How can I get a personal loan at Buddy Loan?

It’s not a million dollar question, yet it’s a question that yields a million dollars! How can I get a personal
loan from Buddy Loan? What are my personal loan requirements? How can I check my eligibility for a personal loan? The questions are unending. But the answers are often scattered across – hidden in loan
pamphlets, conveyed hurriedly by loan agents or inscrutably described by bank or financial websites.
Here’s some easy information on this topic.
Determine your personal loan amount
 Take stock of your requirements. Always borrow more for incumbencies and not for
unnecessary spending.
 Instant Personal loans online are pricier financial products than home loans, so borrow with caution.
 Analyze your take-home salary or yearly income vis-à-vis EMI of the personal loan.
How much personal loan can I get from Buddy Loan for my income?
The rules are simple:
 Higher the income, higher is the personal loan eligibility
 Check your credit score. Some banks want credit scores in excess of 700; some can do with a
little less.
 Non-Banking financial institutions usually cap personal loans at Rs. 25 lakhs. In other cases,
individuals can get instant personal loan online that is 30 times their net take home salary per month or net
income per month.
 EMIs of loans are roughly 45% of the monthly salary or income of the borrower.
 Check for pre-approved offers. Call up the financial institution customer care to check.
 Approach the bank
Types of personal loans
Buddy Loan offers various types of personal loans. Other common personal loans need no collateral.
Personal loan interest rates are therefore higher. However, to obtain them, you may need a good credit
score. Interest rates can be as low as 10% to a higher slab of25% depending on the bank and type of
personal loan product.
 Unsecured
o Needs no collateral.
o Disbursed faster. Generally in a week.
o May be based on a good credit score
 Secured
o Require collateral as security. It could be in the form of property papers, car title
ownership papers etc.

o Some banks offer secured personal loans online where the borrower can borrow money
against their car, home, property etc.
o Interest rates are nominal.
 Fixed-rate
o EMIs of fixed-rate personal loans do not vary.
o Advantage is that if interest rates of loans become higher, the rates of fixed-rate
personal loans remain the same.

 Variable-rate
o EMIs of variable-rate personal loans vary.
o Advantage is that if interest rates of loans become lower, the rates of variable-rate
personal loans also lower.
 Debt combining personal loans
o Multiple debts, in the form of other loans, home loans, car loans or credit card
payments can be consolidated into a single personal loan.