Buddy Loan Personal Loan App | The Buddy Loan app offers a quick and convenient way to obtain personal loans ranging from ₹5,000 to ₹15 lakhs. With interest rates starting at 11.99% per annum from RBI-approved lenders, users can choose flexible repayment plans from 6 months to 5 years. The app boasts a 100% paperless digital application process, ensuring a seamless and fast experience.
Here’s a detailed table summarizing the Buddy Loan Personal Loan App:
| Feature | Details |
|---|---|
| App Name | Buddy Loan Personal Loan App |
| Loan Amount Range | ₹5,000 – ₹15,00,000 |
| Interest Rate | Starting at 11.99% per annum, up to 36% APR |
| Repayment Tenure | 6 months to 5 years |
| Processing Fee | 2% of loan amount + GST |
| Example Loan Calculation | ₹1,00,000 loan at 13% interest for 1 year: Total repayment = ₹1,10,129 (including fees and interest) |
| Key Features | Instant loans up to ₹50 lakhs, 100% paperless digital application, secure transactions (128-bit SSL encryption) |
| Credit Score Tracking | Free credit score check and detailed report analysis |
| Eligibility Criteria | Age: 21 to 60 years, Indian resident, minimum monthly income: ₹15,000, CIBIL score: 650 or higher, salaried/self-employed with consistent income |
| Types of Loans | Personal loans, loans for salaried/self-employed, business loans (MSME/SME & working capital) |
| Application Steps | Login to app, fill personal details, enter loan amount, connect with lenders, receive deposit |
| Security | Data transferred over HTTPS, secured with 128-bit SSL encryption |
| Lenders | 20+ RBI approved lenders |
| Loan Approval Time | Few minutes |
This table encapsulates the primary details and features of the Buddy Loan Personal Loan app.
Example Loan Calculation
For a ₹1,00,000 loan with a 13% interest rate and a 1-year tenure:
- Processing Fee: 2% = ₹2,000 + GST = ₹2,360
- Line Setup Fee: ₹499 + GST = ₹588
- Monthly EMI: ₹8,932
- Total Interest: ₹7,181
- Total Repayment Amount: ₹1,10,129
Key Features
- Instant Loans: Up to ₹50 lakhs
- Affordable Rates: Starting at 11.99% per annum
- RBI Approved Lenders: 20+
- Flexible Repayment: 6 months to 5 years
- Secure Transactions: 128-bit SSL encryption
Credit Score Tracking
Buddy Loan allows users to check their credit score for free and receive a detailed credit report analysis via email. Credit scores range from 300 to 900, and users can refresh their scores monthly to monitor their credit health.
Eligibility Criteria
- Age: 21 to 60 years
- Residency: Indian
- Income: Minimum monthly income of ₹15,000 for salaried individuals
- Credit Score: CIBIL score of 650 or higher
- Employment: Salaried or self-employed with consistent income
- Business Loans: Minimum 2 years of business vintage (for business loans)
Types of Loans Offered
- Personal Loans: For urgent cash needs, emergencies, shopping, marriage, car/bike purchase, home renovation, etc.
- Personal Loans for Salaried/Self-Employed: Flexible repayment options of 6 to 60 months
- Business Loans: MSME/SME & Working Capital Loans up to ₹50 lakhs, collateral-free
Application Steps
- Login to the Buddy Loan app.
- Fill in personal details.
- Enter the desired loan amount.
- Get connected to RBI-approved lenders.
- Receive direct deposit to your bank account.
Buddy Loan emphasizes a secure, transparent, and user-friendly loan process, ensuring data safety through HTTPS connections and 128-bit SSL encryption.
| Buddy Loan Personal Loan App | Download |