employed individuals, you need to satisfy the following criteria to be approved for the online loan process:

  1. You must be a citizen of India.
  2. Your age must be between 18 to 60 years.
  3. You should have a minimum of two years of employment with your present organization for salary purposes
  4. Your monthly income should be minimum of Rs.15,000
  5. If you are self-employed, you should have minimum of two to three years in the profession/business you have now
  6. You should have a credit score of at least 650

Personal Loan Eligibility Criteria of Top Banks & NBFCs

Lenders have certain eligibility criteria they expect you to fulfill before they process your application. These may vary from one lender to another. Some of the general eligibility criteria are as follows:

Bank Age Limit Minimum Work Experience Minimum Income (Per Month)
SBI Up to 76 years NA** Rs.15,000
HDFC 21 to 60 years 2 years Rs. 20,000
Axis 21 to 60 years NA** Rs.15,000
Kotak Mahindra 22 to 55 years 1 year Rs.25,000
Tata Capital 21 to 58 years 1 year Rs.15,000
IndusInd 21 to 60 years 2 to 5 years Rs.25,000
Ujjivan Small Finance 22 to 58 years NA** Above the minimum wage limit
India Infoline Finance Limited 25 to 60 years 6 months to 2 years Rs.35,000
HDBFS 21 to 65 years 1 year to 3 years Rs.15,000 for salaried Rs.1 lakh p.a. for self-employed
Indian Overseas Bank 22 to 58 years NA** Rs.5,000
IDFC First Bank 23 to 68 years 3 years NA**
Federal Bank 21 - 55 Years 3 years Rs.25,000
Punjab National Bank 22 to 58 years 2 years for doctors Rs.15,000
Andhra Bank 21 - 55 years NA** NA**
Canara Bank NA** NA** Salaried: Rs.6,000 & above Self-employed - Rs. 1.5 lakh
IDBI Bank Up to 75 years for Pensioners NA** Rs.1.5 lakh p.a.
Fullerton India 21 to 55 years 1 to 2 years Rs.15,000
RBL Bank 25 to 60 years 1 to 3 years Rs.25,000
Bank of Baroda 21 to 60 years 1 year to 2 years 60% of gross monthly income
Deutsche Bank 25 to 60 years NA** Rs.25,000
Karnataka Bank NA** 3 years NA**
United Bank of India up to 75 Years 2 years NA**
UCO Bank 21 to 65 years 1 year to 5 years Rs.20,000
Fullerton India 21-60 years NA** Rs. 20,000 per month
Money View 21-57 years NA** Rs. 13,500 per month
PaySense 21-60 years NA** Rs. 15,000 per month

The following are the most common documents required for personal loan online approval salaried and self-employed individuals:

  1. List of Documents Required for Salaried Employees
  2. Proof of photo identity (Any one)
    • Passport
    • Voter’s ID
    • PAN Card
    • Driving License
    • Aadhar Card
    Proof of Residence (Any one)
    • Passport
    • Aadhar Card
    • Utility Bill
    • Ration Card
    • Driving License
    Proof of Ownership of Residence (Any one)
    • Property documents
    • Electricity bill
    • Maintenance bill
    Proof of Income
    • Salary slips for the last three months along with Form 16
    • Bank statement for the previous six months where the salary has been credited
    Proof of Job Continuity (Any one)
    • Employment certificate from the current employer
    • Certificate of experience (relieving or appointment letter from the previous employer along with job certificate)
    • Appointment letter from the current employer (if employment period exceeds two years)
    Proof of Investment (if any) Fixed assets, shares, fixed deposit, etc
    Photograph One passport size color photograph
  3. List of Documents Required for Self-Employed Individuals
  4. Proof of photo identity (Any one)
    • Passport
    • Voter’s ID
    • PAN Card
    • Driving License
    Proof of Residence (Any one)
    • Passport
    • Aadhar Card
    • Utility Bill
    • Ration Card
    Proof of Office Address (Any one)
    • Property documents
    • Utility bill
    • Maintenance bill
    Proof of Office Ownership (Any one)
    • Property documents
    • Utility bill
    • Electricity bill
    Proof of Business Existence (Any one)
    • Tax registration copy
    • Company registration license
    • Shop establishment proof
    Proof of Income Income tax returns for the previous two years inclusive of Computation of Income, audit report, balance sheet, profit and loss account, etc.
    Bank Statement Savings and current bank statement for the past one year
    Proof of Investment (if any) Investments such as fixed assets, fixed deposits, and shares
    Photograph One passport size color photograph
  5. List of Documents Required for NRI Applicants
  6. Proof of photo identity
    • Copy of your passport
    • Copy of your visa
    Proof of Employment
    • Appointment letter
    • Job contract
    • Identity/Labour card (if applicable)
    • Official email ID or the HR’s email ID
    Proof of Income
    • Bank statements of the last 6 months
    • Salary slips or salary certificate
    Photograph Recent passport-size photographs
  7. List of Documents Required for Pensioners
  8. Proof of Identity/Age (Any one)
    • Ration card
    • PAN card
    • Voter ID card
    • Passport
    • Driving licence
    • School leaving certificate
    • Birth certificate
    Proof of Address (Any one)
    • Aadhaar card
    • Passport
    • Ration card
    • Utility bills
    • Driving licence
    Proof of Income (Any one)
    • Bank pass book
    • Bank statements of the last 6 months
    • Form 16
    • Income tax returns
    • Copy of pension payment order
    Photograph Recent passport-size photographs

