The KreditBee loan is available to both salaried and self-employed individuals. Its Digital Underwriting Mechanism enables them to avail the loan easily. They can also enjoy pre-payment charges. However, they must be aware of the risks involved in getting this type of loan.
When you borrow money from KreditBee, you don’t need to worry about paying pre-payment charges. This is because the entire application process is online. The loan amount is transferred directly to your bank account in 15 minutes. And if you have the time and inclination to do so, you can even close your loan early without incurring additional fees.
There are three types of loans offered by the company. These include the personal loan, the Flexi Personal Loan, and the Online Purchase Loan. Depending on your requirements, you can apply for any of these.
During the loan application process, you will be asked to provide personal details and other documents. After you submit these, you will receive an OTP. Once you receive the OTP, you will be able to install the application and complete the verification procedure. You will then be able to view your profile. It will also show you how much you can borrow.
In addition, you will be asked to enter your mobile number and a PAN card. Your PAN is a proof of your identity.
Before you proceed with your application, you must be a resident of India. You must be at least 21 years old. Besides, you must have a regular income of at least INR 15,000 per month.
Moreover, you must be employed for at least three months. If you are a salaried individual, you can take out a personal loan of up to INR 3 Lakhs. However, you must have a valid bank account and a regular salary to qualify.
Finally, you must have a good credit score. In fact, the interest rate you can avail will depend on your credit score. Generally, a higher score will enable you to get a bigger loan. But, if you have a poor credit history, you will be charged more.
Fortunately, the interest rates on loans from KreditBee are competitive. They are between 4% and 5% for a general term.
To be eligible for a Kreditbee Personal Loan, you must be at least 21 years old, a resident of India, and have a minimum monthly income of INR 10,000.
KreditBee offers loans to salaried and self-employed individuals in India. The loan process is completely online. It supports Debit Card, Bank Transfer, UPI, and Net Banking. You can apply for a loan through the app, and the funds are disbursed within 15 minutes.
The repayment plan of the personal loan is also simple. Users can make their repayments online, and the lender will send an SMS to the user on the successful completion of the repayment.
The minimum amount that can be borrowed through the loan for salaried individuals is 10000 rupees, and the maximum limit is 3 lakhs. Applicants can use the loan to cover business expenses or for other personal purposes. In addition to a loan for salaried individuals, the company also offers an advance salary loan and cash loans for medical emergencies.
For self-employed professionals, the company offers unsecured loans. The applicants have to provide proof of their income, such as PAN and bank statements. Depending on the borrower’s income, the interest rate will vary.
Compared to other traditional methods, the loan application process on the KreditBee app is easy, and you can choose from three different tenures. The minimum duration is two months, and the maximum is fifteen months. This makes the platform ideal for both salaried and self-employed employees.
In addition to personal loans, the company plans to enter the home loan market, and will also start offering credit-line backed cards. As a result, the company expects to reach over $1 billion in assets under management within six to nine months.
KreditBee is an online instant personal loan platform. It offers unsecured loans with an interest rate of 1.02% per annum. It is a digital lending platform that targets young professionals.
This lending platform has a huge potential to become a one-stop solution for digital lending in India. Currently, it has a lending book of over INR 1500 Cr. In the next few years, it plans to expand to secured loans, home loans, and merchant-side offers.
The KreditBee mobile app allows users to apply for a loan in just minutes. It is available on Android and iOS smartphones. To get started, users need to download the application and register their account. Users need to upload documents, such as PAN, employment details, and reference contacts. Once the application is approved, users are sent an OTP, which will allow them to complete the registration process.
There are three types of loans available on the KreditBee platform: Personal Loan, Flexi Personal Loan, and Online Purchase Loan. Users can select the loan according to their needs. Moreover, they are allowed to repay the loan through multiple modes.
Before applying for a loan, applicants must first create a KreditBee account. After doing so, users must provide a valid mobile number and email address. They also have to sign up for a bank account.
Applicants have to upload their credit history and financial information to ensure their eligibility for a loan. In addition, they have to be aged 21 or above. Besides, borrowers must have a regular income of at least Rs.15,000. Also, users must be employed for at least three months to be eligible for a loan.
As far as processing fees are concerned, a borrower has to pay a minimum of 6% of the loan amount. However, the fee is waived off when a user uses a Visa card or debit card to make payment. Moreover, a repayment plan is offered to borrowers who want to pay back their loan with ease.
Another benefit of using the KreditBee platform is that they do not require a CIBIL score. Hence, young professionals and others who have a bad credit history can now avail a personal loan.
Applying does NOT affect your credit score!
No credit check to apply.