Buddy Loan Eligibility 2023: How to Secure a Buddy Loan? Buddy is a well-known and highly successful online platform for obtaining loans without the need for extensive paperwork or documentation. The entire process is conducted online, making it incredibly convenient and hassle-free. You have the flexibility to apply for various types of loans, including personal loans, business loans, home loans, education loans, and more. Buddy offers loan amounts of up to 15 lakhs with a notably high approval rate.
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Buddy Loan Features?
Buddy loans boast an impressive approval rate exceeding 80%. Additionally, the interest rates are highly competitive, with the possibility of securing a loan at an attractive 11.99%. Buddy Loan serves as a platform that brings together multiple NBFCs and banks, streamlining the process for swift and straightforward loan approvals. These loans do not require collateral or any form of security, providing added convenience. Furthermore, borrowers have the flexibility to choose from a range of repayment methods.
| Features | Buddy Loan offers one of the simplest and quickest loan application processes, entirely online and hassle-free. You can borrow loan amounts ranging from 1,000 to 15 lakhs without any paperwork. The loan tenure is highly flexible, with terms spanning from a minimum of six months to a maximum of five years. |
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| Eligibility Criteria | Eligibility criteria include having a regular source of income, meeting a specific minimum monthly payment requirement, staying within the specified age limit, and more. Eligibility requirements may vary based on the type of loan you seek. |
| Application Process | The application process is entirely online and can be completed either through the mobile app or the official website. It involves only a few simple steps, which you can easily follow. |
| Documents Required | Various documents are necessary depending on the type of loan you are applying for. Common documents include identity proof, address proof, income proof, and more. |
| Official App: | Click Here |
| Official Website: | Click Here |
Buddy Loan Eligibility Criteria
It’s important for every individual considering a loan through the Buddy Loan app to be aware of specific eligibility criteria. Your choice of loan type significantly influences the applicable eligibility requirements, so it’s essential to determine the loan type you intend to apply for.
Each loan type comes with its unique set of eligibility requirements. Here are some of the standard eligibility criteria:
- Citizenship: The applicant must be a citizen of India to qualify for a loan from the Buddy Loan app.
- Income Source: You should have a regular source of income or meet a specific minimum monthly salary requirement. For instance, a personal loan may require a minimum monthly salary of 20,000 INR.
- Age Eligibility: Your age is a critical factor in loan approval. You must fall within the specified age limit to be eligible for a loan.
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Buddy Loan Apply Online
The process of applying for a loan through the Buddy Loan app is incredibly simple and user-friendly. You can secure a loan within minutes, all without the burdensome paperwork and documentation typically associated with loans. The entire procedure is conducted online, ensuring a seamless and hassle-free experience. You can receive a loan of up to 15 lakhs directly into your bank account with just a few easy steps.
Below, you’ll find a list of steps to follow when applying for a loan through the Buddy Loan app:
Step 1: Begin by downloading the Buddy app] on your mobile phone. You can easily download the app from the Play Store or any other app store of your choice.
Step 2: Alternatively, you can visit the official website, www.buddyloan.com, to explore the loan features and advantages in more detail.
Step 3: After a successful app installation, proceed to register on the application. Registration can be done using your phone number and bank account.
Step 4: Once registered on the app, you can complete the application form. Select the type of loan you require and provide all the relevant details related to your loan request.
Step 5: Following the completion of the application form, upload scanned copies of the necessary documents. Once all these steps are done, submit the application form.
Step 6: You can anticipate the loan amount to be credited to your bank account within a matter of minutes, or at the most, within a day.
Required Documents For Buddy Loan
- Identity proof options: Aadhaar card, passport, voter ID card, etc.
- Address proof options: Aadhaar card, driving license, passport, etc.
- Income proof, which can be provided through bank statements for the last few months or the most recent salary slip. Other documents may also be accepted.
- A PAN card is required for a successful KYC (Know Your Customer) process.
FAQ?: Buddy Loan Apply
You have the flexibility to borrow any amount between 1,000 and 15 lakhs as a loan.
You can access all the information directly through the app or by visiting its official website.
You have the option to obtain a loan at the competitive starting interest rate of 11.99%, which is comparatively low.
The loan repayment period can range from a minimum of six months to a maximum of five years.