KreditBee Loan App: Information, Eligibility Criteria, Interest Rates, Review & More
If you are a salaried professional or a self-employed person, then you might require loans for various purposes. Getting an instant personal loan at a low-interest rate becomes a necessary requirement in such cases. This is where KreditBee can come to your rescue. You can now apply for a loan from the KreditBee App easily.
On the KreditBee loan app, as well as on KreditBee’s website, you will get every detail related to KreditBee loan details and the types of loans offered. Apart from that, you will also get a KreditBee loan amount list on the app.
In this article, we will mainly know about KreditBee, which offers quick personal loans as per the requirement of an individual. Furthermore, you will also get to know about the types of loans and interest rates offered by KreditBee. Moreover, we will also check whether KreditBee is a safe place to get a loan or not. Lastly, we will look at some useful user reviews about the KreditBee loan app.
KreditBee – A General Overview
KreditBee is a platform where multiple non-banking financial services companies offer you loans. The loans are instant, and the amount ranges from INR ₹1,000 to ₹4 Lakhs. You can avail of your loan as per your needs and requirements.
The best part about this app is that you will be able to get your loans fast and easily. Furthermore, the document verification process is also not time-consuming. The process is fast and free of hassles. On the other hand, you will get your loan by showing only minimal documentation through the KreditBee app. All these processes can be done online, in the comfort of your home.
KreditBee Is Safe Or Not: Is KreditBee Safe?
As per our understanding of the KreditBee app, and the website, the platform seemed safe. The KreditBee website claims that they only work with licensed NBFCs of India –
“We host multiple non-banking financial companies (NBFCs) who have a license from the Reserve Bank of India (RBI).”
But we cannot certainly certify an NBFC to be safe. Many registered NBFs have been linked with big scams. Hence, their licenses were cancelled as well. So, caution is our utmost priority, while taking emergency loans from NBFCs like Kreditbee.
Apparently KreditBee is safe.
Not only is Kreditbee licensed to act as an officially RBI recognized NBFC in India. But they already have 4 million customers as well.
The legalities are not the only context of safety, coming NBFCs.
Safety of personal data, personal financial credentials and financial transaction safety also matters.
So, How Does Kreditbee Ensure Safety In These Niches?
Whether there are RBI regulations for ensuring safety of personal data of customers is another question.
Section 45-IA of the RBI Act, 1934 says that Kreditbee is safe. Their app has the authorization to collect personal data for financial transactions. So, it’s Kreditbee’s liability to maintain the security of the personal data that they collect from their 4 million customers.
Safety Measures of Kreditbee
Kreditbee is safe, as they have partnered with AWS to improve their security an stability. Experts say that stable financial transactions are safer.
But how?
The blockchain communications are better when you use a stable system. At the same time, the loopholes for hackers trying to siphon personal data of users are also minimal, when systems are stable.
The Loopholes
The datasets of Kreditbee’s central servers are increasing. So, these data centers can be soft targets for the cybercriminals.
However, Kreditbee registered for Amazon GuardDuty to monitor the threats minutely. To improve security, Kreditbee uses Amazon Rekognition services too. This service software can prevent fraud comprehensively.
Amazon rekognition allows Kreditbee to confirm the identity of applicants. So, you must submit a real-time photo while applying for a loan from their app.
It’s not enough to upload your identity documents. Amazon Rekognitin helps in real time comparison between your current photo and your ID card’s photo.
Threats from Chinese Patronization
Are you aware of Chinese loan app?
Digital lenders using funding from Chinese companies were common in India some years ago. However, The Indian government took stringent actions against them.
Most of the apps were scamming people by setting up debt traps for them. However, most such apps’ licenses were canceled.
For the time being, Kreditbee’s license was suspended as well. However, they submitted all necessary clean documents to regain their license.
Kreditbee submitted:
- A clean shareholding structure without any Chinese influence
- All due and expected compliances
- Miscellaneous details
Allied firms like Avail Finance, mPocket and others were stripped off their previous licenss. However, Kreditbee’s license was restored in full form.
Kreditbee is safe for another reason. They were never associated with any Chinese gambling apps too. There are very less malicious transactions by Kreditbee customers as well.
There is a clear scrutinization process as well.
What was it banned in the first place
Many people ask why the app was banned, if Kreditbee is safe in the first place?
There were no statutory reasons for the ban. The only plausible cause is that the Indian government did it as a cautionary move under critical circumstances.
Benefits Of Investing In Kreditbee
There are various benefits of making investments in the Kreditbee. You must be well accustomed of it while meeting your goals with complete ease. Some of the key benefits that you must know about it are as follows:-
1. Exposure To Fintech Growth
Fintech companies, especially those focusing on lending and credit services, have witnessed substantial growth due to increased digital adoption and demand for convenient financial solutions. Personal loan businesses are susceptible to default risks. Economic downturns or changes in borrower behaviors can affect the company’s asset quality and profitability.
