An instant personal loan is a go-to option whenever you need funds to cover your financial requirements. Whether you’re self-employed, a salaried professional, or a first-time borrower, a personal loan can help you get the situation under control. With a personal loan, you can also improve your credit history by making timely repayments. Hence, if you are looking for a personal loan, read this article further to learn more about personal loans and know how to get Rs.5 lakh personal loans at affordable rates.
What is a Personal Loan?
Personal loans are unsecured loans used for various purposes, such as consolidating debts, home renovation, or planning a dream wedding. You can avail of personal loans from a bank, credit union, or online lender. You don’t have to submit collateral when applying for a personal loan. However, lenders will check your credit score to determine if you can repay the loan without defaulting. Therefore, they usually expect you to have a credit score above 750 to qualify for this loan.
Get Rs. 5 Lakh Personal Loan from Buddy Loan
Many situations may arise where you might need instant funds. For example, you might have a sudden medical emergency for which you might need Rs. 5 lakhs. Getting a personal loan from Buddy Loan is the best option in such situations. The reason is that you can instantly avail of a personal loan with just minimum eligibility and documents.
Buddy Loan is one of the largest loan aggregators that helps you get personal loans at affordable interest rates. It is the easiest way to apply for funds to cover all your financial requirements on time. With Buddy Loan, you can apply for a personal loan and get benefits like instant funds, attractive rates, and easy EMIs. Moreover, personal loans do not need collateral, pledges, or heavy documentation. Hence there is no lengthy application process.
EMI Calculation For Rs.5 Lakh Personal Loan From Buddy Loan
The interest rates for a personal loan at Buddy Loan start from 11.99%. The table below shows the EMI calculation for Rs.5 lakh personal loan from Buddy Loan for a tenure of 1 to 5 years.
| Loan Amount (Rs) | Interest Rate (p.a.) | Tenure (years) | EMI (Rs) |
| Rs 5 Lakhs | 11.99% | 1 | 44,422 |
| 2 | 23,534 | ||
| 3 | 16,605 | ||
| 4 | 13,164 | ||
| 5 | 11,120 |
How To Apply For A Rs. 5 lakh Personal Loan At Buddy Loan?
With Buddy Loan, you can apply for a personal loan with minimal documentation, and the loan application process is quick as they have simple steps:
Step-1:
First, download the Buddy Loan app from the Google play store. You can also visit the official website to compare and learn more about the features.
Step- 2:
Once you download the app, fill in all the details in the loan application form; then, the customer must fill in the desired loan amount, tenure months, and phone number.
Step- 3:
Next, you will get an option to apply for a personal loan. You will have to fill out the eligibility form, which includes 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:
Once you qualify the eligibility criteria, you can choose from multiple offer(s). You will get a list of potential lenders depending on your eligibility and income. Based on your profile, you may also receive one or more offers. Hence, you can choose the lenders from the list. Also, consider the following points: interest rate offered, loan amount, and loan tenure before choosing a lender.
Step 5:
After you complete the process and submit your application form, our representatives will contact you to cross-verify the details you have provided before sending the application to the lender.
Step- 6:
Once your application is verified, your loan amount will be disbursed within a few hours.
Features And Benefits of Personal Loan from Buddy Loan
Online Personal Loan Overview:
Buddy Loan has an easy application process to get an instant personal loan. You can repay the loan through monthly EMIs over a tenure starting from 12 months to 5 years. Buddy Loan has a paperless process to avail of a personal loan.
Collateral Free Instant Personal Loan:
With Buddy Loan, you don’t have to submit any collateral to avail of a personal loan. Hence, the application process is easy and quick and requires minimal documentation.
Flexible Loan Tenures:
You can borrow up to Rs. 15 Lakhs and repay through the EMI over six to 60 months. You can also choose the tenure period as per your requirement.
High Approval Rates:
Buddy Loan aggregator has disbursed loans throughout the country as it has a hassle-free process and a vast pool of instant loan providers. Therefore, to increase the chance of your loan approval rate, you must submit all the necessary documents and ensure they are up to date.
Loan Amount:
The minimum and maximum loan amounts you can choose when applying for a personal loan are between Rs.10000 to Rs. 15 lakhs.
Better Interest Rates:
The interest rates for a personal loan from Buddy Loan start from 11.99% p.a. If your credit history is good, you can avail at lower interest rates and get instant loan approval.
Swift Personal Loan Approval:
Your loan will be approved within 48 hours of verification.
No Hidden Charges:
There are no prepayment or hidden charges included. Also, Buddy loans do not hold any agreements that could moderate the means between you and the lender.
