KreditBee is an online financing platform targeted towards young professions. You can apply for short-term personal loans ranging from Rs.1,000 to a maximum of Rs.1 lakh through this online portal. The app-based service provider hosts several non-banking financial companies (NBFCs) that offer financing to customers. You can apply for the following financing products from KreditBee:
Note: Micro Loans are offered on a short-term basis with a shorter tenure and smaller loan quantum compared to other forms of personal loans.
The company strives to offer quick personal loan disbursals with minimal documentation.
|Particulars||Micro Loan||Short-Term Loan (Personal Loan/Cash Loan/Online Loan/Instant Loan)||ong>Salary Advance|
|Interest rate||36% p.a.*||36% p.a.* (flat)||36% p.a.*|
|Processing fee||Rs.130 to Rs.850||Rs.1,000 + 18% GST||Rs.1,000 + 18% GST|
|Tenure||15 days or 30 days||15 days to 3 months||Up to 15 days from the loan processing date|
|Loan amount||Rs.1,000 to Rs.15,000||Rs.10,000 to Rs.1 lakh||Up to Rs.8,000|
KreditBee offers three types of personal loans to customers – micro loans, short-term loans, and salary advance. Each offers different quantum of financing and loan tenures. This is an app-based product, meaning you can only apply for a loan on this platform once you have downloaded the app from Google Play Store. The app requires a registration process via Facebook that needs to be verified by KreditBee after which you can apply for loans.
Note that you will not be eligible to apply for high loan amounts initially. You will have to apply for smaller loans and repay them on time, upon which your credit limit will gradually increase, making you eligible for higher loan amounts.
Download the app from Google Play Store.
Here’s how to apply for Short-Term Personal Loan products (including Micro Loan):
Any Indian who’s above 18 years of age and has a steady source of income can apply for the financing facility.
You need to submit your PAN card for identification purpose and voter ID card, Aadhaar card, driving licence, or passport as your address proof.
Yes, there are a few additional costs involved. For instance, while making online payments against the loan, you have to pay convenience charges as imposed by the payment gateways. Also, late penalty charges will be levied on Micro Loan products. Here’s a detailed breakdown of the penalty charges for loans ranging from Rs.1,000 to Rs.10,000 for a tenure of 3 months.
|Loan amount (Rs.)||One-time penalty charge||Each-day penalty charge|
|1,000 to 1,900||30||10|
|2,000 to 2,400||44||15|
|2,500 to 2,900||50||15|
|3,000 to 3,400||60||20|
|3,500 to 4,900||70||20|
|5,000 to 5,900||100||35|
|6,000 to 7,900||120||50|
|8,000 to 9,900||150||50|
For loans ranging from Rs.10,000 to Rs.1 lakh, a one-time penalty charge of Rs.500 or per-day penalty charge of 0.2% of the loan will be levied in case you fail to make payments on time.
No, you need to have a Facebook account to get registered on KreditBee.
As a first-time borrower, you can apply for a loan amount ranging from Rs.1,000 to Rs.5,000. If you make timely repayments, you can be eligible for a Micro Loan of up to Rs.15,000.
If you have a valid company ID with company address proof (in India), you can apply for Salary Advance.
No. Only when you have cleared your pre-existing loan, you can apply for another loan.
If you default, penalty charges will be levied on your loan. Also, your credit score as a defaulter will be forwarded to different credit bureaus. On top of that, in the future, you won’t be eligible to get a personal loan from KreditBee with a higher margin of financing.
Yes, you can prepay the outstanding amount whenever you wish to, within the tenure.
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