Small Loan

Frequently Asked Questions

• 1. What is a small personal loan or a mini loan?

  A small personal loan, also called a mini loan, is a collateral-free loan designed to meet immediate financial needs. KreditBee's Small Personal Loans range from ₹6,000 to ₹10 Lakhs and are perfect for vacations, appliances, unexpected expenses, and more. They are readily available and help you bridge the gap between your income and expenses.

• 2. What is the advantage of choosing a small loan with KreditBee over a bank personal loan?

  KreditBee offers several advantages over traditional bank personal loans:

  • Speed: Get approved and receive funds in as little as 10 minutes, compared to days or weeks with banks.
  • Convenience: Apply online from anywhere, anytime, with a hassle-free documentation process.
  • Accessibility: Designed for those with limited credit history or lower incomes.
  • Flexibility: Choose loan amounts and repayment terms that suit your needs.
  • Transparency: No hidden fees or charges, with clear interest rates.

  KreditBee is ideal for meeting urgent financial needs quickly and easily, while bank loans are often more suited for larger, planned expenses.

• 3. Is there any precondition for me to apply for a small loan on KreditBee?

  Yes, there are a few preconditions to apply for a small loan on KreditBee:

  • Indian Nationality: You must be an Indian citizen.
  • Age: You should be between 21 and 60 years old.
  • Income: Your minimum monthly income should be ₹10,000 or more.
  • Documents: You'll need to provide a PAN card, a valid mobile number, and other KYC documents.

  These requirements help us verify your identity and assess your eligibility for a small personal loan.

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

  The employment documents you need depend on your employment status:

  • Salaried Employees
    • Company Name
    • Office ID Card (Picture)
    • Official Email Address
    • Salary Slip
    • Salary Account Details
  • Self-Employed Professionals
    • Bank Statements for the last six months

  These documents help us verify your income and employment stability to assess your loan eligibility.

• 5. How does my credit score affect the small loan I obtained with KreditBee?

  Your credit score plays a role in determining your eligibility and interest rate for a small loan with KreditBee. While we consider various factors beyond just your credit score, a higher score generally leads to the following:

  • Easier Approval
  • Lower Interest Rates
  • Higher Loan Amounts

  Even if your credit score isn't perfect, KreditBee offers small personal loans for those with limited credit history. By repaying your loan on time, you can improve your credit score and access better loan terms in the future.

• 6. How can I repay my small loan?

  Repaying your KreditBee small loan is simple and convenient. You can easily make payments directly through the KreditBee App using various methods like debit cards, online banking, or UPI. The App provides a seamless and secure platform for managing your loan repayments.

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

  Currently, you can only repay your KreditBee small personal loan through the KreditBee App. If you're facing any difficulties with the App or the repayment process, please email us at [email protected]. Our customer support team will be happy to assist you and provide alternative solutions if necessary.

• 8. Can I repay my small personal loan before the due date?

  Yes, you can absolutely repay your KreditBee small personal loan online before the scheduled due date. However, please note that there might be associated foreclosure charges, so it's best to check the terms and conditions of your loan agreement or contact KreditBee customer support for details.

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

  KreditBee offers flexible repayment tenures ranging from 6 to 60 months. The specific tenure for your small personal loan will depend on various factors, including the loan amount, chosen repayment plan, interest rate, and the type of loan you select (e.g., Flexi Personal Loan, Personal Loan for Salaried, etc.). You can choose a repayment tenure that aligns with your budget and financial goals during the application process.

• 10. How to get a small loan online?

  Getting a small loan online with KreditBee is simple and fast:

  • Download the App or Visit the Website
  • Follow the Steps
  • Submit Your Application
  • Get Approved and Funded

  KreditBee makes it easy to access small loans online without the hassle of traditional paperwork or bank visits.

• 11. How can I get a loan for 2,000?

  KreditBee offers personal loans starting from ₹6,000, so you can easily get a loan for ₹6,000 (or more!) through our platform. Simply download the KreditBee app or visit our website, sign up with your mobile number, and complete the application process.
  Our personal loan online approval process means you can have the funds in your bank account within minutes. Even though you only need ₹2,000, KreditBee is still a great option for a fast and convenient small loan.

• 12. What is the minimum and maximum amount of small personal loans you can get with KreditBee?

