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.
KreditBee App Founder & Release Information:
- Founder(s): Madhusudan Ekambaram
- Employees: 250+
- Headquarters: Bangalore, Karnataka, India
- Founded: May 1, 2018
KreditBee App Features:
- Loans range from ₹1,000 to ₹200,000
- Tenure: 62 days to 15 months. Interest rates range from 0%-29.95% depending on risk profile of customer and product availed
- Example: If loan amount is ₹50,000 & interest is 22% per annum with tenure of 91 days; after deducting any other fees
- Interest = ₹50,000 x 22%/365 x 91 = ₹2,742
Loan Types
- 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, and you can avail from ₹1,000 to ₹50,000 for a tenure ranging from 62 days to 6 months.
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 and Salary Proof.
Online Purchase Loan
- A loan option where you can Buy anything Now, Pay Later in EMIs. Via this option, you can avail e-vouchers 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.
- 100% Online process
- Minimal documentation
- Fast approval
- Immediate bank transfer
Benefits & Risks
- Get access to higher amounts & tenures as you repay on time
- As compliance requirement your payment behaviour is shared with credit rating agencies; based on that your credit score may increase/decrease
Eligibility
- Indian resident
- Above the age of 21 years
- Should have monthly source of income
How to get started
- Install KreditBee App
- Register through your Facebook/Google account
- Fill your basic details to check first level eligibility
- Upload KYC documents – ID, Address Proof & PAN card
- Avail Loan as bank transfer or e-voucher as per your request
Amount, Tenure, Fees & Charges
- Loans amount: ₹1,000 to ₹200,000, Tenure: 62 days-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 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 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.
Example
- 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%.
Interest Calculation
- If loan amount is ₹50,000 & interest is 22% per annum; and loan is to be repaid over 12 EMIs, then overall interest payable is ₹6,157 only. The EMI per month would be ₹4,680 only.
KreditBee App Google Play Store Information
- Updated: February 17, 2020
- Size: 8.3M
- Installs: 10,000,000+
- Current: 5.3.0.6
- Requires: 4.1 and up
- Content Rating: Rated for 3+
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Download App From It’s Store:
Download KreditBee Android App From Google Play Store
Download App From It's Store:
Google App StoreURL
Developer Information:
Name: Finnovation Tech Solutions Pvt LtdEmail: dev@kreditbee.in
Developer Website: https://www.kreditbee.in/
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