Hello friends, in this concept, we'll discuss how can we take a personal loan from Buddy Loan. In this concept, I'll show the step-by-step process of acquiring a personal loan from Buddy Loan from home. Let me quickly show the whole process on the screen. All these, including how to enter your details, and the rest of the process will be explored, but we'll see them at the end of the concept. Well, the process takes only 2 minutes, which we'll go through at the end, but first the platform, i.e., Buddy Loan, from which we're going to get a personal loan, which is quite the talk in the market nowadays. – so, first, we should know all about Buddy Loan, the instant app. So, the main interface of it looks as such, and it's written here that their approval rate is 80%. So, out of 100 applicants, it's expected that 80 will be able to get loans easily from Buddy Loan according to them. But let me tell you something before we begin that you'll only get a loan if your CIBIL score is all right. But if your CIBIL score is in bad shape, then you might get a loan of a very small amount, around 5k or so, but the rate of interest will be outrageous. Well, we'll talk about these later on. Here's another screenshot of Buddy Loan. They say that they give loans of up to 15 lacs and 10k is their lower limit. Then it says that your minimum tenure has to be 1 year and a maximum of 5 years for the loan taken from Buddy Loan. So, this is written there. The rate of interest starts from 11.99% and a lot of people will say that you'll get the loan at an 11.99% interest rate, but it's not like that. The interest rate begins from 11.99%, but it can reach 36% or 40%, and you may also get it at 12%. So, that's that. The interest rates of instant loan apps are usually much higher than that of the banks. The last thing is that Buddy Loan is India's biggest aggregator app. We'll discuss this later – this is perhaps the most important point here. Well, let's come back to its main interface. So, when you visit Buddy Loan's website, of course, you'll see the mention of personal loans; but along with that, they also claim to provide car loans, two-wheeler loans, medical loan, education loan; then, there's home loan, gold loan – so, they're claiming to provide different types of loans. Well, when I clicked on the option of Home Loan, to check whether they really provide home loans or not. So, I clicked on Home loan, then it asked me to enter my mobile number, then I received an OTP, then it asked me to enter the loan amount, so I entered 10 lacs. Then it asked for my email address and I entered it, and clicked on 'Next'. Then on the next page, it asked what type of loan I was looking for – whether it's a personal loan or a business loan. Well, when I'm seeking a home loan, why am I given options of personal loan and business loan? What it means is that no matter what option you click on car loan, medical loan, education loan – whatever you click on, you'll be directed to this page, with only the option of personal and business loans. While the interest on personal loans is expensive, home loan interest rates are usually 8-9%. So, if want to buy a house, then why should I opt for a personal loan? Similarly, when I clicked on gold loan, I had to fill in all the details again, only to be directed to select one between a personal loan and a business loan. So, clearly, it's nothing but a facade – whether you click on travel loan, medical loan, two-wheeler loan, car loan, home loan, or gold loan, you'll be redirected to the personal loan page So, you must have knowledge of these Don't assume that clicking on 'home loan' will actually provide a home loan; instead, you'll find yourself redirected to a personal loan offer. If you're getting a home loan at 36%, then what's the point of getting that? You can easily get a home loan at an 8-9% interest rate nowadays So, keep in mind that they only offer personal loans Next, I had entered a random birth date as 2023 to check the minimum age requirement, So, it showed that the minimum age to apply for a loan at Buddy Loan should be 18 years. So, we're done with these. Now, let's come to the main point, that is, it's the biggest loan aggregator app. Buddy Loan doesn't give you loans directly. It's not that a customer shows up and comes to Buddy Loan, and Buddy Loan gives the customer a loan – suppose, you need a 1 lac-rupee loan; so, you come to Buddy Loan, enter all your details, and Buddy Loan grants you your loan – it doesn't work like that. Buddy Loan is nothing but a middleman; customers come to Buddy Loan, and Buddy Loan redirects them to different personal loan apps. and secure some commission in the process. This is what Buddy Loan does they don't give you the loan directly. Let me show you a screenshot here when I