The EMI is the most critical factor when you consider a personal loan. When you decide which loan to take, you should consider whether or not the EMI matches your monthly budget. You can use an EMI calculator to figure this out. The following are the results of using a loan calculator:

  • Monthly Repayments - The amount you will pay per month in EMI
  • Total interest payable - Your total interest owed
  • Payment total - The amount which is a combination of principal and interest

It's instant, seamless, and paperless to avail a loan up to Rs. 15 lakhs. What's more? Get competitive interest rates, flexible loan tenures, and manageable loan repayment options. You can apply for a quick loan online and your information remains highly confidential.

  1. Fill in your personal, financial, and employment details.
  2. Submit the required documents online, proof of identity, and proof of income.
  3. Select loan amount and tenure that you need to get instant online approval.
  4. Receive the loan amount in your bank account within 48 hours.

Buddy loan is India's fastest-growing instant loan app built with the latest technology and features. It helps you experience a stress-free journey when applying for a loan to fulfill all your financial requirements. It is one of the biggest loan aggregators to help turn your dream into reality. You can download the app from Google Play Store and use this app to get an instant personal loan online for various requirements such as medical emergencies, travel to your dream vacation, making wedding plans, or growing your business.

Being India's best personal loan app that offers instant loans from INR 10,000 to INR 15 lakhs with an interest rate starting from 11.99% per annum. It has flexible tenure for loan repayment, starting from 12 months to 5 years. And if you are looking for immediate funds, then this might be the right platform for you.

Some of the reasons why Buddy Loan is the best choice are;

  • The complete online process
  • Trustworthy loan providers
  • Low interest personal loans
  • transparency
  • Flexible repayment
  • User-friendly approach

Moreover, you can apply for an unsecured personal loan and access the loan amount as per your wish anytime, anywhere.

The Buddy loan is the perfect one-stop solution for all of your financial worries. Here,you will be able to get a loan that is hassle-free and quick, and you might also get competitive repayment and rate of interest. Additionally, we compare what different banks can offer you and help you in making your final decision.

The following are some reasons why you should apply for personal loan at Buddy Loan:

  1. Buddy Loan offers 24/7 customer service to all its customers. You can frequently ask questions from our customer service team as they are always available during business hours and will try to respond as quickly as possible.
  2. The process for approval of loans in Buddy Loan is fast and quick and it requires minimal documentation.
  3. The needs of our customers are our top priority. Our services are tailored to fit your needs. To provide you with an individualized experience, we handpick the best offers based on your profile.
  4. You can compare the different offers from various lenders to make the right choice. It is always good to find the best lender based on your eligibility requirements with our assistance.
  5. You can even choose the lender of your choice with the help of a personalised relationship lender from Buddy Loan.
  6. Buddy Loan even helps you to build up your credibility.
  7. The Buddy Loan proactive and user-friendly support team will help you cross the risk of confusion, debt risk, and defaults.
  8. Buddy Loan gives transparency to you and Zero complexity in the loan process.
  9. We offer flexible repayment options with six months to 5 years of loan tenure.
  10. We have a fast and efficient customer service team that is ready to answer all your questions about loan eligibility, procedures, offers, documentation, and repayment options.
  11. From Buddy Loan, you can get a loan amount up to 15 lakhs only on your aadhaar and PAN card

