Quick Loan

Frequently Asked Questions

• 1. Why should I use a Quick Loan from KreditBee instead of a personal bank loan?

  It typically takes one to three weeks for a bank to process a personal loan, and it involves a lot of documentation and multiple branch office visits.
  
  On the other hand, KreditBee's process for getting a Quick Personal Loan without collateral is 100% online, so you can apply for it from the comfort of your home. Given your eligibility criteria, the process is simple and quick, and the funds are instantly credited into your bank account with no hidden charges or fees.

• 2. How do I make a repayment for my Quick Loan?

  You can pay back an existing quick loan by using our KreditBee app. Several payment options, including debit cards, online banking, and UPI, are available.

• 3. I can't pay back my loan through the mobile app. Is there another approach to this?

  No, loan repayments are accepted only on the KreditBee app. If you are having trouble, please email us at [email protected] so that we can look into it and provide you with more advice on what to do.

• 4. Can I repay my Quick Loan before the due date?

  Yes, you can repay your quick loan before the due date.

• 5. How long is the repayment period for KreditBee's Personal Loans?

  The tenure of repayment of a KreditBee loan typically ranges from 6 to 60 months, depending on the type of the loan, the amount borrowed, and the repayment plan chosen by the borrower when applying for the loan.

• 6. What is the loan amount I can borrow with a Quick Loan?

  KreditBee offers quick loans from ₹6,000 up to ₹10 Lakhs. After going through the fast and 100% online application process, you can avail of a loan amount as per your eligibility which will be disbursed directly into your account.

• 7. What credit score is required to get approval for Quick Loans?

  A good credit score will help you get a loan easier and on better terms. However, it is not mandatory when requesting Quick Loans from KreditBee.

• 8. What is the minimum income required for a Quick Loan?

  The eligibility criteria is that you need to have a minimum income of ₹10,000. You will also need to submit income proof along with other documents required

• 9. As a salaried individual, am I eligible for a Quick Loan?

  Yes, salaried individuals are eligible for a Quick Loan from KreditBee if they earn more than ₹10,000 a month. Apply online, upload KYC documents, a photograph (selfie), identity proof (PAN Card), income proof, and address proof (Aadhar Card, Passport), and if approved, the funds are disbursed quickly to your bank account.

• 10. Can self-employed individuals apply for Quick Loans?

  Yes, absolutely. Self-employed people can also get a Quick Loan from KreditBee in just a few clicks, provided they have a steady source of income and proof of the same.
  
  The next steps for getting a quick personal loan for self-employed are easy. All you need to do is download the application or sign up on the KreditBee website and follow the instructions to apply for a quick loan online.

• 11. Can I get a Quick Loan even with a bad credit score?

  KreditBee offers Quick Loans Online to even new-to-credit customers. However, it's important to note that your loan approval will depend on other factors and eligibility criteria. The loan amount, interest rate and terms associated with such loans may not be as advantageous as those available to individuals with better credit scores.

• 12. What happens if I fail to repay my outstanding loan on time?

  Apart from the necessary penalties incurred, failing to repay your quick personal loan can lead to losing your credibility as a reliable borrower. Your credit score will get affected negatively, impacting your future loan approvals.

• 13. How quickly can I get the funds after applying for a Quick Loan?

  Once the loan is approved, it is disbursed into your account within just 10 minutes.

• 14. What is the interest rate for a quick loan?

  Based on the repayment tenure you choose, the interest rate may vary. But typically, the interest rates on KreditBee's Quick Personal Loans are anywhere between 12% to 28.5% per year.

• 15. Can I get a Quick Loan without a job?

  You must meet our income criteria. To get a Quick Personal Loan from KreditBee, you must be employed with a monthly income of at least ₹10,000, or you must be self-employed and earn a steady income.

• 16. How does a Quick Loan affect my credit score?

  Lenders check your credit score before giving you a loan, so if you repay your loans on time, it can positively impact your credit history. When you get a Quick Personal Loan on KreditBee, you can improve your credit score and history as you make your EMI payments and pay interest on time. Since this loan amount is small and the tenure is flexible, your chances of improving your credit score are good.

• 17. Is there a large processing fee if I want to apply for a Quick Loan?

  No, our processing fees are as per industry standards.