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Why Visit Banks When You Can Use Best Instant Personal Loan App For Loans!

Many banks and lending institutions offer personal loans to curb sudden financial requirements. Since it is an unsecured loan where no collateral is required, this loan is considered most convenient when compared to other secured loans. It has increased the demand for personal loans, especially during the Covid-19 pandemic. With personal loans gaining more popularity, many financial institutions have developed personal loan apps to make the loan process more accessible and handy. Now, you might wonder if taking loans using a personal loan app is safe. To ensure your safety, you must first check and verify if the lender is legit before you plan to apply for a loan. In this way, you can avoid becoming a victim of loan scammers.      

There are various personal loan apps in India, out of which Buddy Loan stands out as the best loan aggregator with high approval rates. You can use the Buddy Loan app to apply for a personal loan and get your loan amount within a few hours with minimum documents. Moreover, you can also check your credit score using Buddy Score and get a full credit report to know your credit history.

Read on further as this article will guide you on how you can get an instant personal loan using the best instant personal loan app.

Eligibility Criteria

Sl.No.ParticularsDescription
1NationalityIndian
2Age21 to 60
3Employment StatusEmployed or Self-Employed
4Minimum IncomeINR 20,000 per month
5Work ExperienceMin 1 year completed
6Credit ScoreAbove 750

Documents required

For Salaried Employee:

Sl. No.ParticularsDocuments required
1Proof of IdentityAadhar Card, PAN Card, Driving License, Passport
2Proof of AddressElectricity Bill, Water Bill, Passport
3Proof of IncomeSalaried: Bank statement for the past six months
4Work experienceEmployment Certificate for a minimum of 1-year experience

For Self-Employed:

Sl. No.ParticularsDocuments required
1Proof of IdentityAadhar Card, PAN Card, Driving License, Passport
2Proof of AddressAadhar Card, Electricity Bill, Water Bill, Passport
3Proof of IncomeBank statement for the past three monthsSalary Slips of three monthsIncome Tax Returns for the last three yearsBalance Sheet and Profit & Loss Statements for the last three years audited by a CA.

Steps To Apply For A Personal Loan Using Personal Loan App

  1. Download the personal loan app from Google Play.
  2. Fill out the form with details such as loan amount, tenure, and mobile number.
  3. Then fill out the eligibility form, which includes the following details: Email Address, Employment Type, Year of employment, Monthly in-hand salary, PAN Card details, etc.
  4. Submit the required documents for KYC and income verification.
  5. Once the verification process is completed, you will get your loan amount to your bank account within 24 to 48 hours.

EndNote

Personal loans are boon when you have a sudden need for funds. And you can also apply for a personal loan using Buddy Loan and get your loan amount disbursed within a few hours without hassle. However, before applying for a loan using an app, you must verify if the lender is legit to ensure safety.

Eleena Wills
Hi, I’m Eleena Wills. Being a writer and blogger, I strive to provide informative and valuable articles to people. With quality, constructive, and well-researched articles, one can make informed choices. I cover a wide range of topics, from home improvement to hair styling and automotive.
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