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Get a quick personal loan online from Buddy Loan with minimal documentation. High approval rate. Check eligibility criteria and apply them now.
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No Collateral Required: Personal loan is an unsecured loan which means a loan offered without keeping any assets (e.g., house or car) as collateral. These personal loan rates are offered on the basis of an applicant's credit history, income details, age , etc. • Multipurpose Use: Unlike other loan options, personal loan can be used as per the requirements of a borrower without any preconditions. It can be used to overcome any financial constraints, which may arise due to a medical emergency, debt accumulation, sudden travel plans, house renovation, etc . • Flexible Tenure: In personal loan, borrowers get flexible tenure of up to 5 years to repay the loan amount, thus , making it preferable than other credit options such as credit card loans or gold loans. • Simple Documentation Process: To apply for a personal loan minimum documentation is required and is often approved within 48 hours of submitting an application • Flexible Quantum of Loan: Based on a borrower’s repayment history, monthly income, age, profession , employer and other such factors, lenders offer personal loan for requirements as low as Rs. 10,000 to as high as Rs. 40 lakhs, depending on the concerned lending institution. Any Indian citizen be it a salaried professional or self- employed individual is eligible for a personal loan. Since the loan is unsecured, therefore, the lending risk factor involved in these loans increases considerably . To reduce the same, there are a few eligibility criteria that must be met primarily to get a loan. The eligibility criteria might differ from one lender to another; however, there are a few basic eligibility criteria that are common for most lenders.
When Should I Apply for a Personal Loan? • At the time of financial or medical emergency:Instant Personal loan interest rates are disbursed quickly, therefore, they are best suited for financial emergencies. Since they can be used for any purpose, you can avail it to fund big medical expenses. • When you wish for less documentation:To apply for personal loans, you require minimal number of documents. Therefore, its documentation process is simpler and faster than many other secured loan options. • When you want money to fulfill multiple purposes: If you want money to fulfill multiple financial commitments, apply for personal loans. Unlike for many secured loans • To consolidate your debts: Finding difficult to track multiple loan and credit card EMIs? If yes, you can consolidate them by taking a personal loan for self employed business. Doing so will not only making repaying debts easier but also will save on the interest amount. • You do not have collateral: If you do not have collateral or do not wish to put your collateral at risk, apply for easy personal loansas these loans are unsecured, which implies that it does not require collateral.
Factors that Affect Personal Loan Approval The approval on your personal loan application depends on various factors. Some of them are as follow: • Credit score • Income • Employment stability • Age • Outstanding debt
Some of the major factors are • Credit History: Your credit history helps lenders analyze your repayment behavior . If you have a poor credit history, you will get instant personal loan at higher interest rates. • Income: For lender your income is an assurance of repayment. Therefore, the more you earn, lesser will be your personal loan interest rate. • Employer: When examining your loan application, lenders also consider the reputation of the organization you work with. You can enjoy lower interest rates on personal loans if you are associated with a well-known and stable organization. • Lender-customer Relationship: If you are planning to apply for personal loan with the bank you have an account with, your good relationship with your lender can also help in getting you lower personal loan interest rates. In addition to the rate of interest, borrowers must also consider other charges such as pre-processing fees, foreclosure charges, etc. before applying for personal loan.
