Personal Loan

Now get a personal loan online at your fingertips with a competitive interest rate. It gets better as there are flexible loan tenures. You can now benefit the most from pre-approved personal loans online with more than 30+ banks and NBFCs as lending options.

Personal Loan Details

Interest Rate 11.99% p.a. onwards
Loan Amount Starting from ₹10,000 to ₹15 lakhs
Tenure Flexible loan tenures starting from 6 months to 5 years
Processing Fees 0.5% to 4% of the loan amount (may vary across lenders)
Documentation E - Documentation  (PAN, Aadhaar, Income Proof)

Buddy Loan provides better instant loan solutions to fund your marriage, medical, and travel expenses. There is more to it; you can now avail of an online personal loan for home renovation, education, and car purchases. Read on to know more about personal loan lenders, offers, interest rates and EMI options.

Apply for a Personal Loan Online with Buddy Loan

Choose your loan amount and enjoy some of the attractive interest rates. You can avail from the below-mentioned list of banks and NBFCs.

Personal Loan by Banks

Comparing the interest rates of different banks is a great way to find the most advantageous option. Taking the time to explore the different rates available can provide the opportunity to secure a better deal.

SL.No. Personal Loan Plans Interest Rates
1. SBI Personal Loan 11% onwards
2. HDFC Bank Personal Loan 10.50% p.a. onwards
3. Kotak Mahindra Bank Personal Loan 10.99% onwards
4. Axis Bank Personal Loan 10.49% onwards
5. Bank of Baroda Personal Loan 10.90% onwards

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Note- The interest rates mentioned are subject to change. Do visit the website for more information.

Personal Loan by NBFCs

Choose your loan amount from the below list of NBFCs and take advantage of some of the best interest rates.

SL.No. Personal Loan Plans Interest Rates (p.a.)
1. Paysense Personal Loan 18.00% onwards
2. KreditBee Personal Loan 12.24% onwards
3. Money View Personal Loan 15.96% onwards
4. Muthoot Finance Personal Loan 14% onwards
5. Tata Capital Personal Loan 10.99% onwards

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Note- The interest rates mentioned are subject to change. Do visit the website for more information.

Personal Loan Eligibility Criteria

To get a personal loan approved, you must meet a set of Eligibility Criteria. Refer to the table below to know whether you are eligible for a personal loan.

Eligibility Criteria Salaried Individual Self Employed
Age 21-60 years old 22-55 years old
Monthly income Rs.15,000 Rs.25,000
Loan Amount ₹50,000 - 25 lakhs ₹50,000 - 50 lakhs
CIBIL Score Above 750 Above 750

Personal Loan EMI Calculator

A Personal Loan EMI(Equated Monthly Installment) calculator is a tool that helps you determine your monthly payments towards your personal loan. It takes into account the loan amount, the interest rate, and the loan tenure to calculate the EMI.

To use a personal loan EMI calculator, you only need to enter your loan amount, loan period and interest rate.

Monthly EMI 86
Principal Amount 1,000
Total Interest 32
Total Amount 1,032.00

Year Month Principal (A) Interest (B) EMI (A+B) Balance Loan Paid to Date (%)

Date Interest (A) Principal (B) Total Payment (A+B) Principal Amount Balance

Personal Loan Fees and Charges

By carefully researching different banks, you can ensure you get the best deal possible because different banks charge different fees and charges.

Bank / NBFC Processing Fee Range
HDFC Bank Up to 2.50%
IndusInd Bank Up to 3.50%
Tata Capital Up to 2.75%
PaySense 2.00% - 3.00%
Fullerton 3.00% - 6.00%

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Note- The above-mentioned interest rates are subject to change as per the lenders discretion.

Documents Required to Apply for a Personal Loan

To apply for a personal loan, you need to provide some basic documents as proof of your identity and income. Here’s a list of documents required for a personal loan.

Documents for Salaried Employee

Documents for Self-Employed

Documents for NRI

Types of Personal Loans in India

Personal loans, as opposed to secured loans, are unsecured loans that can be obtained without the use of collateral. Personal loans come with great flexibility with short-term loan options where you can close the EMI in a  short span.

  • Instant Personal Loans:
  • Fund a holiday or finance your child’s education. now with a collateral-free loan. The easiest way to repurpose your finances is with an instant personal loan.

  • Short-term Personal Loan:
  • A short-term personal loan allows you to get money quickly without having to go through a lengthy application process.These loans usually have lower interest rates than other types.

  • Travel Loan:
  • Banks offer Personal loans for travel & are quick to disburse them. You can now book & plan your dream vacation in one go!

  • Marriage Loan:
  • A personal loan for marriage covers end-to-end expenses, including venue, catering, and other arrangements.

  • Medical Loan:
  • You can now get instant approval on a personal loan for a medical emergency. Cover medical bills & treatments during emergencies.

  • Personal Loan for Car Purchases:
  • Car loans have the best advantages over other forms of financing. With competitive interest rates & longer repayment terms, you can now get a car or refurbish one to your liking.

  • Personal Loan for Education:
  • Close your tuition fees on time or admit your child to the desired school; education loans are now available at recommended interest rates.

How to Improve Your Chances of Getting a Personal Loan?

