Private Loan

Frequently Asked Questions

• 1. What are the benefits of availing a private loan?

  Private loans offer several benefits, including quick access to funds, flexible repayment options, and a hassle-free documentation process. They can be used for various purposes, from covering unexpected expenses to financing personal goals. Additionally, timely repayment of private loans can help build a positive credit history.

• 2. How do I apply for a private loan with KreditBee?

  Applying for a private loan on KreditBee is simple and convenient. Start by registering on our platform with your mobile number. Then, complete the online application form and upload the required KYC documents.
  
  KreditBee's automated system will quickly assess your eligibility and determine your approved loan amount. Once approved, provide your bank account details for seamless and secure disbursement of funds.

• 3. What is the advantage of a private loan with KreditBee over a personal bank loan?

  KreditBee private loans offer several advantages over traditional bank loans, especially when you need funds quickly. The application process is entirely online, eliminating the need for time-consuming paperwork and branch visits.
  With KreditBee, you can receive a loan decision and disbursement within minutes, compared to the days or weeks it might take with a bank.

• 4. What are the types of online loans offered by KreditBee?

  KreditBee offers a variety of online loan products tailored to different needs:

  • Flexi Personal Loan: A revolving credit line for immediate financial needs with flexible repayment options.
  • Personal Loan for Self-Employed: Designed for business owners, with loan amounts and repayment terms customized to their needs.
  • Personal Loan for Salaried: Offers salaried individuals larger loan amounts and longer repayment terms.

• 5. What documents are needed to apply for a private loan on KreditBee?

  To apply for a private loan on KreditBee, you will need the following documents:

  • Photograph (Selfie): A clear and recent photograph of yourself.
  • Identity Proof (PAN): Your Permanent Account Number (PAN) card.
  • Address Proof (Aadhaar, Passport, Voter ID): A valid proof of your current residential address.

• 6. Is there any precondition for me to apply for a private loan on KreditBee?

  Yes, to apply for a private loan on KreditBee, you must meet certain preconditions:

  • Valid KYC:
    Your submitted KYC documents (photograph, PAN card, address proof) must accurately match your identity.
  • Eligibility Criteria:
    1. You must be an Indian citizen.
    2. You must be between 21 and 60 years old.
    3. You must possess a PAN card.
    4. You must have a registered mobile number.
    5. You must have a minimum monthly income of ₹10,000.

• 7. Apart from my KYC documents, what employment details/documents are required to apply for a private loan?

  To apply for a private loan, salaried employees need to provide additional details and documents to verify their employment status and income:

  • Company Information: This includes your company's name and address.
  • Office ID Card: A picture of your official company ID card.
  • Official Email Address: Your work email address ending with your company's domain.
  • Salary Slip: Your most recent salary slip as proof of income.
  • Salary Account Details: Bank account information where your salary is credited.

• 8. What do you mean by credit score?

  Your credit score is a three-digit number ranging from 300 to 900, which represents your creditworthiness. It reflects your past borrowing behaviour, including how often you pay bills on time and how much debt you have.
  
  Lenders use your credit score to assess your likelihood of repaying a loan. In India, four major credit bureaus—CIBIL, Experian, Equifax, and CRIF High Mark—calculate credit scores. A higher credit score generally improves your chances of loan approval and may qualify you for lower interest rates.

• 9. How is my credit score connected to the loan that I avail of with KreditBee?

  Your credit score plays a significant role in your loan application with KreditBee. A higher credit score increases your chances of approval and may qualify you for lower interest rates. Even if you have a low credit score, KreditBee offers personal loans.
  
  By repaying your loan on time, you demonstrate responsible credit behaviour, which can improve your credit score over time. This not only makes it easier to get future loans with KreditBee but also opens doors to better financial opportunities with other institutions.

• 10. How can I repay my loan?

  Repaying your KreditBee loan is convenient and flexible. You can easily make payments directly through the KreditBee app using various options like debit cards, net banking, or UPI. This ensures a seamless and secure repayment experience, allowing you to manage your loan efficiently.

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

  Currently, loan repayments for KreditBee can only be made through the KreditBee app. We apologise for any inconvenience this may cause. If you're facing difficulties repaying your loan through the app, please reach out to our customer support team at [email protected]. We'll investigate the issue and provide further assistance to ensure a smooth repayment process.

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

  Absolutely! KreditBee allows you to repay your private loan before the due date with no prepayment penalties. This gives you the flexibility to manage your finances effectively.

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

  Yes, you can pre-close your KreditBee loan. To initiate the process, simply email [email protected] with your request. The customer support team will guide you through the necessary steps and provide any additional information required.

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

  KreditBee offers flexible repayment tenures ranging from 3 to 36 months. The specific tenure you'll be eligible for depends on the type of personal loan you choose, the loan amount, and your selected repayment plan. You can discuss the available options with KreditBee during the application process.

• 15. Do private loan providers look at your credit score?

  Yes, private finance companies do assess your credit score before approving a loan. Your credit score provides insight into your credit history and financial responsibility. It helps lenders determine your creditworthiness and assess the risk associated with lending to you.
  
  Your credit score, along with other factors like income and employment stability, influence the loan amount, interest rate, and repayment terms offered to you.

• 16. What documents do I need to apply for a private loan with KreditBee?

  To apply for a private loan with KreditBee, you will need the following documents:

  • Identity Proof: PAN Card
  • Address Proof: Aadhaar Card, Passport, Voter ID
  • Photograph: A selfie

  In addition to these basic documents, you may also need to provide:

  • Proof of Income: Salary slips (for salaried employees)
  • Bank statements: For self-employed individuals
  • Employment Details: Company ID card (for salaried employees)
  • Business registration documents: For self-employed individuals