In Buddy Loan, you can apply for a loan with the minimal documentation and the loan application process is easy as they involve these simple steps:

Step-1: First, you just need to download the Buddy Loan app from the google play store, you can even visit the website to compare and learn more about the features.

Step-2: After you download the app fill all your details in the application form then the customer needs to fill the desired loan amount, tenures months and phone number. After that, you will get an option to apply for a loan.

Step-3: After that, you will get an option to apply for a loan. Then you have to fill out the eligibility form, which includes filling in the following details:

  • Email Address
  • Employment Type
  • Company type
  • Your Industry type
  • Current Company Name
  • Enter Company address
  • Year of employment
  • Monthly in-hand salary
  • Mode of Salary
  • PAN Card details
  • Full Name (As per PAN Card)
  • Current Residence Pin code
  • Mobile Number

Step-4: After that, you will get an option to select from the multiple offer(s). Based on the information you provided above, you will be given a list of potential lenders. Depending on your profile, you may receive one or more offers. You are eligible to choose the lenders from the list.

Be sure to keep these points in mind when choosing a lender:

  • Interest rate offered
  • Loan amount
  • Loan Tenure

Step-5: Now, you can complete the application process. Hence, after submitting your application, our representative will follow up with you to cross-verify the details before sending the application to the lender.

Step-6: Now you should patiently wait for the loan amount to be disbursed in your bank account.

Bank Best For Key Highlights
Citibank Personal Loan Low Interest Rate
  • Interest rates ranging from 9.99% p.a. to 16.49% p.a.
  • Loans of up to Rs.30 lakh
  • Tenure of up to 5 years
HDFC Personal Loan Self-Employed Professional
  • Interest rates (rack interest) ranging between 10.5% p.a. and 21.00% p.a.
  • Tenure of up to 5 years
  • Loans of up to Rs.40 lakh
Kotak Mahindra Personal Loan Quick Turnaround Time
  • Interest rates starting at 10.75% p.a.
  • Loans of up to Rs.25 lakh
  • Tenure of up to 5 years
Tata Capital Personal Loan Flexible Interest Rates
  • Interest rates starting at 10.99% p.a.
  • Tenure of up to 6 years
  • Loans of up to Rs.35 lakh
Standard Chartered Personal Loan Short-term Requirement
  • Interest rates starting from 11.49% p.a.
  • Tenure of up to 5 years
  • Loan amount at the discretion of the bank
IDFC First Personal Loan Top-Up Loans
  • Interest rate starting at 10.49% p.a.
  • Loans of up to Rs.40 lakh
  • Tenure of up to 5 years
Fullerton India Personal Loan Quick Approval
  • Interest rate starting at 11.99% p.a.
  • Loans of up to Rs.25 lakh
  • Tenure of up to 60 months
IIFL Personal Loan Easy Eligibility Checks
  • Interest rates starting at 11.75% p.a.
  • Loans of up to Rs.5 lakh
  • Tenure of up to 3 years
HDBFS Personal Loan Special Offers
  • Interest rates starting at 36% p.a.
  • Loans of up to Rs.20 lakh
  • Tenure of up to 5 years
SBI Personal Loan Different Income Categories
  • Interest rates starting at 9.6% p.a.
  • Loans of up to Rs.20 lakh
  • Tenure of up to 7 years
PNB Personal Loan Affordable Interest Rates
  • Interest rates starting at 8.30% p.a.
  • Loans of up to Rs.20 lakh
  • Tenure of up to 72 months

Lenders have certain eligibility criteria they expect you to fulfill before they process your application. These may vary from one lender to another. Some of the general eligibility criteria are as follows:

