Everyone is looking for a quick financing solution to meet their personal needs and there is only one option available that can fulfill your desire, and it is a quick personal loan online. We can get a personal loan at a reasonable interest rate, flexible repayment option, and you can use it to fulfill all your financial purposes.
So, have you ever wanted to get a personal loan? You may have heard that getting personal loans online is a good idea. So, you go online searching for a place to get a loan and visit a few individual loan sites, compare and choose the apt loan for yourself. Then apply and fill in some information and upload the required documents. Decide on tenure and agreement. You find out you are approved and are happy that you finally got a loan. Fundamentally, Now you know that you can get a personal loan quickly and easily. Multiple lenders in the market provide loans based on the credit score, and you will get a personal loan at lower interest rates if your credit score is good. Buddy Loan is the right choice if you are looking for a reliable and trustworthy one.
Therefore, Go on and read the article to know more about Quick Personal loans Online! Here you’ll know everything about personal loans, their required documents, benefits and features, and eligibility!
What Is A Personal Loan?
A personal loan usually does not need security or collateral, depending on the type. Most personal loans are generally unsecured. But, they are two types of personal loans that are secured and unsecured. You can avail of a personal loan with most minor document requirements. You can utilize the funds from a Personal loan for several legitimate financial reasons. Also, you are supposed to repay monthly installments according to the loan agreement.
Benefits And Features Of Getting Personal Loan Online-
No Collaterals Needed –
One of the best-related facts with an online personal loan is that it is unsecured. It means there is no need to provide collateral or fixed assets to get a personal loan approved. Hence they have interest rates, Determined by checking your credit score and history. If you withstand the eligibility requirements, you’ll easily avail low-interest rate loan.
Minimum Documents –
In the era of digitization, verifying your documents is quick. For instant loan approval You’ll get the application and disbursal of money pretty fast, and it requires essential and minimal documents for approval.
Easy Approval –
You’ll be assured of an Online personal loan quickly and easily. It is the best option to relieve your emergency. However, the procedure is now done online, Thus reducing the time of the verification process. So it’s easy to get loan approval.
Multipurpose In Nature-
You can use a personal loan for any purpose. You can utilize it to invest, pay debts, use it for medical emergencies or treat yourself to luxury goods, etc. Other loans are taken out for a specific purpose and are not meant for any other purpose. For example, A home loan is not to buy a four-wheeler. However, on a positive note, the personal loan is used to fulfill your immediate requirements and purposes.
Charges Applied –
Some extra costs, like a two percent processing fee, are applied. Depending on the lender, it might differ; Pre-payment charges and additional hidden charges are applied. However, Buddy Loan have no hidden, pre-payment or processing charges.
Personal Loan Eligibility To Avail Online
Personal loans are available from Banks, Finance aggregators, and various NBFCs ( Non-Banking Financial Companies). However, There are essential eligibility criteria obligated that are almost same for every lender. The eligibility criteria to avail Personal loan online quickly from the Buddy Loan website are as follows-
Age Group –
Usually, the age group of the lender should be over 21 years. Individuals of a particular age who are working and have an income flow are eligible, and it varies differently according to the lender providers.
Employment Type And Annual Income-
Individuals must be self-employed or salaried- employees—a person who has constant earnings, and the annual income expected is Rs.18,000 and above.
Credit Score-
Credit scores range between 350 to 900. An expected credit score is above 650. Suppose you possess a score above 750. It’s considered a good credit score and indicates you’re financially responsible. You’ll get a loan approved quickly with low-interest rates. On the contrary, If you have less than 750, you’ll be charged a high-interest rate. Please check your score from the Buddy Score website to get the most accurate results.
Loan Amount Range-
Loan amount availed by lenders to borrowers is from Rs.10,000 to Rs. 15 Lakhs. The loan amount is disbursed quickly to your account via cheque or bank.
Residence And Citizen-
Individuals must be a citizen or resident of India.
