A Loanbaba Personal Loan can help you get funds for personal expenses through a digital application process. Loan amounts range from ₹1 Lakh to ₹15 Lakhs through the web platform, while loans of up to ₹2 Lakhs are available through the mobile app.
Loanbaba also offers Small Cash Loans from ₹10,000 to ₹1 Lakh, with disbursal possible in as little as 30 minutes. Loans are offered through RBI-regulated banks and NBFCs, including Amros Commercial Pvt. Ltd.
Loanbaba Personal Loan Details
Here are the main details of a Loanbaba Personal Loan, including loan amount, interest rate, tenure, fees, and basic eligibility requirements:
| Loan Details | Specification |
| Loan Amount | ₹1 Lakh to ₹15 Lakhs (Up to ₹2 Lakhs on Mobile App; ₹10,000 to ₹1 Lakh for Small Cash Loan) |
| Interest Rate | Starting from 10.50% p.a. (18% to 48% p.a. for Small Cash Loans) |
| Loan Tenure | 1 year to 7 years (3 months to 18 months for Small Cash Loans) |
| Processing Fee | Up to 2% of the loan amount (2% to 5% or ₹500 minimum for Small Cash Loan) + 18% GST |
| Prepayment / Pre-closure Charges | Up to 5% of the outstanding principal (ZERO charges for Small Cash Loans) |
| Minimum Income Required | ₹20,000 to ₹25,000 net monthly salary |
| Minimum Age Required | 21 years (23 years for Small Cash Loan) |
Loanbaba Personal Loan Interest Rates
Loanbaba Personal Loan interest rates start from 10.50% p.a. for regular personal loans.
For short-term Small Cash Loans, interest rates range from 18% to 48% p.a.
The final rate offered can depend on factors such as:
- Monthly income
- Employer profile
- Repayment history
- Credit score
- Loan amount
- Repayment tenure
The applicable rate can vary based on your financial profile and the lending partner.
Loanbaba Personal Loan Fees & Charges
Before taking a Loanbaba Personal Loan, check the processing fee, prepayment charges, and other costs.
| Charge Type | Fee Structure |
| Processing Fee | Up to 2% of the sanctioned loan amount (2% to 5% or minimum ₹500 for Small Cash Loans) |
| GST on Processing Fee | 18% applicable on processing fee |
| Prepayment Charges | Up to 5% of the outstanding principal (ZERO for Small Cash Loans) |
| Pre-closure Charges | May vary across partner banks/NBFCs (ZERO for Small Cash Loans) |
| Late EMI Payment Fee | Applicable as per lender terms specified in the loan agreement |
Loanbaba Personal Loan Eligibility Criteria
Check the following eligibility conditions before applying for a Loanbaba Personal Loan:
- Age: Applicants should be at least 21 years old. The minimum age for Small Cash Loans is 23 years.
- Citizenship: Applicant should be an Indian citizen with a PAN Card and Aadhaar Card.
- Income: Salaried applicants should have a minimum net monthly income of ₹20,000 to ₹25,000. Cash salary is not accepted.
- Credit Score: A credit score of 650 or above is recommended for quick approval.
- Employment History: Minimum 1 year of total work experience with valid salary proof.
- Existing EMIs: Ongoing monthly EMIs should generally not be more than 60% of your net monthly income.
Documents Required for Loanbaba Personal Loan
The documents required depend on whether you are salaried or self-employed.
Loanbaba Personal Loan Documents for Salaried Individuals
- Identity Proof: PAN Card, Aadhaar Card, Passport, Driving License, Voter ID Card, or Government-issued ID.
- Income Proof: Last 6 months’ salary slips, Form 16 for the last 2 years, or last 6 months’ bank statements showing salary credits.
- Address Proof: Aadhaar Card, Passport, Driving License, utility bills such as electricity, mobile, or telephone bill up to 3 months old, or Voter ID.
- Age Proof: Birth Certificate, PAN Card, Passport, Driving License, or School Leaving Certificate.
- Other Requirement: Duly filled and signed online loan application form.
Loanbaba Personal Loan Documents for Self-Employed Individuals
- Identity Proof: PAN Card, Aadhaar Card, Passport, Driving License, or Voter ID.
- Income Proof: Last 6 months’ bank statements and Income Tax Returns for the last 2 years.
- Address Proof: Utility bill up to 3 months old, Lease/Rent Agreement, TAN allotment letter, or Property Registry copy.
- Business Proof: Trade License, Certificate of Practice, GST/VAT/Sales Tax Registration, Partnership Deed, or RBI/SEBI Registration Certificate.
