With digital being the constant space for all purposes in the current world and how it impacts our work and lifestyle, people now are more aware of their financial goals and plans. From education or buying a two-wheeler or car to getting married and requiring finance for honeymoon travel to buying a home or covering medical expenses, loans at the correct time and rate have the ability to transform and build our lives.
Bangalore based fintech startup – Buddy Loan, Co-Founded by the serial entrepreneur duo Srikanth Bureddy and Satish Saraf, is one of the fastest growing personal loan aggregators in India.
Buddy Loan’s Artificial Intelligence based platform generates over 10,000 daily loan applications and offers collateral free personal loan options from India’s top lenders. So far, Buddy Loan has generated over 7 million loan applications. Since its launch in Sep’2019, the platform has already approved over ~INR 6,643 Crs. worth of loans. It’s hassle-free and quick sanction facility allows people to apply for loans ranging from Rs. 1000 to Rs 15 lakh, with low interest loans starting at 11.99% p.a.
This pace of growth (in these 17 months of operation) is commendable considering it had to witness a once in a lifetime pandemic where citizens’ movement were restricted for most part of FY 20-21.
Customised Loan space - The roadmap to future
It is important to gain the right kind of financial support and Buddy Loan customises solutions based on the likes and dislikes of the customer’s financial needs. The common man that is constantly trying to upgrade, whether it be trending home décor, cars, smart phones, laptops or versions of Alexa with a lookout for fast cash. The Buddy Loan app ensures that one can avail all these at one place.
Crossing one million app downloads on GooglePlay on 2nd March, 2021, Buddy Loan has truly become the go-to app for quick and easy personal loans connecting borrowers with lenders. The app offers best loan options to the borrowers on a single platform and allows the lenders to look at the borrower’s background and history, enabling a seamless flow of loan transfer according to one’s comfort.
Quick Loan, Simple Loan
Buddy Loan makes the whole loan making process a cakewalk with its simple criteria of being a salaried or self-employed Indian citizen above the age of 22 years. The criteria are at per with the minimum eligibility criteria of the lenders. The transparency of the factors considered by lenders while granting or rejecting a loan application provide a realistic view to the customer.
The facet of getting a quick personal loan based on just one documentation is the need of the Gen Z and the millennials. At Buddy Loan, Aadhar card is that single documentation that allows one to avail a quick personal loan at any time for any purpose. Aadhar card makes the approvals more credible due to the scope for quick online verification process.
Buddy Loan serves the dual benefit of meeting financial needs and functions towards building a credit score of the one that avails loans leading to credibility strengthening for future.
With the vaccine being administered and people seeping into the new normal, the decision and experiences that one faces are also new. The immense growth of the platform in the pandemic shows the potential it has in future.
As per Mr Srikanth Bureddy, Co-Founder of Buddy Loan, “The idea behind creating this platform was to ensure higher efficiency in the personal lending space by making the process easy for lenders and borrowers both. And we achieved that in a very short period. After building the platform successfully, our aim now is to add more features to the platform to provide a superior experience.”
And this idea framework reflects in the customer interaction and engagement with Buddy Loan and we are clearly engaged to see more.
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