NBFCs Interest Rate (p.a.) Processing Fee
Muthoot Finance 14% onwards Up to 3.5%
Tata Capital 10.99% onwards Up to 2.75%
Bajaj Finserv 13% onwards Up to 4%
StashFin 11.99% onwards Up to 10%
Faircent 12% onwards Up to 8%
Kredit Bee 12.24% onwards Up to 6%
Navi Finserv 9.9% – 36% Nil
Money Tap 12.96% onwards
Dhani Loans 13.99% onwards 3% onwards
Money View 15.96% Starting from 2%
Pay Sense 16.80% Up to 2.5%
Early Salary 18% onwards 2%
Home Credit 24% onwards Up to 5%
CASHe 27% onwards Up to 3% or Rs 1,200
HDB Financial Services Up to 36% Up to 3%

After you have taken a personal loan, you have to repay the debt through EMIs until your loan tenure period. However, if you want to pay off your debt before the end of your tenure for loan repayment, it is known as prepayment or foreclosure.

Types of Prepayment:

There are two types of prepayment for personal loans namely: full prepayment and part prepayment or part payment.

1. Full Prepayment:

If you pay off the whole outstanding debts before the end of your loan repayment tenure, it is called full prepayment.

Advantages of full prepayment:

  • You can avoid paying high interest rates on your loan amount.
  • You can get rid of your whole debt.
  • You don’t have to pay prepayment interest if you have taken a loan from a lender who does not charge interest of prepayment.

Disadvantages of Full Prepayment:

  • If the lender charges a penalty on prepayment, you might have to pay a huge amount of money for pre-paying your loan.

2. Part pre-payment or Part Payment:

If you want to pay off a part of your outstanding loan amount before the end of your loan repayment tenure, it is called part prepayment of loan.

Advantages of part pre-payment:

  • When you part-pay your loan amount, it will reduce your outstanding principal amount which will ultimately reduce the EMI amount.
  • It will reduce the overall interest that you pay.

Disadvantages of part pre-payment:

  • If the lender charges you a fee for part payment of your personal loans, you have to pay a significant amount of money for the same.

  • Credit Clean-up:
  • One of the major factors to consider when you are applying for a personal loan is your credit score. And when you have a high credit score, you can easily get a personal loan. So if your credit score is low, first check your credit report and see if there are any errors. Sometimes, simple errors can have an adverse effect on your credit scores, and if you find any errors, you must immediately report them to the credit bureau.

  • Balancing your income and debts:
  • Lenders usually ask for proof of your income when you apply for personal loans in order to determine your debt-to-income ratio. And you must maintain your debt-to-income ratio to less than or equal to 50%. So bring back the balance in your ratio, try selling some of your liquid assets such as your stocks or earn more through a part-time job to increase your overall income. This way, you can balance your debt-to-income ratio and increase the chances of getting a loan.

  • Consider Co-signers/Guarantors:
  • If you find it hard to get a personal loan on your own, you can apply by adding a co-signer or guarantor. However, your guarantor must also have a good credit score. The reason is because the lender will want to make sure that your co-signer or guarantor has the ability to repay the loan. However, they will also become liable to repay the loan if you are unable to do so.

  • Limit Your Borrowing:
  • It can be a little risky to apply for a personal loan more than you require to meet your financial requirements. So make sure that you plan and budget how much you need and apply only for that loan amount.

  • Choose the Right Lender:
  • Each and every lender has their own eligibility criteria and requirements. So, when you are planning to apply for a personal loan, choose a lender for which you meet the required eligibility criteria and apply accordingly.

There are many factors that decide the approval of a personal loan application. So when you apply for a loan, you must ensure that you meet all the requirements so that you can get your loan approved quickly. These criterias mainly include the age of the applicant, his or her income, credit score, the status of employment, and so on.

You can check your personal loan using two modes: online and offline through which you can track your loan application status.

Online Mode:

  1. First, login to the official website of the bank where you have applied for a personal loan.
  2. Enter the application number or reference number which you receive after applying for the loan.
  3. On the other hand, if you have applied for a personal loan using a third-party aggregator website such as Buddy Loan, you can just login to the web portal and track the status of your application easily.

Offline Mode:

  1. If you want to check the status of your loan application form offline, you have to visit the branch office of your lender.
  2. On the other hand, you can also contact your lender through their helpline or customer care number.
  3. For both these methods, you have to provide a few basic information such as your name and application number or reference number.

