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.

Buddy Loan provides better financial 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.

Personal Loan Details

Topics on this page

• ⇾ Personal Loan EMI Calculator
• ⇾ Personal Loan Features & Benefits
• ⇾ Personal Loan Interest Rates by Banks
• ⇾ Personal Loan Interest Rates by NBFCs
• ⇾ Personal Loan Eligibility Criteria
• ⇾ Documents Required to Apply for a Personal Loan
• ⇾ Types of Personal Loans in India
• ⇾ Steps to Apply For a Personal Loan with Buddy Loan
• ⇾ Tips to Avoid Personal Loan Rejection
• ⇾ Location-wise Personal Loan
• ⇾ Personal Loan Balance Transfer
• ⇾ Personal Loan Repayment
• ⇾ Frequently Asked Questions

Personal Loan EMI Calculator

An EMI (Equated Monthly Installment) calculator is a tool that helps you determine your monthly payments towards your 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, interest rate, and processing fee.

Personal Loan Features & Benefits

Meet your financial needs with the easiest finance solution and cover all your expenses with an instant loan.

Quick Approval

Get your loan
approved within minutes.

No Collateral

Get fund without
risking your assets.

Low Interest Rates

Starting from
11.99% p.a.

Flexibility

Can be used for a
variety of purposes.

Easy Repayment

Choose your preferred
repayment tenure.

No Prepayment
Penalties

No hidden charges
and extra penalties.

Personal Loan Interest Rates by Banks

Comparing the personal loan 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.

Personal Loan Interest Rates by NBFCs

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

Personal Loan Eligibility Criteria

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

Documents Required to Apply for a Personal Loan

To apply for a 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

• Proof of Identity: Passport, Voter’s ID, Driving License or PAN Card
• Proof of Residence: Passport or utility bills
• Proof of Income: Bank statement of salary account for the past two years

Documents for Self-Employed

• Proof of Identity: Passport, Voter’s ID, Driving License, or PAN Card
• Proof of Residence: Passport or utility bills
• Proof of Income: Audited financial of the past two years

Documents for Self-Employed

• Proof of Identity: Passport, Voter’s ID, Driving License, or PAN Card
• Proof of Residence: Passport or utility bills
• Proof of Income: Audited financial of the past two years

Personal Loan Documents for NRI

• A copy of your passport
• Visa Copy
• Your official email ID or the email ID of the HR
• Bank Statements
• Salary certificates or salary slips
• NRO/NRE bank statements of the last 6 months
• Proof of Identity, Residence, Income, and Assets
• Recent passport-size photographs of yourself and the guarantors

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 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.

Location-wise Personal Loan

A thorough selection of personal loan choices is available on our website, organized by your city & location. 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 Balance Transfer

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 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 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 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 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 with Buddy 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 & 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.

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

Personal Loan Repayment

Buddy Loan offers flexible repayment tenure which makes 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.

• There are several ways to repay a personal loan, including automated monthly payments: Many lenders offer automatic payment options, where the loan repayment amount is deducted directly from your bank account each month.
• Online banking: You can pay through your lender's website or mobile app using an Electronic Funds Transfer (EFT) from your bank account.
• Phone banking: You can pay over the phone using a debit card or bank transfer.
• In-person: Some lenders have physical branches where you can pay in person.