KreditBee.in

What is KreditBee

KreditBee is a digital lending platform in India that provides instant personal loans and other credit products. It acts as a facilitator between borrowers and regulated financial institutions like Non-Banking Financial Companies (NBFCs) and banks. The core purpose of KreditBee is to offer quick and easy access to credit for individuals, including both salaried and self-employed people. The entire process, from application to money transfer, is done online through its mobile application. Founded by Finnovation Tech Solutions Pvt. Ltd., KreditBee aims to make credit more accessible through a simple, paperless, and fast procedure. The company is based in Bengaluru, India, and has become a popular choice for people needing urgent funds for various purposes.

KreditBee Features

KreditBee offers several financial products and features designed for speed and convenience:

• Instant Personal Loans: Users can apply for personal loans ranging from small amounts up to ₹10 Lakhs. The platform is known for its quick approval and disbursal, often within 10 minutes.
• Loans for Salaried and Self-Employed: The platform provides tailored loan products for both salaried individuals and self-employed professionals, making it accessible to a wider audience.
• 100% Online Process: The entire loan application is digital. Users can apply from anywhere by uploading the necessary documents through the mobile app, eliminating the need for physical paperwork.
• Direct Bank Transfer: Once a loan is approved, the amount is transferred directly into the applicant's bank account, ensuring immediate availability of funds.
• Flexible Repayment Options: KreditBee offers flexible repayment tenures, allowing borrowers to choose an Equated Monthly Instalment (EMI) plan that fits their budget.
• Minimal Documentation: The platform requires only basic documents like a PAN card, address proof, and income proof, which simplifies the application process.
• Multiple Loan Products: Besides personal loans, KreditBee also offers business loans, two-wheeler loans, and loans against property in select locations.

KreditBee Pricing Plans

KreditBee does not have subscription-based pricing plans like a typical software service. Instead, the cost of using its service is based on the loan product you choose. The costs include:

• Interest Rate: The interest rate varies depending on the loan amount, the borrower's credit score, income level, and the chosen repayment tenure. Rates are competitive within the digital lending market.
• Processing Fees: A one-time processing fee is charged when the loan is disbursed. This fee is a percentage of the loan amount and is communicated clearly during the application process.
• Other Charges: There might be other charges like late payment fees or prepayment charges, which are all detailed in the loan agreement. All costs are transparently shown to the user before they agree to take the loan.

KreditBee Free Plan

There is no 'free plan' as KreditBee is a lending service. However, users can download the KreditBee app, create an account, and check their loan eligibility for free. You do not have to pay any fees until you apply for and receive a loan. This allows potential borrowers to see what loan amount they qualify for without any financial commitment.

How to use KreditBee

Getting a loan from KreditBee is a straightforward process:

1. Download the App: First, download the KreditBee app from the Google Play Store or Apple App Store.
2. Register: Sign up using your mobile number and grant the necessary permissions.
3. Check Eligibility: Provide basic personal and professional information to check if you are eligible for a loan.
4. Upload Documents: If eligible, you will need to upload digital copies of your KYC documents, such as your PAN card and Aadhaar card, along with your bank statements or salary slips.
5. Select Loan Offer: Based on your profile, KreditBee will present you with one or more loan offers. Choose the loan amount and repayment tenure that suits your needs.
6. Sign Agreement: Review the loan agreement carefully and sign it digitally within the app.
7. Receive Funds: After the agreement is signed, the loan amount is disbursed directly to your registered bank account, usually within minutes.

Pros and Cons of KreditBee

Pros:

• Very Fast Disbursal: Loan amounts are often credited to the bank account in as little as 10 minutes after approval.
• Completely Digital: The entire process is paperless and can be completed from a smartphone.
• Accessible: It serves both salaried and self-employed individuals, who may find it hard to get loans from traditional banks.
• Flexible Loan Amounts: Offers a wide range of loan amounts, from very small to large personal loans.
• Minimal Documentation: Requires only a few basic documents for verification.

Cons:

• Higher Interest Rates: Interest rates can be higher compared to traditional banks, especially for borrowers with lower credit scores.
• App-Based Only: The service is primarily available through a mobile app, which may not be convenient for everyone.
• Fees and Charges: Processing fees and late payment penalties can add to the overall cost of the loan.

KreditBee integrations

KreditBee does not offer integrations with productivity software like Salesforce or Outlook. As a financial technology platform, its integrations are focused on the financial ecosystem. It connects with:

• Bank Accounts: For direct disbursal of loan amounts and for setting up automatic EMI payments.
• Credit Bureaus: To check the credit history and score of applicants to determine their eligibility.
• UPI and Payment Gateways: To facilitate easy and secure loan repayments through various online payment methods.

These integrations are internal and work in the background to provide a seamless lending experience.

KreditBee Alternatives

• Navi: Another popular digital lending app in India that offers instant personal loans and home loans with a completely paperless process. Navi is known for its simple interface and quick loan approvals.
• MoneyTap: Offers a personal line of credit, which is different from a standard personal loan. Users get an approved credit limit and can withdraw money as needed, paying interest only on the amount used.
• PaySense: Partners with NBFCs to provide instant personal loans. It is known for its flexible eligibility criteria and serves both salaried and self-employed individuals.
• CASHe: Provides short-term personal loans to salaried individuals. It uses its own proprietary credit scoring algorithm, which looks beyond traditional credit scores.

KreditBee API

KreditBee does not provide a public API for individual developers to build applications. Access to their API is typically restricted to strategic partners and financial institutions that collaborate with them for lending and other services. Businesses interested in partnership opportunities that may involve API integration should contact the KreditBee business development team directly through their official website.

KreditBee Affiliate program

KreditBee does not have a traditional affiliate program for marketers. However, it offers a Refer and Earn program for its existing users. Through this program, a user can share a unique referral link with friends and family. If a new user signs up using the link and gets their first loan approved, the referrer earns a reward, which is usually credited to their bank account or as points within the app. For formal partnership or influencer collaborations, it is best to contact their marketing department directly via their official website.