applied for a loan from Buddy Loan, I entered all my details, and it showed here that my loan request had been submitted. I got this message after entering all my details. As soon as I clicked on the 'submit' option, it took me to the next page, where it showed that I'm eligible for the loan from Aditya Birla, Branch – it's an instant loan app, Moneyview – another instant loan app, and there was Yes Bank and many other instant loan apps. So, what it means is that when a customer comes to Buddy Loan, Buddy Loan sends the customer elsewhere. So, suppose I applied for a loan in Buddy Loan, have done all the process, and at the end, it shows a list of other loan apps from where I can get a loan. So, when I click on one of those, I have to download that app from the Play Store. So, what's the point of Buddy Loan then? If I wanted to take a loan from Moneyview, I'd have gone to Moneyview directly. Why should I go to Buddy Loan then? Let me clarify something this is a customer who goes to Buddy Loan, and Buddy Loan sends them to Moneyview. So, the customer goes there and hence it's obvious that they'll get some commission. They're certainly not providing charity. Nothing comes free of cost today, so it's quite simple that well, if I wish to get a loan, then I could simply visit Moneyview directly. And it's not that Buddy Loan is the only app that's acting as an intermediary, there are so many apps which do the same. I've gathered some more examples as well, like PhonePe personal loan, which I have discussed in another concept. If you come to its interface, you'll see it's clearly written there that it's a sponsored link, which is great. And here, it's saying that if you want a loan, then go to Buddy Loan. Well, this is even worse. So, here's the customer and he applies on PhonePe, then PhonePe sends him to Buddy Loan and secures its commission, then Buddy Loan sends him to Moneyview for example well, that's enough to make customers go mad. It's got the commission too, indirectly from the customer. The customer's paying both these two. So, why should not the customer go to Moneyview directly then? It's quite simple. Let me give you another example. There's Google Pay. Google Pay also gives loans. So, how does that work? Google Pay has tied up with an NBFC called DMI Finance and it gives loans through them. So, the customer goes to Google Pay, and Google Pay sends him to DMI Finance in exchange for a commission. Another example – I'd put some screenshots of Google Pay's interface with rate of interest and all – well, let's leave it now I've already discussed it in another concept. Similarly, there's Bajaj Finserv, which has tied up with Moneyview. Bajaj itself gives loans but has tied up with Zype, Kissht etc. too. It has clearly mentioned that it has more than 15 partners. In the same way, customers come to Bajaj and Bajaj sends them elsewhere in exchange for a commission. There's Paytm too – Paytm has partners as well Hero, Tata Capital, Aditya Birla, Poonawala etc. Again, the same, customers come to Paytm and Paytm sends them to other apps. Well, the matter is that, in India, there's a significant lack of financial literacy. People think that if they're applying to Paytm, then it must be some other app by Paytm that they're being sent to for a loan. Many of you watching might find this quite basic and perhaps too simple But you must understand- you might be able to avoid all these, but there are a lot of people out there who don't know about these. Why should we pay so much commission? I always suggest that if you want a loan, then go to the bank. Why opt for instant loan apps where nothing is straightforward? Anyway, leave it There's Flipkart too. A good thing about Flipkart is that it has a tie-up with Axis Bank. At least it has a tie-up with a bank. But still, I'd say that instead of going to Flipkart, go to Axis Bank directly. So, these are all the things I wanted to tell and you should have knowledge about these too. Secondly, I've already told you everything about Buddy Loan, and since you're here, I'll show you the process as well. So, let's see if you still wish to take a loan from Buddy Loan, then let's go through the process. Otherwise, I've already clarified that if you are to take a loan from somewhere, go there directly. And I also want to say that the rate of interest and fee processing of the instant loan apps are extremely high as compared to banks. That's why I always prefer banks. But I get questions that if one doesn't file an ITR or doesn't have a proper salary slip, then how do they get a loan from the bank? In such cases, they say, the only option is instant personal loan apps. So, if that's the case, select an instant loan app with the lowest interest rate and ensure that the app provides the loan directly, not