How to Get a Personal Loan Statement?

If you want to track your personal loan statement, you can contact your lender either online or offline. Through online mode, you can just login to the official website using your online credentials and enter your loan account number. After tracking your account, you can request for a statement which will be either sent to your registered email ID or sent in the form of a PDF file which you can download. And for the offline mode: you can visit the branch of your lender from where you have taken the loan and place a request for a loan statement. In addition to that, you can also raise a request for your personal loan statement using phone banking as well.

Here are a few essential things you have to keep in mind when planning to apply for a personal loan:

  1. Find the need for your loan
  2. Do a thorough research to get the best interest rate
  3. Check your credit history and your credit score.
  4. Check if all your documents are error free.
  5. Choose your loan repayment tenure only after you determine your repayment ability.
  6. Choose an interest rate that you can afford
  7. Choose the loan amount as per your requirement
  8. Check your EMIs properly
  9. Compare the processing fee with various lenders before choosing the loan.
  10. Choose whether you want a fixed or variable interest rate according to your preference.

Do's Dont's
Do a thorough research before you apply for a personal loan Do not sign your loan agreement documents without reading the terms and conditions.
Do read your filled application form carefully Do not make multiple inquiries regarding loans from different banks
Save your money simultaneously when you are repaying your loan Do not take a personal loan without any purpose
Repay your loan on time instalment promptly . Do not be in a hurry to end your loan comparison process
Do check your credit score thoroughly and make sure it is above 750 Do not forget to repay your loan instalments on time
Do apply for an affordable loan amount Do not accept bad loan products

If you have paid off your entire personal loan (either repaid or foreclosed), you might think that your obligation or responsibility towards the loan is over. However, there are few things that you must do after you pay off your personal loan.

  • No Dues Certificate (NDC): Usually, lenders issue the No Dues Certificate (NDC) once you pay off all the debt. So it is one of the most essential documents that you must collect immediately after you repay your loan. This certificate shows the repayment that you have made throughout your loan tenure. Usually, you can get this document instantly if you are paying off the final loan amount through hard cash. And if you are paying using a cheque or NEFT or other means, the lender will give you the NDC and will either send it to your address or will ask you to collect it in person from the branch office of the lender.
  • Statement of Account (SoA): The Statement of Account or SoA, and your NDC shows that you have completed paying debts and have paid on time. And this is an optional document given by certain lenders. However, you must also check for any sorts of discrepancies in your credit score. And if you find anything wrong, you can use this SoA to make necessary changes to it.
  • Collection of unused cheques: If you have any cheque leaves which you have not used, you can collect those as well. Therefore, collecting your No Dues Certificate and the unused cheque leaves, usually, marks the end of your closure for your loan.
  • Check your credit score after you close the loan: This is just an option and is not compulsory to check your credit score after the closing process ends. However, it is suggested that you check your credit scoreto ensure there are no differences in the score.

Personal loan disbursal is the process where the lender transfers the loan amount to your bank account. The loan disbursal is done only after you submit relevant documents and complete the verification process. Lenders disburse your personal loan in a few seconds, while others take a few hours to a few days to disburse the loan amount following approval.

Approaches to Get an Instant Personal Loan Without Documents

Lenders will offer you personal loans without any documents if you prove that you are a credible borrower. So, here are steps you can follow to get a personal loan even if you don’t have documents.

Repay your existing debts

You can increase your creditworthiness by repaying all your past-pending debts as early as possible. Doing so will improve your credit history, which will inturn improve your credit score.

Improve your credit score

A credit score typically represents the overall creditworthiness of an individual, and it ranges from 300 to 900. It also shows your ability to repay the loan amount without defaulting. Moreover, if you have a high credit score above 750, you will be known as a low-risk borrower. So, if you want to improve your score, you have to make timely repayments, repay your existing debts, keep your old accounts open, etc. And you must also check your credit score frequently to keep track of your financial transactions. You can also check your score using Buddy Score and get the whole credit report instantly.

