KreditBee Loan App Review

KreditBee Loan App Review

KreditBee is a one-stop platform for people looking for an instant personal loan. KreditBee offers three types of loans: Flexi Personal loan, Personal loan for salaried people, and online Purchase loan. A Flexi personal loan is appropriate to take care of minor expenses. You can get a loan amount starting from Rs. 1000 up to Rs 3 lakhs, with minimum paperwork requirements until the disbursement. One can take a KreditBee loan for several reasons: short-term cash needs, medical emergencies, unexpected expenses, and more. Here you can also check zestmoney app review & epaylater review.

Here is our review of KreditBee, where we delve deep into the pros, cons, rewards, and more. We attempt to answer the question of whether you should get one for yourself or not?

Fees and Charges

Processing Fee The processing fee is calculated based on the loan amount and is limited to a maximum of Rs.1,250. or 2.5% of the loan amount, whichever is relatively high, with no GST applied to the loan amount.
Insurance fee N/A
Preclosure fee N/A

Pros & Cons

Pros
  • Loans are available at an interest rate of just 1.02% per month.
  • Customers get e-vouchers at no-cost EMI and enjoy the offers from top brands like Amazon, Flipkart, Myntra, Cleartrip, Nykaa, and Make my trip.
  • All in one secure credit solution
  • Loans available from Rs. 1000 to Rs. 3 lakhs
  • User-friendly application
  • Quick and easy process
  • For a Personal loan – the minimum amount for a salaried person is Rs. 1000, and the maximum amount is 3 lakhs, with repayment terms ranging from 3 months to 15 months.
  • Flexi loan amount starts from Rs. 1000 up to Rs. 1,00,000 depending on your need. You can repay the loan within 2 months to up to 12 months after the disbursal of the loan.
Cons
  • A relatively new app that could cause trust issues for some

Interest Rates and Tenure

  • Interest rate: 1.02% onwards per month, 12.00% – 29.95% per annum.
  • Tenure: 62 days to 15 months
  • Processing time: 3 to 15 minutes

Loan Amount (minimum and maximum)

  •  Flexi Personal Loan has a minimum loan amount of Rs. 1000 and a maximum loan amount of Rs. 100000.
  • Personal loans range from Rs. 1,000 to 3 lakhs, with funds deposited directly into your bank account.

Who Should use KreditBee?

KreditBee is ideal for people who require quick and easy loans without the hassle of physical application work. KreditBee has simple 100% online processing steps that save you time and can be a good deal for those who need a small sum quickly.

Eligibility Criteria

1. Age

Above 21 years

2. Location

Indian Resident

3. Income

Salary above Rs. 10,000

4. Documents required

  • PAN Card
  • Aadhaar card
  • Bank Account Statement
  • Passport size photograph
  • KYC Address proof

Rating and Reviews

Source: KreditBee

  • Fees and charges – 4/5 The most crucial component of KreditBee is its open loan process; it does not disguise any process charges, terms, conditions, hidden charges, interest rates, or loan process charges.
  • Eligibility- 4/5 The main requirement for obtaining a personal loan from KreditBee is to meet the terms and conditions, including required documents, eligibility, and application via a mobile app, which is easily accessible on both app stores.
  • Overall- 4/5  KreditBee is very popular and intuitive; it is an entirely online process, and there are numerous online reviews and over 20 million downloads of the KreditBee app, with a 4.5-star rating on Google Play Store and 2 million satisfied customers who have given positive feedback.

Conclusion

KreditBee strives to meet both long-term and short-term monetary needs of an individual; salaried as well as self-employed. It emphasises providing opportunities to new applicants who are unfamiliar with the process and who lack a credit history or credit score. In other words, KreditBee continues to serve as a platform for those new to the lending world, providing them with a simple online process. KreditBee provides loans in a range of amounts and repayment terms to meet your unpredictable financial needs.

FAQs

Is KreditBee RBI registered?

KreditBee has been approved and recognised by the RBI as a Non-Banking Finance Company (NBFC).

Who is the owner of KreditBee?

Madhusudan Ekambaram is the Chief Executive Officer of KreditBee.

Is it safe to take a loan from KreditBee?

KreditBee is a well-known platform for personal loans for young Indian professionals. Customers can see all processes and charges, making it a consumer-friendly process.

What happens if you don’t pay a KreditBee loan?

Your CIBIL score will suffer as a result limiting your ability to obtain loans from any bank or financial institution in the long term. Your profile as a defaulter will also be updated.

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