Buddy Loan App Review: Friends, are you also tired of going to the bank in search of a loan and are disappointed, then today I have brought an app for you that claims that it can get you an instant personal loan.
Techy Loan is a trusted platform that gives you well-researched reviews of websites and apps.
If you are also looking for an application that can provide you with instant loans, then you must have heard the name of the Buddy Loan.
In today’s post, I am going to give you a review of the Buddy Loan: Personal Loan, Is this application real or not, is it okay to take a loan from this app or not, you will know through this post.
Contents
What is Buddy Loan: Personal Loan?
Buddy Loan is a Personal instant Loan Provider with promises to offer low-interest rates along with quick personal loans without the need for much documentation.
You can use the Buddy Loan app to obtain a personal loan from any city in India, with amounts ranging from Rs 10,000 to Rs. 15 Lakhs in just a few minutes.
Buddy Loan Application has many NBFC lending partners which are RBI registered including,
- DRP Financial Services Pvt Ltd,
- Ditya Finance Private Limited,
- LENDINGKART Finance Limited,
- Upwards Capital Private Limited,
- mPokket Financial Services Private Limited
Buddy Loan App Details
| Application Name | Buddy Loan: Personal Loan |
| Who launched | Bvalue Services PVT LTD |
| Loan Amount | Rs. 10,000 to Rs. 15 Lakhs |
| Monthly interest | 11.99% p.a |
| Loan Tenure | 6 months to 5 years |
| Launched Year | 2020 |
| Application size | 23 MB approx |
| Total downloads | 10M Install |
| Rating on Play Store | 4.5 [ 3 Millon Review ] |
| Real or Fake | Safe |
| Website | buddyloan.com |
| NBFC Registered | No |
| RBI Approved | No |
Buddy Loan Eligibility Criteria
Friends, to take a loan from a Buddy Loan application, you will have to follow these eligibility criteria.
| Minimum age | 18 Years |
| Maximum age | 58 years |
| Nationality | Indian |
| Cibil Score | 750 above |
| Who get Loan | Salaried, Self Employed, Student, House Wife |
Types of Loans in Buddy Loan App
As we well know, the Buddy Loan App app offers you a variety of loan options. Here, we’ve listed the categories in which this app offers loans.
- Wedding: Money for marriage
- Loan for bike and new car
- Home improvement loan
- Emergency medical loan
- Credit card bill loan
- Education loan
- Personal Loan
- Business loan
- Travel loan
- Gold Loan
Buddy Loan Required Documents
You need all of these documents to apply for a loan through a Buddy Loan Application.
- Aadhar Card
- Pan Card
- Email Id
- Salary Slip
- Address
- Mobile Number
- Bank Account Details
Buddy Loan App Repayment Process
Let’s See an Example: Friends, suppose you have taken a loan of ₹ 1,00,000 with an interest rate of 13% and processing fee of 2% from a Buddy Loan application. The Buddy Loan claims that it will be charged to you after 1 year according to your loan period.
Friends, if you have taken a loan of ₹ 1,00,000 for 1 Year with an interest rate of 13% and a processing fee of 2% + Gst, then you will have to pay a total repayment of ₹1,10,129.
Buddy Loan App Review [ Complete Review ]
Friends, according to Buddy Loan App claims that it gives you loans ranging from Rs. 10,000 to Rs. 15 Lakhs in just a few minutes which is completely right.
But this application does not give you a loan because Buddy Loan is not a loan provider, it only collects your data and shares it with its RBI-registered NBFC partners.
Buddy Loan is a safe and secure application but is not registered with RBI and does not hold any license.
Buddy Loan App real or fake
Friends, the Buddy loan app is a real and safe application but it does not provide you loan, it only takes your data and shares your data with its NBFC partner.
When your data goes to these NBFC companies, then the buddy loans NBFC partners contact you through email and messages.
When you start receiving messages, you will have to read those messages carefully and search about those applications on Google or YouTube and see their reviews so that no fraud or scam happens to you.
Buddy Loan App Review
Summary
According to my research, Buddy Loan is not a loan provider, it only collects your data and shares it with its RBI-registered NBFC partners.
Buddy loan OTP Scam
According to some users, they keep getting OTP continuously on their mobile from the Buddy Loan Application. Is this a scam? No one is aware of it yet.
This kind of OTP keeps showing up on Tabitha’s smartphone in the morning. She claims that despite never having downloaded the Buddy Loan Application or ever heard of it by name, she is still receiving OTPs from it.
| Name of Complainant | Tabitha |
| Date of Complaint | December 15, 2023 |
| Name(s) of companies complained against | buddy loan |
| Category of complaint | Internet Services |
| Permanent link of complaint | Right click to copy link |
Q: Is buddy loan safe or not?
Ans: The Buddy loan app is a real and safe application but it does not provide you loan
Q: Is buddy loan fake or real?
Ans: Buddy loan is a real application.
Watch My Full And Detail Review
Conclusion
Buddy loan App Review: Friends, if you have read this post till now then you must have understood that the Buddy loan App is Safe and Legitimate.
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