Buddy Loan Personal Loan App

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:

FeatureDetails
App NameBuddy Loan Personal Loan App
Loan Amount Range₹5,000 – ₹15,00,000
Interest RateStarting at 11.99% per annum, up to 36% APR
Repayment Tenure6 months to 5 years
Processing Fee2% 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 FeaturesInstant loans up to ₹50 lakhs, 100% paperless digital application, secure transactions (128-bit SSL encryption)
Credit Score TrackingFree credit score check and detailed report analysis
Eligibility CriteriaAge: 21 to 60 years, Indian resident, minimum monthly income: ₹15,000, CIBIL score: 650 or higher, salaried/self-employed with consistent income
Types of LoansPersonal loans, loans for salaried/self-employed, business loans (MSME/SME & working capital)
Application StepsLogin to app, fill personal details, enter loan amount, connect with lenders, receive deposit
SecurityData transferred over HTTPS, secured with 128-bit SSL encryption
Lenders20+ RBI approved lenders
Loan Approval TimeFew 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

  1. Login to the Buddy Loan app.
  2. Fill in personal details.
  3. Enter the desired loan amount.
  4. Get connected to RBI-approved lenders.
  5. 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.

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