Maintain your Debt-to-Income ratio

A Debt-to-Income ratio (DTI) indicates how well you are able to manage your current and past debts with your monthly income. This is the reason why lenders expect you to maintain your DTI ratio to be less than or equal to 50%. The lesser the ratio, the higher your repayment ability. Therefore, having a low Debt-to-Income ratio will make you a credible borrower.

Relationship with the lender

The lender will automatically trust you if you are an existing customer with good credit history. Since the lender already knows your financial status and credibility, the lender will offer you a loan even if you do not have any documents.

Sometimes, if you do not have important documents for income proof such as your salary slips, you can provide proof for alternate sources of income to show that you have other sources to repay the loan amount even without a salary slip.

Here are a few ways to get a loan without a salary slip

Submit Form 16:If you don’t have a salary slip, you must provide the latest Form 16 as your proof of income.

Submit alternate source of income:Submit proof for alternate sources of income such as your business income, house rent income, bank balance, the income of your parents or spouse, etc. It will show that you have other sources of income to repay your loan amount without defaulting.

Submit Collateral:As personal loans are unsecured, you can try to speak with your lender to offer the loan amount with your collateral when you do not have a salary slip or income proof.

Get a Guarantor:You can get a guarantor (also called a co-applicant) who has a high credit score to apply for a personal loan when you do not have salary slip as your income proof. However, the guarantor must also submit their income proof when applying for personal loan.

Banks and lending institutions have set Aadhar cards and PAN cards as mandatory documents for KYC when you want to avail of an instant personal loan. So getting a personal loan without a PAN card can be challenging, but it is still possible. Here are tips that you can follow till you get your new PAN card:

High Credit Score

Lenders think twice before approving your loan application when you don't have a PAN card because they will not know your exact financial situation. Hence, it is best to have a high credit score to show your credibility. Usually, a score above 750 shows that you have a consistent repayment history and high creditworthiness. So if you have a low score, you can improve it by making timely payments, repaying all your past debts, and maintaining your credit utilisation ratio to less than 30% of your credit limit. Moreover, you must review and check your credit report regularly and identify any potential errors. Therefore, you can also check your score using Buddy Score and get your credit report instantly.

What Are The Benefits Of Having A Good Credit Score?

  • Having a good credit score helps the applicant avail of a loan at lower interest rates.
  • Has better chances for loan approval
  • No more bragging rights.

Low Debt-to-Income ratio

Debt-to-Income ratio (DTI) shows your capability to handle both your present and past debts with your current monthly income. So, if you don't have a PAN Card, you can show that you are credible and have the ability to repay the loan by having low debt-to-income ratio to less than or equal to 50%.

Good Relationship with the lender

Sometimes, lenders trust you and will be ready to offer personal loans even if you don't have a PAN card when you are an existing customer. Moreover, if you have a good credit score, it will become an added benefit to you.

Submit your bank statement

You can submit your bank statement as it will help lenders to track your financial transactions based on which they will approve your loan. It will also give them a view of your credits and debits, bill payments, and monthly income. Therefore, if you don't have a PAN card, it is better to submit your bank statement or salary slip to help the lenders evaluate your credit eligibility.

Submit Aadhar Card

You have to submit your Aadhar card as an alternate to your PAN card as both are linked and are the base document for your KYC verification.

Once you get your personal loan, you must make sure that you repay your debts on time to avoid affecting your credit score in a negative way. The reason is because payment history holds for 35% of your credit score. Hence, it has a major impact on your score

Here is a list of factors you must consider before applying for an instant personal loan.

Have a clear view of your purpose to take a loan: Before you apply for a personal loan, know why you want to get a loan and how much you require. Do have a clear plan and budget the amount that you need. By doing this, you will know if you can repay your loan amount smoothly.

Research: Do a thorough research on different banks and lending institutions that offer loans. Compare the interest rates offered by various lenders and calculate the EMI beforehand. This way, you can choose the lender that gives you personal loans at comparatively lower interest rates.

Repay on time: Since payment history has a major impact on your credit score, you have to ensure that you repay your EMIs on time. Also, you can set reminders to repay your loan on time without defaulting.

Consolidate your debts: Consolidate your debts: Repaying your past debts will increase your credit score significantly. So to do this, you can take a personal loan and repay your past debts using this loan amount. This way, your creditworthiness will improve, which will, in turn, increase your credit score.

