KreditBee is an Instant Personal Loan App & Credit Platform for Young Professionals across India, where one can apply for Personal Loan Online & avail up to ₹2 Lakh as Direct Cash Transfer to Bank Account as per their requirement. Sign up in seconds, create your profile, apply for a loan & get money directly into your account.
1. Flexi Personal Loan – A flexible loan option where you can avail loans within 10 minutes of app install as direct bank transfer. All you need is your PAN Card, ID & Address Proof (Aadhaar/Voter ID/Passport), and you can avail from ₹1,000 to ₹50,000 for a tenure ranging from 62 days to 6 months.
2. Personal Loan for Salaried – A personal loan option where you can avail amounts from ₹10,000 to ₹2 Lakhs as direct bank transfer for a tenure ranging from 3 to 15 months. All you need is your PAN Card, ID & Address Proof (Aadhaar/Voter ID/Passport) and Salary Proof.
3. Online Purchase Loan – A loan option where you can Buy anything Now, Pay Later in EMIs. Via this option, you can avail e-vouchers (or gift cards) on KreditBee App on loan, purchase on KreditBee’s partner platforms like Flipkart, Amazon, MakeMyTrip, Myntra & many more through those e-vouchers, and pay KreditBee later in EMIs.
1. 100% Online process
2. Minimal documentation
3. Fast approval
4. Immediate bank transfer
5. Secure transaction (128-bit SSL encryption)
Benefits & Risks
1. Get access to higher amounts & tenures as you repay on time
2. As compliance requirement your payment behaviour is shared with credit rating agencies; based on that your credit score may increase/decrease
1. Indian resident
2. Above the age of 21 years
3. Should have monthly source of income
How to get started
1. Install KreditBee App
2. Register through your Facebook or Google account
3. Fill your source of income & basic details to check first level eligibility
4. Upload KYC documents – ID, Address Proof and PAN card
5. Avail Loan as bank transfer or e-voucher as per your request
Amount, Tenure, Fees & Charges
Loans range from ₹1,000 to ₹200,000 with payment tenures of 62 days to 15 months. KreditBee charges one-time service fee while onboarding or during upgrade which is ₹30-₹350 depending on the risk profile and membership band availed by customer. Interest rates range from 0%-29.95% with equivalent monthly interest rate of 0%-2.49% only. A small processing fee is charged for the loans e.g. for low risk customers 0%-3% of the principal, for very high-risk customers 2.5%-6.5%*. The charges and repayment tenures vary based on the creditworthiness and repayment ability of the customers.
Penalty is charged only when someone delays their scheduled payment.
The APR for different products is separate as per the risk profile of the customers. The APR for different personal loan products: low risk customers is 0%-36%, medium risk customers is 18%-39%, high risk customers is 24%-42%* and very high-risk customers is 24%-70%*.
In addition to it, GST will be applicable only on the fee components as per Indian laws.
*The higher charges are only for loans of lower amount and lower repayment tenure.
A new low risk customer availing personal loan for salaried can avail a loan of ₹50,000 at an interest rate of 22%, processing fee of ₹1,250 for a period of 12 months and onboarding fees of ₹350. This would translate to an APR 25.2%.
If loan amount is ₹50,000 & interest is 22% per annum; and the loan is to be repaid over 12 EMIs, then the overall interest payable is ₹6,157 only. The EMI per month would be ₹4,680 only.