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. | Particulars | Description |
| 1 | Nationality | Indian |
| 2 | Age | 21 to 60 |
| 3 | Employment Status | Employed or Self-Employed |
| 4 | Minimum Income | INR 20,000 per month |
| 5 | Work Experience | Min 1 year completed |
| 6 | Credit Score | Above 750 |
Documents required
For Salaried Employee:
| Sl. No. | Particulars | Documents required |
| 1 | Proof of Identity | Aadhar Card, PAN Card, Driving License, Passport |
| 2 | Proof of Address | Electricity Bill, Water Bill, Passport |
| 3 | Proof of Income | Salaried: Bank statement for the past six months |
| 4 | Work experience | Employment Certificate for a minimum of 1-year experience |
For Self-Employed:
| Sl. No. | Particulars | Documents required |
| 1 | Proof of Identity | Aadhar Card, PAN Card, Driving License, Passport |
| 2 | Proof of Address | Aadhar Card, Electricity Bill, Water Bill, Passport |
| 3 | Proof of Income | ● Bank statement for the past three months
● Salary Slips of three months ● Income Tax Returns for the last three years ● Balance 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
- Download the personal loan app from Google Play.
- Fill out the form with details such as loan amount, tenure, and mobile number.
- 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.
- Submit the required documents for KYC and income verification.
- 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.