Buddy Loan
Buddy Loan app offers a personal loan of up to ₹15 Lakhs to Indian resident salaried and self-employed individuals. The interest rate is competitive and starts from just 11.99% p.a. You can repay the borrowed amount in easy EMIs within a flexible tenure of 6 months to 5 yea₹The lender does not levy any prepayment penalty or hidden charges on the loan.
Buddy Loan Details
The following are the key details of personal loans available at the Buddy Loan App:
| Loan Amount | ₹10,000 - ₹15 Lakhs |
|---|---|
| Interest Rate | 11.99% p.a. onwards |
| Tenure | 6 months - 5 years |
| Processing Fee | 0.5% - 4% of the loan amount |
| Prepayment Charges | Nil |
| CIBIL Score | Above 750 |
| Disbursal TAT | 24 - 48 hours |
Features & Benefits of Buddy Loan App
The key features and benefits of the Buddy Loan app personal loan are as follows:
- Flexible loan amount ranging from ₹10,000 to ₹15 Lakhs.
- Low interest rates, starting from just 11.99% per annum.
- Quick approval within minutes.
- Direct disbursal of funds to the bank account within 24-48 hou₹
- No collateral required to acquire funds.
- Flexibility in the usage of funds.
- Easy repayment within 6 months to 5 years tenure.
- Zero prepayment penalties or hidden charges.
- 80+ RBI authorised lenders.
Buddy Loan Interest Rates & Charges
Below are the interest rate and other charges associated with the Buddy loan:
| Interest Rate | 11.99% p.a. onwards |
|---|---|
| Processing Fee | 0.5% - 4% of the loan amount + GST |
| Line Setup Fee | ₹499 + GST |
Compare Buddy Loan App with Other Loan Apps
Below is the comparison table for the Buddy personal loan with other app-based personal loans:
| App | Loan Amount | Rate of Interest | Tenure |
|---|---|---|---|
| Buddy Loan | ₹10,000 - ₹15 Lakhs | 11.99% p.a. onwards | 6 - 60 months |
| Kundan Finance | ₹5,000 - ₹2 Lakhs | 1.5% - 2.92% per month | 3 - 1 months |
| Olyv | ₹1,000 - ₹5 Lakhs | 1.5% per month onwards | 2 - 24 months |
| CASHe | ₹45,000 - ₹3 Lakhs | 2.79% - 3% per month | 9 - 18 months |
| FatakPay | ₹30,000 - ₹5 Lakhs | 12% to 35.95% p.a. | 3 - 36 months |
| PayMe | ₹500 - ₹5 Lakhs | 1.5% per month onwards | 3 - 24 months |
| Moneyview | ₹5000 - ₹10 Lakhs | 14% - 36% p.a. | 12 to 60 months |
| Kamakshi Money | ₹1,000 - ₹2 Lakhs | 18% p.a. onwards | Up to 3 months |
| mPokket | ₹500 - ₹50,000 | 0% - 4% per month | Up to 4 months |
| PaySense | ₹5,000 - ₹5 Lakhs | 14% - 36% p.a. | Up to 2 years |
Buddy Loan Eligibility Criteria
Eligibility Criteria for Salaried:
- Age: 21 to 60 years.
- Income: Minimum monthly salary of at least ₹15,000.
- CIBIL score: Above 750.
- Employment: Salaried job in the private/ public sector.
Eligibility Criteria for Self-employed:
- Age: 22 to 55 years
- Income: Minimum monthly income of at least ₹25,000.
- CIBIL score: Above 750.
- Business vintage: Minimum 2 years or more.
Documents Required for Buddy Loan App
The list of documents required for a Buddy loan is mentioned below:
Documents Required for Salaried:
- Identity proof: Passport/ Voter’s ID/ PAN Card/ Driving License
- Residence proof: Passport or utility bills
- Income proof: Salary account bank statement for the past 2 years
Documents Required for Self-employed:
- Identity proof: Passport/ Voter’s ID/ PAN Card/ Driving License
- Residence proof: Passport or utility bills
- Income proof: Audited financials of the last 2 years
How to Apply for Buddy Loan Online
Steps to apply for an instant loan through the Buddy Loan app:
- Download the Buddy Loan app on your smartphone.
- Log in with your credentials.
- Fill in some basic personal details.
- Enter the desired loan amount.
- Connect with highly approved lenders.
- Get the loan approved within minutes of applying.
Buddy Loan Customer Care Details
You can contact the Buddy Loan customer care team through any of the following ways:
- Phone: 080-47097512
- Email: info@buddyloan.com
FAQs
No, Buddy Loan is not RBI-approved. However, it is an aggregator platform that connects the borrower to a network of RBI-approved Non-Banking Financial Companies (NBFCs) providing the actual loans.
Buddy Loan is a legitimate loan aggregator platform. However, it is important to understand that it is a marketplace and not a direct lender. The safety of taking a Buddy Loan ultimately depends on its partners.
The interest rate of Buddy Loan 10000 starts from 11.99% p.a.
The minimum salary requirement for Buddy Loan is ₹15,000 per month for salaried applicants and ₹25,000 for self-employed applicants.
The repayment tenure available for Buddy Loan ranges from 6 months to 5 years.
Yes, you can prepay or foreclose your Buddy Loan without any prepayment charges.
Reshma Rawat is a passionate writer, with a decade of experience in writing for a variety of domains (finance, technology, lifestyle, e-commerce, real estate, etc.). Currently, she is working as Assistant Manager - Content @MyMoneyMantra, and writes blogs & webpages on financial products (loans, credit cards, insurance, financial policies by government, mutual funds, etc.
Abhijeet Singh has comprehensive experience in business writing, content management, SEO, social media and user analytics. Key areas of expertise include stock markets and personal finance.