  KreditBee offers small personal loans ranging from ₹6,000 to ₹10 Lakhs. The specific loan amount you are eligible for depends on your credit history, income, and other factors assessed during the application process.

• 13. What is the interest rate for a small personal loan?

  KreditBee offers small personal loans online with an interest rate range of 12% - 28.5% per annum (p.a.). The specific interest rate you will be offered depends on various factors, including your creditworthiness, loan amount, repayment tenure, and other factors assessed during the application process.

• 14. Can I get a small amount personal loan with bad credit?

  While KreditBee considers your credit score as part of the loan application process, it's not the only factor we evaluate. We take a holistic approach, looking at various aspects of your financial profile. So, even if you have a less-than-perfect credit history, you may still be eligible for a small loan with KreditBee, provided you meet our other eligibility criteria and demonstrate the ability to repay. We encourage you to apply and let us assess your individual situation.

• 15. How long does it take to get approval for a small personal loan?

  KreditBee strives to provide quick approvals for small personal loans. In most cases, you can expect a decision within a few hours to one business day. Once approved, the funds can be disbursed to your bank account in as little as 10 minutes. This fast turnaround time ensures you get access to the money you need when you need it.

• 16. Can I use a small loan for any purpose?

  Yes, you can use a KreditBee small personal loan for various purposes. Whether it's funding a vacation, purchasing appliances, covering unexpected expenses, consolidating debt, or handling medical bills, our small loans offer the flexibility to meet your unique needs. You can use the funds for almost any legitimate personal or financial requirement.

• 17. Can I get a small personal loan without collateral?

  Yes, KreditBee's small personal loans are unsecured, meaning you don't need to pledge any assets as collateral to secure the loan. This makes them more accessible and convenient for those seeking quick financial assistance. You can use the funds to meet various needs without the hassle of securing property or other valuables.

• 18. Are small personal loans available for self-employed individuals?

  Yes, KreditBee offers small personal loans specifically for self-employed individuals. As long as you have a steady income and meet our eligibility criteria, you can access the financial support you need to grow your business, cover expenses, or pursue personal goals. Our Personal Loan for Self-Employed is tailored to the unique needs of entrepreneurs and freelancers.

• 19. Are there any hidden charges or fees associated with small personal loans?

  KreditBee believes in transparency. The only fees associated with our small personal loans are:

  • Processing Fee: This is a one-time fee charged at the beginning of the loan and varies depending on the loan amount.
  • Late Payment Charges: This fee applies if you miss a payment due date.

  There are no hidden charges or surprises. We clearly communicate all fees upfront during the application process, ensuring you have a complete understanding of the costs involved.

• 20. Can I get a small personal loan if I already have other existing personal loans?

  While it's possible to have multiple personal loans, it's important to carefully consider your financial situation before applying for another one. Having multiple loans can impact your credit score and debt-to-income ratio, making it more challenging to manage repayments or obtain future credit.

• 21. Can I apply for a small personal loan if I have a limited credit history?

  Yes, KreditBee welcomes applications from individuals with limited or no credit history. While credit history is a factor we consider, it's not the sole determinant of your loan eligibility. We assess various aspects of your financial profile, including income, employment stability, and other relevant factors. If you meet our eligibility criteria and provide the necessary documents, you can still qualify for a small personal loan, even if you're new to credit or have a limited credit history.

• 22. How can I increase my chances of getting approved for a small loan?

  To improve your chances of getting approved for a small personal loan with KreditBee, you can take the following steps:

  • Maintain a Good Credit Score
  • Provide Accurate Information
  • Meet Eligibility Criteria
  • Demonstrate Repayment Capacity

  By following these steps, you can significantly increase your chances of getting approved for a small personal loan, whether you are a salaried employee or self-employed.

• 23. Is it possible to pre-close my loan, and are there any pre-closure charges?

  Yes, you can pre-close your KreditBee small personal loan. To initiate the pre-closure process or inquire about any associated charges, please send an email to [email protected]. Our customer support team will guide you through the necessary steps and provide information on any applicable pre-closure fees.

• 24. Can I pay my credit card bills with my small loan?

  Yes, you have the flexibility to use your KreditBee small personal loan for any legitimate purpose, including paying off your credit card bills. This can be a helpful strategy to consolidate debt, reduce interest charges, or simply manage your cash flow. However, it's crucial to ensure you can comfortably afford the loan repayments to avoid falling into further debt.