  • Do not sign your loan agreement form without reading the "Terms and Conditions" fully.
  • Calculate the EMI you have to pay before applying for a personal loan to know if you can repay your loan on time.
  • Don’t submit multiple loan applications to numerous lenders at once.
  • Avoid taking loan amounts more than required.

  1. Credit Score: Check your score using Buddy Score and maintain it above 750. You must also review your credit report once a year regularly to identify any potential errors and rectify them at the earliest.
  2. Eligibility Criteria: Check if you meet the lending institution you are applying for eligibility criteria.
  3. Documents: Keep all the documents ready for KYC verification, such as Aadhar Card, PAN Card, Passport, and Bank statements.
  4. Fill out the loan application form with accurate personal and professional details for background verification.

  1. Credit Score:Whenever you apply for a personal loan, the lenders will first check your credit score to find your creditworthiness. And if you have a score above 750, it shows that you are a highly credible borrower with the ability to repay your loan on time. Hence, you can get personal loans at comparatively lower interest rates. And also, remember to check your credit score frequently using Buddy Score.
  2. Monthly Income: Since you can get a personal loan without any collateral, the risk that lenders have is higher compared to secured loans. Hence, they want you to have a stable income to assure that you are capable of repaying the loan. So having a stable income becomes an added benefit in getting the loan at low-interest rates.
  3. Type of Employment and organization: If you work in a government organization/ MNC/ reputed private sector, you can easily get personal loans at lower interest rates. The reason is because lenders perceive you to have a good job with a stable income; hence they will be ready to offer you a personal loan at low-interest rates.
  4. Relationship with your lender: If you are already an existing customer with a good repayment track, lenders will trust you and will be ready to offer loans at low-interest rates. And, they may also select you for pre-approved loans without any documents at low rates.

1.Do I Need a Personal Loan?

Give yourself a moment and think if you actually require a personal loan. If you are clear about the purpose of getting a loan, you can save yourself from borrowing more than required and getting into an unnecessary debt burden.

2.Will I Qualify?

Once you have decided to avail of a personal loan, you have to think about the chances of your loan application getting approved. So before you plan to apply for a personal loan, make sure you have a clear picture of your financial status and eligibility. Check if you have a good credit score and have a good monthly income. If you do not have a high credit score or don’t meet the required eligibility criteria, wait for some time before you apply for a personal loan. The reason is that a rejected loan application will be recorded in your credit report which will in turn have a negative impact on your credit score.

3. How Much Loan Amount will I Get?

Lenders usually offer personal loans that range between 50% and 60% of your annual income.

4. How Much Can I Afford to Repay My Personal Loan?

It is necessary to know how much loan you can afford to repay. Which is also called knowing your repayment ability. So here are a few ways you can check the affordability of your personal loan:

  • Analyse your monthly income flow
  • Find out how much you can dedicate to cover repayments on a new debt
  • Find out if there is any cash left with you after you pay your monthly bills and other expenses
  • Know where you can cut unnecessary costs and save money to add to the payment of monthly instalment

5. What All Documents do I Need?

When you apply for a personal loan, the lender will usually ask you to submit your documents to verify your identity and your monthly income flow.

  • Identity proof: Aadhaar Card, Voter ID Card, Passport, Driving License
  • Address proof:Utility Bills, Aadhaar Card, Passport, Ration Card
  • Income proof:Bank account statement, salary slips, form 16, ITR

6. Can I Afford the Interest Rate?

Most banks and lending institutions offer personal loans with interest rates starting at 10.25% per annum. The interest rate depends on many factors such as your credit score, age, employer, repayment ability, etc. So, to know if you can afford the interest rate, it is important to have an estimate of your EMIs and you can calculate the EMIs before applying for a personal loan.

7. What Are the Other Charges I Should Know about?

Here are a few additional charges that will be applied on a personal loan:

  • Processing fees: When you plan to take a personal loan, compare the processing fees charged by different banks. While some lending banks charge a zero processing fee upfront, other lending banks charge anything from 0.25% to 3.03% of the loan amount.
  • Late payment fees: Banks can also charge late payment fees if you miss out or pay late in EMI payments. Most banks and lending institutions charge up to 2% per month as a penalty for late payment, however other charges may also apply if your post-dated cheque for the EMI payment is returned.
  • Prepayment fee/Part- payment fee: Majority of the lenders offer the option of prepaying your loan. However, some lenders allow prepayment only after a fixed lock-in period of 12 months. You can also make a part- payment on your loan if your lender allows.

