Buddy Loan Review: A Comprehensive Guide

If you’re considering taking out a loan and have come across Buddy Loan, you might be wondering if this service is considered the best option for you. To assist in making an informed decision, the Buddy Loan Review, qualities, benefits, and drawbacks will be examined in this post.

What is the Buddy Loan App?

The Buddy Loan app is not a broker; rather, it is a source of instant loans. Hence, there won’t be any additional brokerage fees for loans obtained through its platform. Additionally, this app has received positive ratings of 4.4 and 4.8 on the Apple Store and Play Store. Users can obtain loans in the desired amount at manageable monthly installments. Because of its reasonable interest rate, this loan app is appropriate for the majority of borrowers looking for low-cost loans. The Buddy Loan apps offer a wide variety of loan options. A portion of these loans are personal loans for consumer durables, travel, home renovation, and wedding expenses.

Features of Buddy Loan Review

  • 80% Loan Approval Rate: According to the official Buddy Loan website, nearly 80% of loan requests are approved. And it’s a big part of the reason why most people think of it when they need money right away.
  • Instant Money Transfer: Within a few minutes, after this loan issuing app approves your loan, the money is transferred. Typically, this loan application process needs to be completed within 48 hours of submission.
  • Suitable Loan Amount: Users of this personal loan application are offered loan amounts ranging from Rs 1,000 to Rs 15,00,000. However, it is advised that a loan that can be easily paid back later should be obtained.
  • Flexible Loan Repayment Tenure: It is convenient for users because of its flexible loan repayment options. Loan repayment terms can be adjusted from six months to five years.
  • Affordable Interest Rate: The majority of loan-providing apps charge their users an interest rate of about 15%. But Buddy Loan imposes an annual interest rate of 11.99%.

How Much Loan is Available from the Buddy Loan app?

First of all, September 22, 2020, is when the Buddy Loan app was first launched. We can apply for loans totaling between Rs 10,000 and Rs 15 lakh through the Buddy Loan app.

What percent interest can a loan be taken from the Buddy Loan app?

Taking a loan from the Buddy Loan app, we will have to pay an interest rate starting at 11.99%.

Example

Assume you borrowed Rs 1,00,000 from the Buddy Loan app at a rate of 13% interest for a year. Friends, the processing fee is two percent. We will have to repay the loan for Rs 1,10,129.

Benefits of Buddy Loan

  • Secure and Transparent Platform: This application is dependable and safe to install on your mobile device. It does not share your information with any third parties, and there are no hidden fees.
  • Digital Loan Review: It follows a straightforward and digital application process, loan approval, and disposal. As a result, you will not be required to complete any paperwork to receive the loan amount. You can also pay your loan EMIs easily through its digital platform.
  • No Charges on Prepayment: Buddy Loan will not charge you any fees if you pay off your loan early. One of the Buddy Loan app’s major advantages is that most users enjoy it
  • No Need for Collateral: You do not need to put up any collateral or pledge to get a loan through the Buddy Loan app. It sanctioned loans based on the user’s credit history.
  • Any Time Customer Support: The Buddy loan app provides 24-hour customer support. It allows you to ask questions and get the most up-to-date information on company products.

Who Can Use Buddy Loan App?

  • To apply for a loan, you must be either salaried or self-employed.
  • It also requires that the applicant be an Indian resident aged 18 to 60.
  • If you are paid a salary, you must have worked for the company for at least two years.
  • Self-employment requires two to three years of experience in the same profession.
  • The applicant’s net monthly salary should be a minimum of Rs 15,000.
  • To be eligible for a loan through this application, your credit score must be at or above 750.

Documents Required to take a loan from the Buddy Loan app?

  • PAN Card
  • Bank Account
  • Aadhaar Card

How to Apply for a Loan from the Buddy Loan app?

  • First and foremost, you must Install the Buddy Loan app from the Play Store.
  • After that, fill in your information.
  • You will receive a call for loan verification.
  • After some time, your loan will be approved.
  • The loan amount will be deposited directly into your bank account.

Buddy Loan Review is Real or Fake?

With an 80% approval rate, it’s a reliable platform for instant loan approval. Since it is not shared with a third party, your data remains private and safe. The creators of this application, Srikanth Bureddy and Satish Saraf, are the owners.

Is Buddy Loan Approved by RBI?

This app for quick loan approval functions as a platform for aggregating loans and has partnered with several RBI-registered NBFCs.

Conclusion

Buddy Loan provides a practical option for those seeking easy and quick personal loans. Many borrowers prefer it due to its simple application process, wide range of loan amounts, and flexible repayment options. Before making a decision, borrowers should critically consider the eligibility criteria and interest rates.

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