Personal loan is an unsecured loan taken by individuals from a bank or non-banking financial company to meet their personal needs.
It helps to meet any shortfall ,such as any consolidated debt , money for moving expenses , financing house remodelling , unplanned emergency expenses.
Unlike a car or home loan , personal loan is not secured by any asset. As it is unsecured and does put up collateral like any asset , therefore , their interest rate are higher than other loans.
The loan duration can be one to five years or twelve months to sixteen months depends on case basis , and a borrower can borrow their loan amount depending on their income , it restricts the EMI not more than 40% to 50% of your monthly income.
The lender charges processing fees , usually one to two percentage of loan principal , to take care of any paperwork that needs to be done.
The Entire Approval Process can takes between 48 hours and about two weeks, once all necessary documents submitted and the verification completed, the loan sanctioned , will disbursed within seven working days by the bank.
Whereas , online make it really quick unlike peer - to – peer lenders and banks and credit unions.
In that case , Buddy Loan offer a short term finance up to three lakhs and more to the applicant who provides an eligible buddy as a guarantor . it could be your parent , sibling , or anyone who is willing to guarantee.
The goal at Buddy Loan is to have loan approved in 24 hours depending on documentation and the money will be transferred to guarantors accounts within hours, as of the interest rate starts as low as 11.99% p.a. As the guarantor is well known the Buddy Loan makes the job easier .
There are some tips for the easy approval of loan or Buddy Loan , as of meeting the eligibility criteria where the individual should be above 18 , an exceptional credit score , choosing the loan amount reasonably and wisely , do not send in multiple application since it dilutes the possibility of the applicant choosing that specific bank , and most importantly do not apply for any personal loan while paying of another loan where the banks generally avoid lending money considering the factor they might not be able to repay.