This loan acts as a Loan Aggregator (It’s an online platform where borrowers and lenders connect), It works like a middleman. It brings together many lenders and their loan products in one place. This makes loan applications easier for borrowers. It can help them find the best deal.
suppose that you’re applying for a loan from any bank, and it gets rejected then you might get confused that now from where you should apply for a loan so that it gets approved, head over to Buddy Loan, in which not even you can apply for a loan but also check your eligibility in other.
Who can apply?
Whether you’re a student, a housewife, a salaried, or a self-employed person or indulging in any profession, you can easily check your eligibility and apply for a buddy loan.
As for documents, You only need an Aadhar Card and PAN card, no other document is needed in this process and your loan can easily be approved through buddy loan.
How to apply?
- First, go to the Play Store or App Store and search for the BUDDY LOAN application, download it, and open it.
- Allow the permissions which is required for the app. Now enter your 10-digit mobile number. Once you enter the number and click on next, you’ll receive an OTP (one-time password) from Buddy Loan.
- Now fill the OTP received in the OTP section and click on next.
- After the OTP, it’ll ask you for the amount of loan you want and your email address. So enter the information respectively and click on next.
- Now in the next step, you’ll be asked what type of loan you want, personal or business loan, depending upon your need.
If you choose a personal loan then:
- Choose the type of employment that is either you are self-employed, salaried, or a student. ( if you don’t get a student option on any other platform while applying then you can freely select self-employed.)
- Once you select the option that says self-employed then further you’ll be asked to choose your profession that is whether you’re a doctor, small business owner, driver/house help, daily wage employee, electrician/ plumber, etc.
- Choose one that is relevant to you and click on next. Now you have to enter your personal details like your Date of birth, gender, and highest qualification( you can choose the “other” option too).
- Then it’ll ask for your further personal details like:
- PAN, First Name, Last Name, enter these details carefully and correctly then click on the next button.
- Now in this step, it’ll ask for your communication address. here, you need to enter the Residence type, no. of years living in the current address, and Pincode.
- Now it’ll ask for your bank details: options will be monthly income, select your bank, and are you interested in a credit card ( select NO if you’re not interested) now you just have to click on submit. It’ll take some time so have patience and wait until it is completely processed.
- Once you submit the application and documents, Buddy Loan will review them. They will check your eligibility and your business’s credit.
- They advertise quick approvals within 48 hours [Buddy Loan].
- If approved, you’ll get a loan sanction letter. It will list the loan terms, interest rate, and repayment schedule. It will also list the monthly EMI (Equated Monthly Installment).
- Once you accept the loan offer, we will disburse the loan amount to your nominated bank account.
Conclusion:
Applying for a Buddy Loan is easy! Choose between personal and business loans. Then, follow the steps. First, check if you qualify (optional). Next, fill out the application and submit documents (if needed). Buddy Loan offers fast approvals and minimal paperwork. Remember to review loan terms before accepting.
