FinTech Buddy Loan offers 2x higher disbursal rate on personal loan app
By Leandra Monteiro
Bangalore-based FinTech start-up, Buddy Loan, a personal loan aggregator cofounded by entrepreneur duo Srikanth Bureddy and Satish Saraf, offers 2x higher disbursal rate than the industry standards through an Artificial Intelligence (AI) powered platform. According to the company, the platform also generates over 10,000 daily loan applications.
The platform offers collateral-free lending options to its customers from India’s lenders on an AI-driven platform. It matches each customer’s loan needs with the onboarded lenders’ eligibility requirements, and then goes on to provide the customer with the best-suited loan options. Since the screening is designed to match the borrower’s and lenders’ requirements, it ensures a higher loan disbursal rate than the industry standards.
Satish Saraf, Co-Founder of Buddy Loan, said, “Buddy Loan is a one-stop-shop for borrowers. The AI-powered platform reduces the nuisance of checking loan eligibility with various lenders and offers the best options on a single platform. At the same time, it enables lenders to process and grant loans quickly as they receive only those loan applications that fit their eligibility requirements. This ensures higher loan disbursal rates.”
Srikanth Bureddy, Co-Founder of Buddy Loan, said, “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.”
Personal loan application through Buddy Loan enables borrowers to use the loans to meet any financial needs, and they only need to fill a digital form for the loan application. A loan gets sanctioned within 48 hours through Buddy Loan’s lending partners. According to Buddy Loan, it has generated over 7 million loan applications in a span of just 17 months since its launch in Sept 2019.