Quick loans, also known as fast loans or instant loans are short-term financial solutions designed to help people who are in urgent need of funds. Quick personal loans are usually provided by lenders online with instant approval.
Buddy Loan lenders offer quick loans of ₹10,000 to 15 lakhs at an affordable interest rate starting of 11.99% p.a. with a flexible tenure of 6 months to 5 years. Get a quick loan approval online in just a few minutes through the Buddy loan website or by downloading the app.
You can apply for quick cash loans by downloading and installing the Buddy Loan app (Android or iOS).
Quick Loan Interest Rate & Charges
The interest rate and charges of quick easy loans may vary from one lender to another. Various factors like type of loan, tenure and your creditworthiness also affect the rate and charges on your loan. Quick loans, especially short-term or pay day loans tend to have a higher interest rate when compared to traditional loans.
Below is a general overview of the interest rates and charges on quick and easy personal loans:
| Interest rate | 11.99% p.a onwards* |
| Processing fee | 0.5% to 4% of the loan amount. |
| Late payment charges | 1% to 2% |
| Foreclosure / prepayment charges | 0% |
Quick Loan Eligibility
Eligibility criteria are important factors that you need to fulfill before taking a loan. Carefully review the criteria laid by lenders as they can differ from one quick money lender to another.
Here is an in general eligibility criteria required for a quick loan:
| Citizenship | Indian |
| Age | 21 - 65 years old |
| Credit score | 650 above |
| Employment | Must be salaried or self employed |
| Minimum monthly income | ₹15,000 |
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Quick Loan EMI Calculation
For you loan repayment, you need to have a clear idea of the EMI you will have to pay. This calculation helps you plan better. For quick loans EMI calculation you can use an online EMI calculator for instant results.
The online calculator is simple and easy to use. All you need to do is to enter the following information:
- Loan amount
- Interest rate
- Tenure
You can also calculate teh EMI manually using the formula:
EMI=P x r x (1 + r)n(1 + r)n-1
Here,
P is the principal amount
r is the interest rate
n is the number of monthly instalments
Documents Required For Quick Loan
Quick loans usually require minimal documentation as it streamlines the application process. The specific documents required by quick money lenders will vary depending on the lender and the type of loan. Remember to provide accurate and complete documents for a smooth application and approval process.
Here are the documents that most lenders usually ask for:
| Identity proof | Aadhaar card, PAN card |
| Age proof | Birth certificate, Voter ID |
| Address proof | Rental agreement, Utility bills |
| Employment proof | Employment letter |
| Salary proof | Salary slips for the last 3 months, bank account statements |
| _ | for 6 months, Form 16. |
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Quick Loan App
There are several quick loan lenders that provide financial assistance in India. This has made borrowing more easy and convenient. Quick loan apps are specifically designed to give urgent financial needs to borrowers. Providing accessible monetary options to those who are seeking alternative financial solutions. Here are some of the instant loan apps along with their interest rate in India:
*Note: The interest rates are dynamic and subject to change based on your credit history and credit worthiness.Features & Benefits of Quick Loan
Quick money loans have become an important financial solution that offers you quick and accessible monetary help. These loans are specifically designed to help you get immediate funds when unexpected expenses arise. Here are the many features and benefits of instant cash loans:
Customisable Loan Amount
Get anyloan amount
ranging from 10,000 to 15 lakhs
Low Rate of Interest
Get fast loans at low
interest rates of 11.99% p.a.
Flexible Tenure
Repay the loans at a
tenure of your choice,
up to 60 months
Minimal Documents
Little to no documents are
required as it quickes
the approval process.
Fast Approvals
Get your loan approved
in just a few minutes
Convenient
Quick loans are
conveniently avaible online
Steps to Apply For Quick Loan
Getting instant funds during an emergency can be extremely helpful. With Buddy Loan, you can get quick loans from top RBI approved lenders in just minutes. All you have to do is follow these few steps and get your loan in minutes!
Step 1: - Visit buddyloan.com or Download & install the Buddy Loan app (Android or iOS).
Step 2: Open the Personal Loan Application Page. Provide the mobile number and enter the received OTP.
Step 3: Specify the desired loan amount & personal email. Next, choose the Personal Loan option
Step 4: Choose the employment type (Salaried, Self-Employed, or Student) and the salary mode (bank or cash).
Step 5: Enter your work details (Including company name, years of service and Designation)
Step 6: Enter your personal details (Including Full Name, PAN, address DOB & Gender)
Step 7: Provide your communication address, and income details and Click the ‘Submit’ button.
Take the next step!
Factors Affecting Quick Loan Interest Rates
The interest rates for quick cash loans are influenced by different factors. Understanding these factors can help you understand how your interest rate can be affected and how you can get better interest rates in the future. Here are some of the factors that determine a fast personal loan interest rate:
Credit score: Your credit score is a major factor in determining the interest rate for your fast loan. In general, if you have a high credit score, you will get a lower interest rate as a high credit score indicates that you are a low risk borrower. However, with a low credit score you may get a higher interest rate as you are considered a high risk borrower. So, check your credit score and improve it constantly.
Loan amount: The loan amount you take directly affects the interest rate, as the higher the loan amount, the higher your interest rate will be and vice versa.
Loan tenure: The duration for a loan can affect the interest rate. Short-term loans may have a higher monthly interest but lower overall interest paid, However, a longer loan tenure will lead to a lower monthly interest rate but a higher overall interest.
Income and employment stability: Your income and employment stability is an important determining factor for the interest rate. Lenders will give lower interest rates to those who have a stable income and employment history as they can prove to be highly likely to repay the loan.
Your debt-to-income ratio: This is another important factor that lenders consider as it reflects your ability to manage additional debt. With a lower ratio you will get a more favourable interest rate, but a higher ratio will get you a higher interest rate.
Your creditworthiness: Your overall credit history will impact your interest rate. A positive credit history will lead you to favourable outcomes, while a negative mark on your credit history will affect the interest rate on your instant cash loan.
Market conditions: An interest rate can be affected by prevailing economic conditions in the financial market. If inflation is high, interest rates may also increase. If the central bank raises its rates, then the lending rates across the country will increase. Similarly, regulatory policies, unemployment rates and global economic factors can affect the interest rates.
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Check other Instant Personal Loan options from below:
Frequently Asked Questions
A quick loan is a short-term urgent financial solution that you can avail from various lenders. They offer convenience, fast access to funds and minimal documentation to a diverse range of borrowers.
You can visit the Buddy Loan website or download the app from Play Store or Apple Store. After this you can just simply follow the steps on how to apply for a quick loan given above.
You need to be an Indian citizen of about 21 - 65 years of age. You must be salaried or self-employed with a minimum income of 15,000 and a credit score of 650 above.
There are various types of quick loans available, these are; personal loans, payday loans, salary advances, line of credit, instant cash loans, emergency loans and more. These different loans can be taken for their own intended purposes, interest rates, loan amount, tenure, etc.
The maximum loan amount you can get with an instant loan is 15 lakhs.
The typical repayment tenure ranges from 12 - 60 months.
After your loan is approved, the amount will be disbursed immediately.
Quick loans are mainly unsecured loans.
The interest rate for quick loans differ from one lender to another. Usually interest rates start at 11.99% p.a. The interest rate is calculated depending on a number of factors such as loan amount, tenure and your creditworthiness.
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