as an intermediary. This is my personal opinion; the rest is your choice. Let me tell you the process of Buddy Loan now and show you how can you apply for a personal loan from Buddy Loan from home. To apply for the loan from Buddy Loan, first, you've to go to Play Store, and install the Buddy Loan app. After that, it asks you for your mobile number and as you enter the mobile number, you'll receive an OTP for verification, which you've to enter. Then, you're asked to put the loan amount, so select an amount from here, and then you've to click on this 'Next' arrow. Then on the next page, you've to enter your PAN card number, then click on the 'Next' arrow. After that, you've to enter your email ID on the next page, and click on the 'Next' arrow option once again. Then, on the next page, you've to select your employment type select 'salaried' if you have a job, and 'self-employed' if you've your own business. Whatever option you select, you then have to click on the arrow adjacent to it. On the next page, it asks your workplace type – if it's public sector, private sector, or government sector – so, you've to select your employment type and move on to the next page. Then on the next page, you've to enter the company name, and then click on the 'Next' option. Then you're asked to enter your designation or fresher, or the role you play in the company you've to enter that and click on the 'Next' option. Then, on the next page, you've to enter the PIN code and the city of your company, and the state it's located in– all the basic details – and then click on the 'Next' option. Then you're asked how long you've been working in that company, so select the years and then click on 'Next'. Then, you're asked what's your monthly income, so you've to enter your monthly income here, and click on 'Next'. Then you're asked to select the mode of salary whether it's cash or bank credit. So, you have to select one and click on the adjacent arrow to move on to the next page. Then, on the next page, you have to select the bank where your salary gets credited. After selecting the bank, you simply have to move on to the next page. Then, on the next page, you've to enter your name as it is which is typed on the PAN card. After entering your first and last name, you've to click on the 'Next' option. Then on the next page, you're asked to verify your current address. So, verify the PIN code, city, and state of your current address. So, after confirming these basic details, you've to click on the 'Next' option. Then, on the next page, you're asked to enter your residential status, whether it's your own home, a rental property, or under your parent's name, etc. so, select your home type and click on the adjacent arrow. Next, you're asked to enter your date of birth, so select that and click on 'Next'. On the next page, you've to select your gender and click on 'Next'. Next, you're asked about your qualifications, whether you're an undergraduate, graduate, or post-graduate. Select your qualification and click on the adjacent arrow. On the next page, you've to select your marital status. Then, on the next page, you've to enter your father's and mother's name and click on 'Next' to move on to the next page. Then, on the next page, you're asked whether you're currently repaying another loan or not, and if so, what the EMI amount is So, whatever the amount is – if you're paying off another loan, then what's the EMI amount of this loan So, if there isn't any other ongoing loan, then select 0 here, and click on 'Next'. Then, it asks whether you're interested in getting a credit card or not. Select 'yes' if you're interested; if not, then select 'no'. Select an option that you prefer and then move on to the next page. Then on the next page, you'll see the final 'Submit loan request' option, and all you've to do is click on the 'submit' option below. Then it'll take a little loading time. Then it says here that there are two lenders – CASHe and KreditBee who are interested in giving you a loan. So, as I mentioned earlier, it'll show different apps again, they're not giving the loan directly, so if I select KreditBee, then you'll have to go to Play Store to install KreditBee and follow the process of KreditBee. Buddy Loan will just enjoy the commission. So, simply speaking, this is the process. If you select KreditBee, then I've made a separate concept on that. If I show the process of KreditBee, then this concept will become way too long. So, all you've to do is, type 'KreditBee instant loan' and put the channel's name in brackets, that is, XY-Axis Education. So, you can check out the detailed concept on KreditBee too. I hope you found this concept on Buddy Loan informative. For now, this is the end of the concept. Thanks for listening and thank you all.