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KreditBee Short term Personal Loan

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:

  • Personal Loan
  • Salary Advance
  • Cash Loan
  • Online Loan
  • Instant Loan

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

How it works

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.

How to apply

Download the app from Google Play Store.

Here’s how to apply for Short-Term Personal Loan products (including Micro Loan):

  • Download the KreditBee app.
  • Sign up using your Facebook account. Confirm your personal details including name, email address, and mobile number.
  • Enter your Aadhaar number and PAN, and provide details related to your date of birth, monthly salary, and PIN code to check eligibility.
  • Upload KYC documents, including address, marital status, and contact details.
  • Provide your bank account details.
  • Upon verification, expect the loan to be disbursed within 15 minutes.

Here’s how to apply for Salary Advance:

  • Download the KreditBee app.
  • Sign up using your Facebook account.
  • Enter your Aadhaar number and PAN, and provide details regarding your date of birth, monthly salary, and PIN code, to check eligibility.
  • Upload KYC documents, including address, marital status, and contact details.
  • Enter your company details.
  • Upload your Company ID Card.
  • You will receive an OTP on your email address.
  • Provide your bank account details. You will have to provide your e-signature through your phone.
  • Upon verification, expect the loan to be disbursed within 15 minutes.

Eligibility

Any Indian who’s above 18 years of age and has a steady source of income can apply for the financing facility.

Documents required

You need to submit your PAN card for identification purpose and voter ID card, Aadhaar card, driving licence, or passport as your address proof.

Features and benefits

  • Quick loan disbursal (within 15 minutes after approval).
  • High financing amount of up to Rs.1 lakh.
  • No collateral required.
  • Minimal documentation required.
  • App is compatible with all Android phones.
  • No need to submit documents every time you apply for a loan.
  • Repayments can be done through a wide variety of platforms, including online banking, UPI, and debit card, to name a few.
  • First-time borrowers with no credit history can also apply.

FAQs

1. Are there any penalty charges for late payments on the loan?

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.

2. Can I use the app without having a Facebook account?

No, you need to have a Facebook account to get registered on KreditBee.

3. If I am a first-time borrower, what is the loan amount I am eligible for on a Micro Loan?

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.

4. Currently, I am working from home. Am I still eligible for Salary Advance?

If you have a valid company ID with company address proof (in India), you can apply for Salary Advance.

5. Can I take multiple personal loans at once?

No. Only when you have cleared your pre-existing loan, you can apply for another loan.

6. What happens if I default on my 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.

7. Am I allowed to foreclose my loan?

Yes, you can prepay the outstanding amount whenever you wish to, within the tenure.

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