Individuals who have a high interest rate on their existing loan or credit card and are looking to save money on their debt may benefit from this type of loan. Balance transfer loans let you transfer existing balances between loans or credit cards. Over time, individuals can save significant amounts of money by transferring the balance to a lower-interest loan or credit card.

Tips to Avoid Personal Loan Rejection

Here are some tips to improve your chances of getting a personal loan:

Maintain a Good Credit Score: A good credit score can significantly increase your chances of getting a personal loan. Ensure timely repayment of loans and credit card bills to maintain a good credit score.

Stable Employment History: Lenders prefer borrowers with a stable employment history, so having a steady job for a longer duration can improve your chances of getting a personal loan.

Choose the Right Lender: Look for lenders that offer personal loans that meet your financial needs and eligibility criteria.

Adequate Income: Lenders will check your income to ensure that you can repay the loan. Having a higher income can increase your chances of getting approved for a loan.

Provide Accurate and Complete Information: Make sure to provide accurate and complete information while applying for a personal loan. This can help speed up the approval process and increase your chances of getting the loan.

Keep your debt-to-income ratio low: A low debt-to-income ratio indicates your ability to repay the loan, increasing your chances of getting approved for a personal loan.

Overall, maintaining a good credit score, a stable employment history, choosing the right lender, providing accurate information, and keeping your debt-to-income ratio low can improve your chances of getting a personal loan.

Steps to Apply for a Personal Loan

Here’s the step-by-step process that you can follow to apply for a personal loan on Buddy Loan:

Step 1 Visit - buddyloan.com or Download the Buddy Loan app and compare features.

Step 2 - Fill out the application form including the loan amount, the tenure months, and contact details.

Step 3 - Fill out the eligibility form and provide:

Step 4 - Cross verify the given information and submit the application.

As per the details provided, suitable lenders will be allocated, and their respective details will be shared for future proceedings.

Location-wise Personal Loan:

A thorough selection of personal loan choices is available on our website, organized by your city & location. The location of the list of all your local personal loan possibilities is where you may find it. This makes evaluating many offers and selecting the best one simpler.

Additionally, you have the option to apply for a loan hassle-free online through our website.

Personal Loan by City


Personal Loan Payment or Repayment

Buddy Loan offers flexible repayment tenure which make the entire repayment process easy and affordable. There are also several modes of repayment to choose from.

Modes of Loan Payment or Repayment It's wise to choose a repayment method that works best for you and keep up with your monthly payments. This will avoid late fees and potential credit damage.

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Frequently Asked Questions on Personal Loan

Approval of a personal loan varies depending on the lender and the type of loan you're applying for. With instant personal loan online options, you can get a pre-approved personal loan within minutes, and the disbursement of the amount will take approximately 24-48 hours. The cheapest personal loan may take longer to get approved as it requires thorough verification of your credit score and financial history.

Personal loan is a type of loan that you can use for a variety of purposes, such as paying off debt, funding a home renovation, or covering an emergency expense. However, Consumer durable loans are ideal for people who want to purchase items such as appliances or furniture, as they provide more flexible repayment terms.
To apply for a personal loan, you can opt for instant personal loan online options, where you can get a pre-approved personal loan or apply for a loan directly with a lender. You may be required to provide documents, depending on the lender's requirements. However, some lenders offer paperless personal loan options where you can get an instant personal loan without documents.

The Personal Loan interest rate is calculated based on several factors, such as

  • The borrower's credit history,
  • Income, loan amount,
  • Repayment tenure,
  • The lender's internal policies and
  • The interest rate may vary from lender to lender and can be fixed or variable.

To apply for an instant personal loan online, you can check if you are pre-approved for a personal loan on our website. You can also compare the interest rates offered by different lenders to find the cheapest personal loan that suits your financial needs. You can calculate the interest rate for small cash loans to finance specific needs like marriage or a vacation. Overall, a Personal loans interest rate calculator can be a useful financial tool when you need quick access to funds, are well-informed of the journey throughout, and want to make wise decisions.

To apply for an instant personal loan online, you can check if you are pre-approved for a personal loan on our website.

Different banks offer different interest rates, so checking bank-wise personal loans is the best practice. The easiest and quickest way to find the best bank for you is to apply for a personal loan online through Buddy Loan, where we connect you to a plethora of lenders (banks and NBFCs) and help you choose the best for you.

The loan approval process varies from one bank to another. Therefore, the approval and loan amount disbursement depends on the lender you choose.

The fastest way to get your personal loan approved is through loan aggregators. Get an instant personal loan online through Buddy Loan and get your loan approved in minutes.

The eligibility criteria for a personal loan can vary depending on the lender and the type of loan. However, some common eligibility criteria for personal loans includes age of applicant, employment/income, citizenship and required documents.

The documents required for a personal loan can vary depending on the lender and the type of loan. However, some common documents that are generally required for personal loan applications include:

  • Identity Proof: Passport, Voter ID, Aadhaar Card, PAN Card, Driving License, etc.
  • Address Proof: Utility Bills (Electricity Bill, Telephone Bill, etc.), Aadhaar Card, Passport, etc.
  • Income Proof: Salary Slips, Bank Statements, Income Tax Returns, Form 16, etc.
  • Employment Proof: Offer Letter, Appointment Letter, etc.

Personal loan top-up can be used to increase an existing loan amount, while a personal loan balance transfer allows you to transfer an existing loan balance to a new lender.

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