Whenever you are in need of instant funds, personal loans are the best option. As it is an unsecured loan, you can get this loan without any collateral to meet various financial needs. And it is mainly offered based on your credit history and repayment history. So, if you want to apply for a personal loan in India, you can use Buddy Loan as it is one of the biggest loan aggregators.

Read this article further as it will guide you to apply for a personal loan in India.

Features of a Personal Loan

  • Multi-Purpose: You can use a personal loan to fulfil any financial needs such as vacation plans, wedding expenses, medical emergencies, business expansion, etc.
  • Flexible Tenure: The tenure for loan repayment is flexible and starts from 6 months to 60 months.
  • Instant disbursal: Your loan will be disbursed within 24 to 48 hours of approval.
  • Zero collateral: You don’t have to submit any asset when applying for this loan.
  • Minimum documentation: With minimum documents like Aadhar Card, PAN card, and income proof, you can get your loan instantly.
  • Paperless process: There is no requirement for physical interaction, as the process is online.

Eligibility Criteria

  • He/She must be an Indian citizen
  • The age must be between 21 to 60
  • He/She must be employed or self-employed
  • The applicant must have at least one year of work experience
  • The credit score must be 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 sixmonths
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 In India

Here are steps to apply for a personal loan online:

  1. Visit the official bank website or download the application.
  2. Fill the form with details such as desired loan amount, tenure period, and mobile number.
  3. Next, apply for the loan by filling in the personal and professional details such as
    1. Employment Type
    2. Email Address
    3. Company type
    4. Your industry type
    5. Current Company Name
    6. Enter Company address
    7. Year of employment
    8. Monthly in-hand salary
    9. Mode of Salary
    10. PAN Card details
    11. Full Name (as per PAN card)
    12. Current Residence Pin code
    13. Mobile Number
  4. Submit all the documents required.
  5. You will get your loan amount disbursed to your bank account within a few hours.

End Note

During any emergency, personal loans are the best way to curb your financial stress. So, you can apply for a personal loan in India using Buddy Loan. It is one of the largest loan aggregators that helps you get personal loans at affordable interest rates. You can also check your credit score using Buddy Score to know your creditworthiness.

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