Are you facing a financial crisis and not getting financial support from anyone? We often face extremely difficult financial emergencies, where our relatives also fail to support us with big amounts. In such cases, personal loan apps come to the rescue from such financial difficulties. However, if you are looking for a personal loan, you might have heard about the Buddy Loan app. This application claims that it has an 80% loan approval rate. So, let’s discuss this application and understand its features, prices, benefits, and other terms.
What is Buddy Loan App?
Buddy Loan app is an instant loan provider, not a broker. Hence, getting a loan from its platform will not have to pay any hidden brokerage charges. Also, this application has 4.4 and 4.8 positive ratings on the Play store and Apple store. It allows users to get a loan of the desired amount at easy-to-pay EMI. This loan app has an affordable interest rate that makes it suitable for most people seeking affordable loans.
There are many types of loans you can get on Buddy Loan apps. Some of these loans are personal loans for a wedding, home improvement, travel, and consumer durables.
Features of Buddy Loan
1. 80% Loan Approval Rate
Based on Buddy Loan’s official website, it approves almost 80% of the loan request. And it is one of the major reasons why most people consider it when they require urgent money.
2. Instant Money Transfer
Once this loan issuing app approves your loan, your amount is transferred within a couple of minutes. Mostly this application process loan requires within 48 hours from the time of submission.
3. Suitable Loan Amount
This personal loan application allows users to avail of loan amounts from Rs 1,000 to Rs 15,00,000. However, getting a loan that you can easily repay later is recommended.
4. Flexible Loan Repayment Tenure
It has a flexible loan repayment facility that makes it convenient for users. You can set up loan repayment tenure from six months to five years.
5. Affordable Interest Rate
Most loan-providing applications charge around a 15% interest rate from the users. However, Buddy Loan charges 11.99% interest every year.
6. Less Processing Fees
If you submit your loan request, it will charge 2% of the sanctioned loan amount with 18% GST. You can check out its official website to get more details about it.
7. Line Set-up Charges
It also charges line setup charges from the users, which is Rs 588, including GST.
Benefits of Buddy Loan
1. Secure and Transparent Platform
This application is reliable and safe to install on your mobile device. It does not share your details with a third party, and there are no hidden charges.
2. Digital Loan Review
It follows simple and digital application processing, loan approval, and disposal. Hence, you do not need to do any paperwork to get the loan amount. Also, using its digital platform, you can easily pay your loan EMI.
3. No Charges on Prepayment
If you do prepayment of the loan taken by yourself, Buddy Loan will not levy any charges on it. Most users like it are one of the significant benefits of the Buddy Loan app.
4. No Need for Collateral
You do not need to put any collateral or pledge to get the loan on the Buddy Loan app. It sanctions loans based on the credit history of the user.
5. Any Time Customer Support
The best thing is you get 24×7 customer support from the Buddy loan app. It helps you solve any query and get the latest update on company products.
6. Maintains Credit History
This application also maintains a strong credit history to help you build a better credit score. However, for this, you should try to repay the loan amount on time.
Who Can Use Buddy Loan App?
Below are the eligibility criteria for getting loans from this instant loan app.
- You must be a salaried or self-employed person to apply for a loan.
- It also requires that the applicant is an Indian resident and falls into the 18- to 60 years age group.
- If you are salaried, you must have two years of employment with the employer.
- For self-employed, it’s required to have two to three years of presence in the same profession.
- The net monthly salary of the applicant should be as minimum as Rs 15,000.
- Your credit score must be at least 750 or above to get a loan from this application.
Documents Required
You require some crucial documents to get loans from this instant loan approval app. Below there are documents that may be required from you.
For Salaried Person
- You must fill out the application form with recent photography and a sign.
- It requires identity and age proof, such as a driving license and PAN card.
- It asks you to provide residential proof such as an electricity bill and an Aadhaar card.
- Your income proof is also required, and here you can show your bank statement and salary slip for the last three months.
For Self-Employed
- Being self-employed, you fill the form with a duly signed and latest photograph.
- Additionally, you provide identity and age proof, such as a PAN card and Voter ID card.
- You also attach residence proof like an Aadhaar card and utility bills.
- Lastly, you provide an Income Tax Return with computation of income, balance sheet, and other required documents.
How to Apply for a Loan on Buddy Loan App?
If you want to apply for the loan on this instant loan approval application, follow the below-mentioned steps.
- Install this Buddy Loan app from Play Store and complete the sign-in process.
- Enter details and complete your KYC details.
- Now you can enter the loan amount needed for a financial emergency.
- Once you enter the loan amount, select the tenure to repay the money.
- Provide your contact number and click on the button to apply.
- It will ask you to fill in the banks by providing basic details like employment status.
- Its platform will suggest multiple loan options with different EMI amounts.
- You can choose the ideal loan offer and submit the form.
- After some time, the representative of Buddy Loan will contact you to get your confirmation.
- Wait for the approval; if your request gets approved during processing, your amount will get transferred to a bank account.
- Its mobile application updates you about the loan request status.
Buddy Loan is Real or Fake?
It’s the legit instant loan approval platform with an 80% approval rate. Your data stay safe and secure as it does not share with a third party. This application is owned by its founders, Srikanth Bureddy and Satish Saraf.
Is Buddy Loan Approved by RBI?
This instant loan approval app works as a loan aggregator platform and has partnered with various NBFCs registered by RBI.
Conclusion
Buddy Loan app is one of the popular loan-providing applications. This platform allows users to get money in a financial emergency. Also, it has good customer support that provides instant solutions to customers’ queries. However, if you are willing to get a loan from this application, you must check out the eligibility criteria mentioned above. Also, check out other instant loan approval review articles to get the best idea about industry standard interest rates.