Get Instant Personal Loan with Less Documentation - Buddy Loan

The decision of getting an instant personal loan is crucial that demands your full attention right from the start till the closure of your personal loan. It is very important to evaluate your needs and repayment potential before taking out a loan. It’s in your best interest to make sure that the loan EMI won't impact your budget every month. Your earnings should be enough to comfortably repay all of your monthly EMIs and take care of your basic expenses.

This guide will help you get a Personal Loan in five simple steps. From documentation till receiving the loan amount in your bank account, we have got you covered.

Step 1: Identify your requirements

Determine why you need a Personal Loan and how much you need. Having a loan is crucial for many reasons, including funding your wedding or renovating your home. A loan may be required for as little as Rs. 1 lac to Rs. 10 lac as per your needs

Step 2: Determine loan eligibility

Depending on the amount you need, you should first determine your eligibility for that amount. You get an option to check online for a personal loan eligibility calculator to see how much you can borrow. You can even visit your nearby bank to get detailed information.

Step 3: Calculate your monthly installments

You can also calculate your approximate monthly loan repayments by using an online EMI calculator. You can even get an option to adjust the interest rate and tenure that can match your monthly income.

Step 4: Contact the bank

You can apply for a personal loan in various ways: through NetBanking, online, at an ATM, or in a branch. However, once you've assessed the banks, determined the amount, and have all the documents ready, you can also apply for a personal loan at the branch of your shortlisted bank.

Step 5: Submit your documents

You must always find out what documents are required for a Personal Loan. As most of the banks require your income proof (bank statements, payslips, or income tax returns), address proof, and identification proof. However, You need to wait until the funds are credited to your account. Many banks offer to disburse funds for pre-approved loans to customers in an hour.

Final words

You can get an instant personal loan to cover your short-term needs and necessities. However, to secure a personal loan, it is vital to understand the basic eligibility requirements that need to be met. Unfortunately, you may not get proper guidance while applying for a Personal Loan, but with the help of the Buddy Loan, you can select from a variety of lenders and choose the best one meeting all your needs.