Buddy Loan 2022: How to get a Buddy loan? Buddy is a very famous and successful online loan providing platform through which you can easily take a variety of loans and that too, without any paperwork and documentation. As the entire process is online, it makes it very easy and hassles free. You can take various loans like personal loans, business loans, home loans, education loans, and many more. You can take a maximum of 15 lakhs of loan amount with a very successful approval rate.
Features of Buddy Loan
Buddy loans have a success rate of over 80 %. The interest rate is also meagre. You can take a loan at an inadequate interest rate of 11.99 %. Buddy loan connects various NBFCs and banks in one place to give you one of the easiest and quickest loan approval. The loans don’t need any collateral or any security. You also have the option of repaying the loan via a variety of methods.
| Features | Buddy loan is one of the easiest and quickest loans that you can get. The process to take a buddy loan is entirely online and hassle-free. You can take a loan amount ranging from 1,000 to 15 lakhs without any paperwork and documentation. The tenure is also very flexible, with the minimum term being six months and the maximum being five years. |
| Eligibility criteria | There are some eligibility criteria like You need to have a regular source of income, you need to have a specific minimum monthly payment, your age must have to be under the age limit, and many more. Though most of the eligibility criteria depend on the type of loan you want |
| Application process (Online) | The application process is entirely online, and it can be filled either through the app or via the official website. There are only a few steps to fill the application form. You can download the app or visit the official website, and then you can easily follow the steps. |
| Documents Required | There are several documents which you need to have according to the loan type. Documents like identity proof, address proof, income proof, etc., are required. |
| Official App | Click Here |
| Official Website | Click Here |
Eligibility criteria
Some eligibility criteria must be known to every individual who wants to take any loan from the Buddy loan app. You first need to decide the type of loan you want, as the eligibility criteria depend a lot on the kind of loan you want to have.
Every loan has some different eligibility criteria, so we have mentioned some of the standard eligibility criteria below:
- The applicant needs to be a citizen of India to be able to take a loan from Buddy loan app.
- You need to have a regular source of income, or you need to have a certain minimum monthly salary. For example, a personal loan requires a minimum monthly salary of 20k INR.
- Your age is also a very important factor in terms of the loan approval. You need to be in the age limit to be eligible for loan.
Application process (Online)
The application process to take a loan from the Buddy loan app is very easy and convenient. You can take a loan from the Buddy app within minutes without having to go through all the hefty paperwork and documentation. The entire process runs wholly online, and that makes it very smooth and hassle-free. You can take a maximum of 15 lakhs of loan within minutes directly into your bank account. Just follow the most straightforward steps to take the loan of your choice.
We have mentioned all the steps to take a loan from the Buddy loan app below:
Step I – first of all, you need to download the Buddy app on your mobile phone. You can download the app either from the play store or from any other app store.
Step II – you can also visit the official website, www.buddyloan.com, to know more about its loan features and advantages.
Step III – After successfully installing the app, you need to get yourself registered on the application. You can use your phone number and bank account to get registered.
Step IV – after registering on the app, you can fill the application form. You need to choose the type of loan you want and other relevant details related to the loan.
Step V – after filling the application form, upload the scanned image of the required documents. After doing all that, you need to submit the application form.
Step VI – you can expect the loan to be transferred to your bank account within a few minutes or at most a day.
Documents required
- Identity proof – Aadhaar card, passport, voter ID card, etc.
- Address proof – Aadhaar card, driving license, passport, etc.
- Income proof, for which you can either use the bank statement of the last few months or the most recent salary slip. You can also use some other documents as well.
- You need to have a pan card for a successful KYC.
Frequently asked questions
What are the minimum and maximum loan amounts?
You can take a loan amount as low as 1,000 and as high as 15 lakhs.
From where do I check the details about the status and other things?
You can check for everything directly from the app or also from its official website.
What is the starting interest rate at which I can take out a loan?
One can take a loan at the starting interest rate of 11.99 %, which is relatively low.
What are the minimum and maximum tenure?
The minimum tenure to repay the loan is six months, whereas the maximum term is five years.