Document Requirement To Get Personal Loan Online
Standard documents required to avail of a personal loan online are as follows:
For Salaried Individuals-
- Identity Proof and age proof
- Documents required and filled application with a few photographs attached.
- PAN ( Permanent Account Number) card
- Residence Proof- Voter ID(Identity), Passport, Driving license, Postpaid, Landline bills, and utility bills like gas, water, or electricity.
- Bank statements for the last three months. Recommended and preferred salary account bank statements.
- Salary slip of the last three months.
- Income tax returns (ITR) or form 16 of the last three months.
For Self-Employment-
- Age and Identity proof
- I filled in a personal loan application with a few passport-size photographs attached.
- PAN card( Permanent Account Number)
- Residence proof like postpaid, landline bills, passport, driving license, Voter ID, and utility bills such as water, gas, or electricity.
- Bank statements of the last three months, preferably salary accounts bank statements.
- Salary slip for the last three months
- The last three years’ Income Tax Returns and calculated by a chartered accountant (CA).
- Last three years, CA certified, Audited balance sheet, and Profit and loss account.
Personal Loan EMI Calculation
When you plan to apply for a personal loan, EMI(Equated Monthly Instalment) plays an important role. EMI helps you determine whether or not the computed monthly installment fits your budget and lifestyle. EMI Calculator helps in getting the following result:
- You can calculate the monthly repayments you’ll have to pay.
- You’ll get accurate results of the interest on the loan that you have to pay.
- The total amount payable is a sum of interest and principal.
Also Read: Never Run Out Of Cash With Fast Cash Personal Loans
In Conclusion
Online loans are the best source of money for you if you are stuck in any monetary crisis. There is no need to stand in line to apply for a loan. You can fill up an application for a loan online and submit it to the lender. A person can get a personal loan online at a moment’s notice and a very affordable rate. It is convenient and easy for everyone. You can get a personal loan online even if you have a bad credit score. It is readily available on the internet, and the procedure is effortless too. You have to fill out an online form and submit the same. There are no guarantors or collaterals required either. Then, you need to sit back and relax. You’ll get funds at your bank account soon.
Download Personal Loan App
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Having any queries? Do reach us at info@buddyloan.com
Frequently Asked Questions
Q. Is it an apt idea to take a personal loan online?
A. A personal loan is a beneficial and ideal solution for an excellent financial necessity. You can use it for wedding expenses, building a home or renovation, or medical emergencies. You should get a personal loan online as you can get it quickly and reach your financial need immediately. It avails quick disbursal and no collateral requirement.
Q. What is an ideal personal loan?
A. An ideal personal loan depends on the borrowing individual’s credit profile. Credit profile consists of credit score, employer, monthly income, employment type, etc. With all the factors, you can find the best-suited personal loan.
Q. How to get a personal loan online?
A. You can visit websites online, compare and calculate the monthly interest and choose the one best suited for you. Now that you have decided upon the personal loan. You can fill in the application form and submit the required documents. Then, the lender will approve the loan based on your credit history, and the you will get the loan disbursal to your account quickly.
Q. Is a personal loan good to take for credit score?
A. Personal loans are a crucial part of getting a good credit score. As personal loans are unsecured loans, your credit score improve if you make on time payments. At the same time, If you miss paying the repayments by chance, it will adversely affect your scores.
Q. How long will it take to get a personal loan approved online?
A. Due to digitalisation, Personal loans are available instantly. However, the disbursal loan amount will take five to seven days at the time of the document process, depending on the individual credit score.
Q. What is the range of interest rates on a personal loan?
A. The average interest rate ranges from 10.75% to 35%, depending on the potential lender, and it varies across the lenders.
Q. How do I avail personal loan from Buddy Loan?
A. Go to official website to get a personal loan from Buddy Loan. Fill out the form and provide the required documents, the best lenders will contact based on your eligibility criteria and provide you personal loan at less interest rates.