Here are a few tips you can follow to get your personal loan approved instantly.

  1. Eligibility criteria: The eligibility criteria, such as minimum age, nationality, monthly income, etc., varies from bank to bank. So if you do not meet the requirements for eligibility, your loan application might get rejected. Therefore, before you apply for a personal loan, check if you satisfy all the eligibility criteria mentioned.
  2. Valid Documents: Have all the required documents, such as Aadhar Card, PAN Card, bank statements, etc., ready for your KYC and income verification. So if you don't submit any of the required documents, lenders may not approve your loan.
  3. Credit Score: Since banks offer personal loans without any collateral, lenders first check your credit score to determine your credibility before lending you money. So you must maintain a score of above 750 to get your instant loan approval.
  4. Monthly Income: The lenders want you to have a stable income to know you can repay the loan on time. So you must either be salaried or self-employed with a minimum monthly payment of INR 20,000 to apply for a personal loan.
  5. Calculate the EMI: You have to repay your loan amount through EMI. So, calculate the EMI that you have to pay beforehand and plan your repayment accordingly. This way, it will help you plan your loan budget according to your income.
  6. Other charges: Banks and other lending institutions include additional charges like processing fees, prepayment, and late payment charges. Therefore, check with your lenders about additional amounts to have a clear picture of your actual expenditure.
  7. Interest Rates: Before applying for a personal loan, do complete research on the interest rates provided by various lenders to ensure you get the loan at low-interest rates. It will help you make your repayment on time and increase your creditworthiness.

You can get tax benefits on your personal loan if you use it in these three following situations.

1.When You Take Personal Loans For Business Needs

You can take a personal loan to fulfill your business requirements, such as expanding your business or launching your startup. So the interest on your loan amount will become a liability for your business. Hence, the interest you pay will be taken as an expense which will be deducted from the net profit of your business. Therefore, this means that the entire interest that you have to pay will be tax-deductible if it is used for business.

2.When You Take Personal Loan for Renovating Your Home

According to Section 24 of the Income Tax Act, entitled "Deductions from Income From House Property," you can get tax deductions on income which comes from house property. So the interest you pay for the money taken using a personal loan can be deducted from the net taxable income from your residential property. However, this will apply only if you use the loan money for purchasing, constructing, or renovating the house. Moreover, you have to submit the required documents to mention the usage of the cash taken from the personal loan. And you can claim tax deduction of up to ₹ 2 Lakhs on the interest amount of your personal loan if you occupy the house.

3.When You Take A Personal Loan For Purchasing Assets

You cannot claim an instant tax deduction if you use your personal loan to purchase jewelry, shares, or other non-residential assets. However, the interest you pay will be added to the total cost of purchasing the asset. Therefore, if you sell the asset, the interest will be deducted from the capital profit and cut as a part of the cost of acquisition which will ultimately reduce the taxable income.

  1. Personal Loans are not taxable as the loan amount is not taken as an income.
  2. To qualify for a tax deduction on personal loans, you must submit proof of income tax to substantiate your claim with an auditor's certificate.
  3. To claim the tax benefits on a personal loan, you must provide all your important documents such as sanction letters, expense vouchers, and bank or auditor's reports.

Personal loans are a great option for people who don’t have enough money to pay off their bills. They can be used to cover unexpected expenses and make payments on your credit cards, home equity lines of credit, student loans, or other types of debt. The interest rates on personal loans vary depending on the lender. However, most lenders offer rates that are lower than those offered by banks and credit unions.

Personal loans are also great for borrowers with bad credit scores.A bad credit score is a number that shows how much you’re likely to borrow from lenders based on your past financial history and current situation. If you have a poor credit score, it means that you may not qualify for many types of loan programs like personal loans.

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:

  1. Age
  2. Monthly Income
  3. Credit Score
  4. Credit History
  5. Document

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

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