2. Growing Market Potential
In India, there’s a significant demand for accessible credit services, particularly among segments with limited access to traditional banking. Platforms like KreditBee cater to this demand, potentially offering growth opportunities.
3. Tech-Driven Innovation
Fintech companies often leverage technology to streamline processes, offer quick approvals, and provide personalized financial solutions. Investments in innovative platforms may benefit from technological advancements. You need to understand the reality while meeting your needs with complete ease. Once you follow the correct solution things can become easier for you.
4. Scalability & Reach
Successful platforms like KreditBee have the potential to scale their operations rapidly, expanding their user base and services, which could translate to increased revenues and profitability.
5. Diversification
Investing in fintech platforms like KreditBee can diversify an investment portfolio, providing exposure to a different sector with growth potential beyond traditional industries. The fintech space is highly competitive. Established players or new entrants with innovative solutions could challenge KreditBee’s market position.
Before investing in KreditBee or any similar company, it’s essential to conduct thorough research, understand the company’s financial health, growth prospects, regulatory environment, and competitive landscape. Diversifying investments across different sectors and consulting with financial advisors can help manage risks associated with investing in individual companies or specific sectors.
KreditBee Loan Details And KreditBee Interest Rate
The following is the KreditBee Loan Amount List, where you will get all the details of the types of loans KreditBee offers you:
1. KreditBee Personal Loan For Salaried
As a salaried individual, KreditBee offers you a loan of up to 200% of your net monthly salary. Here are some features:
| Loan Factor | What Do You Get? |
|---|---|
| Loan Amount | INR 10,000 to 3,00,000 |
| Rate of Interest | 15.00% – 29.95% (per annum) |
| Time of Disbursement | 1 working day |
| Tenure | 3 to 15 months |
| Minimum Salary Requirement | Net Salary of INR 15,000 per month |
2. KreditBee Online Purchase Loan/E-Voucher Loan
You will get this loan to finance your shopping, but only on the platforms of KreditBee partners. Here are some features:
| Loan Factor | What Do You Get? |
|---|---|
| Loan Amount | Within the assigned credit limit as per the KreditBee app- Down payment amount selected to purchase the product. |
| Rate of Interest | Up to 24% per annum |
| Time of Disbursement | Instant (only a few minutes) |
| Tenure | Within a year |
| Minimum Salary Requirement | Not Available |
3. KreditBee Flexi Personal Loan
If you are a salaried individual looking for a small-sized loan to take care of small expenses and unexpected emergencies, then this KreditBee loan is the best option for you. Here are some features:
| Loan Factor | What Do You Get? |
|---|---|
| Loan Amount | INR 1000 to 10,000 |
| Rate of Interest | 18.00% – 29.95% per annum |
| Time of Disbursement | Within 15 minutes of application |
| Tenure | Minimum 62 days to 6 months. |
| Minimum Salary Requirement | Net Salary of INR 10,000 per month |
KreditBee Loan Eligibility
All the different types of loans offered by KreditBee that you saw above have their own eligibility and requirements. Here is what you need to know:
1. KreditBee Personal Loan For Salaried
| Citizenship | Indian |
| Age | 21 to 45 years |
| Work Experience | Minimum 3 months (current organization) |
| Minimum Salary Requirement | Net Salary of INR 15,000 per month. |
| Required Documents | – PAN Card- Voter ID Card, Aadhaar Card, Passport- Salary slips- Bank statement of salary account |
2. KreditBee Online Purchase Loan/E-Voucher Loan
| Citizenship | Indian |
| Age | Above 21 years |
| Work Experience | NA |
| Minimum Salary Requirement | NA |
| Required Documents | – PAN Card- KYC Address Proof |
3. KreditBee Flexi Personal Loan
| Citizenship | Indian |
| Age | 21 to 45 years |
| Work Experience | NA |
| Minimum Salary Requirement | Net Salary of INR 10,000 per month. |
| Required Documents | – PAN Card- Voter ID Card, Aadhaar Card, Passport |
How To Get A Loan From KreditBee? – A Few Steps
The following are the steps you need to follow to avail yourself of a KreditBee loan through the app:
Step 1: Login or sign-up using the KreditBee mobile app.
Step 2: Enter your basic information and data, and check your eligibility
Step 3: Upload your KYC and address proofs and verify your profile.
Step 4: Offer your bank account details.
Step 5: Choose the amount and tenure of your loan.
KreditBee Reviews
Although there have been very few KreditBee complaints, here are some of the useful KreditBee reviews that you must check:
Review 1:
Review 2:
Review 3:
Final Thought
As you can see from the article, as well as the user reviews, KreditBee is a safe place to get your instant personal loans from. To avail yourself of a KreditBee loan, all you need is to follow the steps given in this article and fulfill your business or personal needs. Hope that you have found enough details regarding the loans and interest rates of KreditBee in this article. What do you like the best about the KreditBee loan app? Share your reviews with us in the comments section below.
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