Safety Of Your Loan:
By law, the information you provide during the loan application process will be confidential with Buddy Loan.
Hence, Buddy Loan aggregator is the best platform if you are looking for an instant personal loan.
Eligibility Criteria for Personal Loan Form Buddy Loan
For both salaried and self-employed applicants, you must satisfy the following eligibility criteria to get instant loan approval:
- You must be a citizen of India.
- Age must be between 18 to 60 years.
- You must have a minimum of two years of employment with your current organisation.
- Your monthly income should be a minimum of Rs.15,000
- If you are self-employed, you should have a minimum of two to three years in the profession/business you have now
- It would be best if you had a credit score of at least 750
Documents Required
For Salaried Employee:
| Sl. No. | Particulars | Documents Required |
| 1 | Proof of Identity | Aadhar Card, PAN Card, Driving License, Passport |
| 2 | Proof of Address | Electricity Bill, Water Bill, Passport |
| 3 | Proof of Income | Salaried: Bank statement for the past six months |
| 4 | Work experience | Employment Certificate for a minimum of 1-year experience |
For Self-Employed:
| Sl. No. | Particulars | Documents Required |
| 1 | Proof of Identity | Aadhar Card, PAN Card, Driving License, Passport |
| 2 | Proof of Address | Aadhar Card, Electricity Bill, Water Bill, Passport |
| 3 | Proof of Income |
|
Let us have a look at the interest rates of personal loans offered by other banks and NBFCs.
Personal Loan Interest Rates From Top Banks and NBFCs
| Bank | Best For | Key Highlights |
| Citibank Personal Loan | Low-Interest Rate |
|
| HDFC Personal Loan | Self-Employed Professional |
|
| Kotak Mahindra Personal Loan | Quick Turnaround Time |
|
| Tata Capital Personal Loan | Flexible Interest Rates |
|
| Standard Chartered Personal Loan | Short-term Requirement |
|
| IDFC First Personal Loan | Top-Up Loans |
|
| Fullerton India Personal Loan | Quick Approval |
|
| IIFL Personal Loan | Easy Eligibility Checks |
|
| HDBFS Personal Loan | Special Offers |
|
| SBI Personal Loan | Different Income Categories |
|
| PNB Personal Loan | Affordable Interest Rates |
|
Also Read: Factors That May Affect Your Personal Loan Interest Rate
Remember This Before You Apply For Personal Loan
Getting a personal loan is easy as it is easily accessible and convenient. However, you must remember these essential points before you apply for a personal loan:
- Find why you need the loan amount and plan your budget or affordability.
- Do proper research on various lenders and choose the lender that offers the best interest rate.
- Check your credit history and credit score before you apply for the loan.
- Check if all your documents have any errors.
- Loan repayment tenure after you determine your repayment ability.
- Interest rate you can afford so you can make repayments on time.
- Loan amount only for what you need.
- Calculate your EMI beforehand to know your repayment ability.
- Before choosing the loan, compare the processing fee and other charges with various lenders.
- Choose if you want a fixed or variable interest rate according to your requirement.
Also Read: Apply Personal Loan Online On Aadhaar Card With No Paperwork
Tips To Get a Lower Interest Rate on Rs.5 Lakh Personal Loan
-
Credit Score:
The first thing lenders check is your credit score to find your creditworthiness. And if you have a high score above 750, it indicates that you are a low-risk borrower who can repay your loan on time. It will also help you get personal loans at comparatively lower interest rates. And also, remember to check your credit score using Buddy Score and get an instant credit report to keep track of your credit health.
-
Monthly Income:
Lenders usually check your monthly income to know if you can repay the loan without defaulting. Therefore, you should have a stable income if you want low-interest rates on your loans.
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Type of Employment and organization:
If you work in a Government organization/ MNC/ reputed private sector, you have higher chances of getting personal loans at lower interest rates. Lenders will perceive that you to have a good job with a stable income and will be ready to offer you a personal loan at low-interest rates.
-
Relationship with your lender:
If you are an existing customer with a good credit history and repayment track, lenders will trust you and may offer personal loans at low-interest rates. And, sometimes, they offer you pre-approved personal loans at low rates.
Also Read: Cash Loan: Know all that you need to know about Cash Loan
Final Note
Financial crises can occur anytime, and you may only be ready to handle them with your savings. In such situations, it is better to opt for a personal loan from Buddy Loan. Buddy Loan is one of the largest loan aggregators, which helps you get personal loan from the top, trusted lenders at affordable rates. Moreover, you can also keep track of your credit health by checking your credit score using Buddy Score.
