Emergency Loan

Emergency Personal Loan FAQs

• 1. What is an Emergency Loan?

  An Emergency Loan by KreditBee is an unsecured personal loan that you can avail of in times of personal emergencies, medical emergencies, or any other finance crush that you may face.
  
  Our Emergency Personal Loans are easy to get with an online application process. Post verification, once you meet the emergency loan eligibility criteria and submit the necessary documents, you will get instant approval and quick disbursal in just 10 minutes into your loan account.

• 2. What is the advantage of an Emergency Loan from KreditBee over a personal bank loan or a personal loan from another financial institution?

  In order to process a personal loan, banks usually require the borrower to complete a ton of paperwork. The process is time-consuming, often taking anywhere between one to three weeks to get the loan disbursed, sometimes even visiting the physical branch.
  
  At KreditBee, the entire process of getting an Emergency Personal Loan is online, enabling you to apply from the comfort of your home. It only takes a few minutes to complete the process. Your eligibility determines the loan amount you can avail of. After that, the money is disbursed in 10 minutes, and you can use it however you like.

• 3. What are the repayment terms for an Emergency Loan from KreditBee?

  You can repay an online Emergency Loan from KreditBee between 3 to 36 months. The flexible repayment terms depend on the loan type, the requested amount, and the chosen repayment plan.

• 4. I am unable to repay my loan on the mobile app. Is there any other way to do so?

  No, you can only pay back KreditBee loans through the KreditBee Emergency Loan App. There is no other way to pay your loan back. You can email us at [email protected], and we will provide you with more advice on what to do.

• 5. Can I pay back the Emergency Loan before my loan tenure?

  Yes, you can pay back your loan beforehand. You will need to send us an email at [email protected] to request permission so you can have your loan settled before the due date.

• 6. What is the maximum time to repay the emergency loan?

  The maximum repayment period for a KreditBee Emergency Personal Loan is 36 months.

• 7. Are there any hidden charges to get a KreditBee Personal Loan?

  No, there are hidden charges or fees applied when you need money urgently and apply for a KreditBee Loan. We believe in transparency, and you will only be charged the applicable fees only.

• 8. What is the interest rate on KreditBee's Emergency Loan?

  Depending on your loan amount and repayment plan, the interest rate on your Emergency Personal Loan by KreditBee can range between 17% to 29.95% per year.

• 9. What are the factors that affect the interest rates of Emergency Loans?

  While there's a certain set limit on the interest rate of an Emergency Personal Loan offered by KreditBee, depending on the repayment tenure plan, the following factors may affect the exact interest rate you must pay:
  
  

  • Monthly salary or income
  • Repayment history and credit score
  • Existing relationship with the lender

• 10. Can I get a personal loan for emergencies, even with bad credit?

  Some lenders do offer loans to people with bad credit scores. So, there are chances that you might get a personal loan for financial emergencies with bad credit, but the interest rates and terms may not be that favourable. At KreditBee, we offer loans to new-to-credit users as long as they meet the other eligibility criteria and submit the correct documents online.

• 11. How long does it take to get a Personal Loan from KreditBee in case of financial emergencies?

  With a hassle-free documentation process, an online Emergency Loan can be disbursed to your bank account directly in just ten minutes.

• 12. Can I use Emergency Personal Loans to cover medical emergencies?

  Yes, you can use an Emergency Personal Loan from KreditBee when you face a medical emergency to cover medical bills as well as for other personal emergencies.

• 13. Can I get Emergency Loans if I am unemployed?

  KreditBee's personal loans for emergencies are only given to salaried employees or self-employed individuals with a monthly income of above ₹10,000. You will need to provide income proof when you apply.

• 14. Are Emergency Loans available for self-employed individuals?

  Yes, anyone can get Personal Loans for emergencies from KreditBee as long as they have a stable income of ₹10,000 per month and are able to submit the required documents.

• 15. What happens if I am unable to repay the Emergency Personal Loan on time?

  In addition to the associated penalties and charges, failure to repay an emergency loan online can significantly impact your credit score, which can hurt your chances of getting a loan in the future. It's crucial to recognise that the consequences of non-payment extend beyond immediate financial repercussions, potentially creating long-term difficulties in accessing credit products.

• 16. Can I use an emergency loan to pay off my credit card debt?

  Yes, once your loan approval comes through and your funds are in your loan account, you are free to use the money however you need. One way you can use your loan is to pay off your credit card debt. Just make sure that you are able to pay back your emergency loan in a timely manner to maintain your credit history.