Personal Loan for Low Credit Score

Frequently Asked Questions

• 1. What do you mean by credit score?

  A credit score is a number indicative of your creditworthiness to obtain a loan, and it gives financial institutions an idea of your history of credits and loan payments. A credit score is simply a number that ranges from 300 to 850.

• 2. What is a Low Credit Score?

  When borrowers do not make timely EMI payments for their loans, their credit score starts to decline. which is considered a low credit score.
  
  Your credit risk, or how likely you are to pay your bills in full and on time, is assessed using your credit score. Your credit score is computed by considering your payment history, the total amount of debt you owe, and the duration of your credit history. A higher score shows that you have previously demonstrated responsible credit behaviour, which may inspire more trust in prospective creditors and lenders when evaluating a credit request.

• 3. How do I apply for a loan with a Low Credit Score from KreditBee?

  Even if you have a low credit score, you can apply for a loan from KreditBee following these steps:
  
  

  1. Sign up on the KreditBee app using your mobile number.
  2. Enter your basic information and check your eligibility.
  3. Upload documents to verify your profile.
  4. Provide your bank account details.
  5. Get the loan amount directly disbursed into your bank account.

• 4. What is the advantage of availing a Personal Loan from KreditBee over a personal bank loan?

  Individuals with low credit scores have difficulty getting approved for loans from banks and financial institutions. The applicant’s credit score is not the only factor that KreditBee considers when determining eligibility for a personal loan. Even individuals with low scores can apply for a personal loan. Once the KYC checks through, the process is entirely online and completed in about 10 minutes. The funds are then directly credited to the bank account.

• 5. What types of Online Loans are offered by KreditBee for low credit scores?

  KreditBee provides a variety of loans to salaried, self-employed, and new-to-credit customers, which comprise of:
  

  • Flexi Personal Loan
  • Personal Loan for Salaried
  • Personal Loan for Self-Employed

• 6. What documents do I need to apply for a Personal Loan with a low credit score on KreditBee?

  To apply for a personal loan through KreditBee, you must upload a digital copy of your photograph and PAN card for identity verification and address proof (such as your passport, voter ID, or Aadhaar).

• 7. Is there any precondition to applying for a Personal Loan with a low credit score on KreditBee?

  Yes, for KYC, we need to establish that the documents uploaded belong to the person applying for the loan. Plus, the following criteria must be considered:
  

  • The applicant must be an Indian citizen.
  • The applicant must be above 21 years of age and less than 60 years of age.
  • The applicant must have a PAN card.
  • The applicant must have a registered mobile number.
  • The applicant must have a minimum income of ₹10,000 per month.

• 8. Apart from my KYC documents, what employment details/documents are required to apply for a Personal Loan?

  Documents required for salaried employees are as follows:

  • Company details
  • Picture of your office ID card
  • Company email address
  • Salary slip
  • Salary account details

  For self-employed professionals, bank statements for the last 6 months.

• 9. How is my credit score connected to the Personal Loan I avail of from KreditBee?

  KreditBee offers personal loans even to individuals who have a low credit score. If the loan is paid back on time, the person's credit score improves, and they become eligible for bigger loans with KreditBee and other financial institutions.

• 10. How can I repay my Loan?

  To repay your loan, you must make fund transfers online through the repayments section on the KreditBee app. Fund transfers can be done through debit card, UPI, and net banking.

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

  Your loan repayments can only be made on the KreditBee app. To resolve any technical difficulties, please write an email at [email protected].

• 12. Can I repay the loan before the due date?

  Yes, your loan can be repaid well before the due date.

• 13. Is it possible to pre-close my loan?

  Yes, you can do that. To request permission and have your loan settled before the due date, write an email to [email protected].

• 14. What is the available repayment tenure for a personal loan from KreditBee?

  You can repay your KreditBee personal loan within 6 to 60 months, depending on the type of loan taken, your loan amount and the repayment plan you’ve chosen.