Kreditbee – Interest Rate, Eligibility, Their Types & Others

Kreditbee is an online digital platform, not just available online but also is available in the form of loan apps. This digital platform offers instant and regular personal loans to you as a borrower. The personal loan rates available via the platform usually go as high as around 29.95 per cent per annum for loan proceeds of as high as 3 lakh and a repayment tenure of 2 years. Kreditbee personal loan offers instant disbursal of loans and requires you to submit minimal documents. Also, Kreditbee offers a pre-closure facility on personal loan deals.

Kreditbee personal loan highlights
Rate of interest As high as 29.95 per cent per annum
Repayment tenure Between 62 days and 24 months
Loan proceeds Between Rs 1,000 and Rs 3 lakh
Processing charges Flexi personal loan – Between Rs 85 and Rs 1250.

Personal loan for the salaried – Rs 500 till up to 6 per cent of the loan proceeds.

Online purchase loan or e-voucher loan – Up to 5 per cent of the loan proceeds.

Minimum monthly income ∙       For a personal loan for salaried – Rs 15,000

∙       For Flexi personal loan – Rs 10,000

KreditBee personal loan rates

The rate of interest of a KreditBee Personal loan usually goes as high as 29.95 per cent per annum. 

Particulars Rate of interest (per annum)
Online personal loan or e-voucher loan As high as 24 per cent per annum
Personal loan for the salaried Between 15 and 29.95 per annum
Flexi personal loan Between 18 and 29.95 per annum

Compare the rate of interest for various personal loan deals offered by distinct NBFCs and banks – 

Listed here is a comparison of the distinct personal loan deals offered by distinct lenders –

NBFCs/ banks Rate of interest (per cent per annum)
Tata Capital 10.99 per cent per annum
Bajaj Finserv 11.00 per cent per annum
IDFC FIRST bank 10.49 per cent per annum
IndusInd Bank 10.49 per cent per annum
Kotak Mahindra Bank 10.99 per cent per annum
Axis Bank 10.49 per cent per annum
ICICI Bank 10.75 per cent per annum
State Bank of India 10.90 per cent – 15.40 per cent per annum
HDFC Bank 11.00 per cent onwards per annum

Processing charges – 

Particulars Charges
Processing charges For the Flexi personal loan – Between Rs 85 and Rs 1,250

For a personal loan for salaried (for the loan proceeds between Rs 10,000 and Rs 2 lakh) – Up to 6 per cent of the loan proceeds

For online e-voucher/purchase loan

Loan – As high as 5 per cent of the loan proceeds

Convenience charges Wallet or prepaid – As high as 1.90 per cent based on the wallet selected for payment

UPI – Between Rs 5 and Rs 11 per transaction

Debit card –

∙      Below Rs 2,000 – Nil

∙      Over Rs 2,000 – 0.90 per cent

Net banking – Between Rs 6 and Rs 15 per transaction

Bank transfer – Nil

Penalty fees for auto deduction Rs 100
Late payment fees Flexi personal loan – 

∙      For a 2-month loan between Rs 1,000 and Rs 10,000 – 1-time overdue fees of between Rs 10 and Rs 200.

∙  Per-day penalty fees – Between Rs 5 and Rs 75 for each overdue instalment.

 

Personal loan for the salaried – 

∙      For loan tenure of 15 months (and loan proceeds between Rs 10,000 and Rs 3 lakh) – 1-time overdue fee equaling Rs 500.

∙ Per-day penalty fee – 0.15 per cent of the principal amount for each overdue instalment.

 

E-voucher loan/online purchase loan – 

 

∙      1-time overdue fees – Rs 500

Each day penalty fees – 0.2 per cent of the principal proceeds for every overdue amount.

Also Check: Loan Apps

What are the distinct kinds of Kreditbee personal loans?

Personal Loans - Compare & Apply Best Personal Loan Rates

Flexi loan – 

Flexi loan is aimed at the salaried class looking for small proceeds loans for mitigating unanticipated exigencies or taking good care of small expenditures. The loan proceeds are disbursed within just 15 minutes of placing the application for a loan.

Repayment tenure – 2 months (minimum of 62 days) till up to 6 months.

Loan proceeds – Between Rs 1,000 and Rs 10,000 (dependent on the past repayment record and other crucial parameters)

Rate of interest – Between 18 per cent and 29.95 per cent per annum

Minimal salary requirement – Rs 10,000 every month

Personal loan deal for the salaried individuals

Personal loan for the salaried is disbursed to the eligible salaried individuals within one working day of making the loan application. Kreditbee prefers offering loans to employees looking to continue with their existing employer in the course of loan repayment tenure.

Repayment tenure – Between 3 and 15 months.

Loan proceeds – Between Rs 10,000 and Rs 3 lakh.

Rate of interest – Between 15 per cent and 29.95 per cent per annum.

Minimal salary requirement – At least Rs 15,000 every month (net). A salaried can avail a loan of as high as 200 per cent of their net monthly income.

E-voucher loan or online purchase loan 

E-voucher loan or online purchase loan is provided to you if you are salaried for funding your shopping on the Kreditbee partner platform. You can register on the Kreditbee online and make the upfront down payment to get the e-voucher on the EMI to go around with your shopping spree on various online platforms.

Repayment tenure – The e-voucher expires a year from the issue date.

Loan proceeds – The e-voucher loan proceeds must be within the agreed credit card limit and a downpayment must be selected for buying the product.

Rate of interest – As high as 24 per cent per annum.

What is the eligibility parameter for the Kreditbee personal loan?

The eligibility parameter for the Kreditbee loan is the same as the eligibility parameter for any other personal loan offered by most NBFCs and banks. A few of the major parameters factored in by KreditBee for availing a personal loan are –

Flexi personal loan eligibility – 

Must be an Indian citizen.

Minimum salary requirement must be Rs 10,000 every month.

Age must be between 21 and 45 years.

Personal loans for the salaried individuals 

Indian citizen

Age – Must be between 21 and 45 years old

Minimum salary requirement – Rs 15,000 every month (net)

Work experience – At least must be 3 months in the present company

E-voucher loan or online purchase loan

Age – Must be over 21 years

Indian citizen

Required documents for Kreditbee personal loan include – 

Flexi personal loan 

Address proof – Aadhaar card, voter ID or passport.

PAN card

Personal loan for the salaried class includes the following – 

Salary slips

Bank statement of your salary account

Address proof – Aadhaar card, voter ID or passport

PAN card

Online purchase loan or E-voucher loan – 

KYC address proof

PAN card