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Calculate EMI For Loanbaba Personal Loan
Calculating your EMI before taking a Loanbaba Personal Loan can help you understand your monthly repayment amount.
Enter the following details in the Personal Loan EMI Calculator:
- Loan amount
- Interest rate
- Repayment tenure
The calculator can help you choose a repayment plan that fits your monthly budget.
Compare Loanbaba Personal Loans Over Other NBFCs
Before you apply for a Loanbaba personal loan, it is important to compare the interest rates with other NBFCs to take informed decisions.
| NBFCs | Interest Rates (p.a.) |
| Loanbaba | 10.5% onwards |
| Fibe | 18% onwards |
| Paysense | 16.8% onwards |
| HDB Financial services | 11% onwards |
| CASHe | 20% onwards |
| Home Credit | 24% |
| Money View | 14% onwards |
| RBL Bank | 14% onwards |
| KreditBee | 15% |
| Muthoot Finance | 13% onwards |
| IIFL | 12% onwards |
| mPokket | 22% onwards |
| InCred | 13.49% onwards |
| L&T Financial Services | 10.5% onwards |
Note: The interest rates mentioned above are subject to change at the lenders’ discretion.
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Features & Benefits of Loanbaba Personal Loan
Here are some of the main features of a Loanbaba Personal Loan:
- Quick Approval & Disbursal: Small Cash Loans can be sanctioned in 5 minutes and disbursed within 30 minutes.
- 100% Digital Process: The loan application, document submission, and Video KYC can be completed online.
- No Collateral Required: You do not need to pledge any asset or security.
- No Pre-closure Charges on Small Cash Loans: Small Cash Loans can be closed early without prepayment or pre-closure charges.
- Data Security: Personal information is protected using 256-bit HTTPS encryption.
- Flexible Repayment Tenure: Repayment periods range from 3 months to 7 years, depending on the loan type.
Types of Loanbaba Personal Loans
Loanbaba offers multi-purpose personal loans to cater all your financial needs. Here is how you can use your personal loan from Loanbaba:
- Debt Consolidation: You can utilize a personal loan to consolidate your debts, bringing together soft loans, credit card bills, and other existing loans into a single manageable loan.
- Major Purchases: When you’re considering big-ticket items like an iPhone, smartphone, laptop, or computer, a personal loan can provide you with the necessary funds to make these purchases.
- Holiday or Travel Financing: If you’re planning a well-deserved vacation, a business trip, or any other travel-related expenses, a personal loan for travel can offer you the financial support you need to cover the costs associated with your holiday or travel plans.
- Home Renovation and Repairs: Whenever you need to cover home renovations or repairs, a personal loan can be a valuable resource for managing the expenses involved in improving your living space.
- Wedding Expenses: When organizing events such as weddings or engagements, a personal loan can be a helpful tool for you to cover the various costs associated with these special occasions.
- Medical Emergencies: In the event of unexpected medical or educational emergencies, a personal loan can provide you with the necessary funds to handle the urgent expenses that arise.
- Education Funding: Funding your children’s higher education now gets easy with a personal loan at Loanbaba. Easy and ontime approval for personal loan makes it convenient for claiming your seat at the university of your choice.
Steps to Apply for Loanbaba Personal Loan with Buddy Loan
Steps To Apply For a Personal Loan with Buddy Loan
- Step 1: Visit buddyloan.com or Download & install the Buddy Loan app (Android or iOS).
- Step 2: Open the Personal Loan Application Page. Provide the mobile number and enter the received OTP.
- Step 3: Specify the desired loan amount & personal email. Next, choose the Personal Loan option
- Step 4: Choose the employment type (Salaried, Self-Employed, or Student) and the salary mode (bank or cash).
- Step 5: Enter your work details (Including company name, years of service and Designation)
- Step 6: Enter your personal details (Including Full Name, PAN, address DOB & Gender)
- Step 7: Provide your communication address, and income details and Click the ‘Submit’ button.
Ready to take the next step? Apply for a Personal loan now!
Loanbaba Personal Loan Customer Care Number
You can contact Loanbaba for queries related to loan eligibility, approval, documents, or EMI payments through the following channels:
| Contact Channel | Details |
| Customer Care Phone Numbers | +91 7875380889 / +91 7057280385 / +91-2269056400 |
| Customer Support Email | customersupport@loanbaba.com |
| Registered Corporate Office | Sahas Technologies Private Limited, 703, Akshar BlueChip IT Park, Turbhe, Navi Mumbai – 400705, Maharashtra, India |
| Primary Location | Navi Mumbai, Maharashtra, India |
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