Are you looking for an instant personal loan? Worry not, in this post we will how to get Kreditbee personal loan in 5 minutes. We always have faced many situations where we need money for emergencies and without having time to apply for a loan in the bank. In that situation, we always look for an option to get the money immediately.
Well, the good news is now a day there are lots of apps available in the play store that gives instant personal loans. KreditBee is one of them who provides loans immediately once your application is approved. Check out a few more trusted instant loan provider app here.
- 1 What Is KreditBee And How It Works
- 2 KreditBee Types Of Loans
- 3 Documents Required For KreditBee Personal Loan
- 4 How To Get KreditBee Personal Loan
- 4.1 Step 1. Download and Install KreditBee App
- 4.2 Step 2. Signup KreditBee Loan App With Mobile Number
- 4.3 Step 3. Give Basic Information To KreditBee Loan App
- 4.4 Step 4. Upload Document and Complete KYC Verification
- 4.5 Step 5. Fill In Personal and Reference Contact
- 4.6 Step 6. Get KreditBee Personal Loan
- 4.7 Step 7. Sign Loan Agreement
- 5 Conclusion
- 6 FAQs On KreditBee Loan Process
What Is KreditBee And How It Works
KreditBee is an app that provides instant loans to individuals and salaried persons directly to their bank account. The borrower just has to upload few documents and once approved instant loan is a credit to their bank account. KreditBee app has a simple process of getting personal loans without the need for multiple documentation, guarantors, and formalities.
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It’s quick, easy, and hassle-free.
It is important to know that KreditBee does not actually give you a loan. KreditBee is a program that helps people get loans from NBFC or banks. It connects borrowers to banks and NBFCs. When you apply for a loan, KreditBee will submit your application to NBFC and banks which are registered with the Reserve Bank of India. They review your application and once approved you get the loan via KreditBee.
You may be thinking why not directly go to banks. Well, in that case, you have to contact banks and complete the documentation process which would take time. Apps like KreditBee can complete all those complex formalities on your behalf and help you to get a loan instantly.
KreditBee Types Of Loans
KreditBee offers four types of loans, Flexi Personal Loan, Personal Loan for Salaried Person, Personal Loan for Self Employed, and Online Purchase Loan. Before we discuss detailed steps on how to get KreditBee loans, you must understand the types of loans in detail. Below is the table which will help you understand each type of loan.
|Type Of Loan||Loan Amount||Repayment Duration||Documents|
|Flexi Personal Loan||Rs 1,000 – Rs 10,000||62 Days to 6 Months||PAN Card & Address Proof|
|Personal Loan for Salaried Person||Rs 10,000 – Rs 2 Lakh||3 to 15 months||PAN Card, Address Proof & Salary Proof|
|Personal Loan for Self Employed||Rs 40,000 – Rs 2 Lakh||3 to 10 months||PAN Card & Address Proof|
|Online Purchase Loan||NA||NA||PAN Card & Address Proof|
Documents Required For KreditBee Personal Loan
KreditBee personal loan requires minimal documentation and eligibility criteria are easy. Below are the documents and the eligibility criteria you must have to apply for a loan.
- You must be a Indian citizens.
- Yuor monthly or complete houshold income should be more than Rs 17,000.
- You should have a PAN card.
- An Aadhar card and a mobile number must be linked to it.
- A mobile number linked with Aadhar card.
- You must have address proof.
- You should not be defaulter of any existing loan repayment.
- Salary proof if want apply higher amount.
How To Get KreditBee Personal Loan
Applying KreditBee personal loan is easy and takes only a few simple steps. Below are the overall steps for registration and applying for loans. We will discuss them in detail in the later section.
Step 1. Download the KreditBee App.
Step 2. Register with mobile number, email, Google, or Facebook account.
Step 3. Enter your information and Check Eligibility.
Step 4. Upload documents and complete the verification process.
Step 5. Apply for a personal loan.
Step 6. Provide Bank Account Details.
Step 7. Sign e-loan agreement.
Step 1. Download and Install KreditBee App
The first step is to download the KreditBee app from the google play store. Once you download it, install the app and allow necessary permissions.
The app has around 10 million downloads and has an average rating of 4.5.
Step 2. Signup KreditBee Loan App With Mobile Number
Once you install the KreditBee loan app, you can register using a Google account, Facebook account, or mobile phone number. If your phone number is registered with your Aadhar Card then use your mobile number for registration.
First, click on the button Login/Signup with mobile, then type your mobile number and click on continue.
Now, you will receive an OTP on your mobile, type the OTP and click on the submit button.
Next page you will get the terms and conditions, scroll down to the bottom and select the check box and click on the “I Agree” button. Allow all permission and finally, you will see all lending partners or NBFCs of the KreditBee Loan app.
At the bottom, select the check box and click on the Continue button.
Now, the referral code ATIPNJD63 and a valid email address.
Next, select the check box and click on continue to complete the registration process. You should be able to see a message like below which says “Let’s get you some loans up to 2 Lakhs.”
Step 3. Give Basic Information To KreditBee Loan App
In step 2 we have completed the registration process and in this section, we will give some basic information to check the eligibility. After the successful signup process, you should be able to see a button called “Get Instant Loan”. Click on it to continue, but first keep your PAN card ready for instant approval.
Now, fill in your first and last name as per your PAN card and click on next.
Next, fill in your date of birth, gender and click on next.
Next, enter your current pin code and salary information. This information is needed if you are a salaried person and applying for up to 2 lakhs. Type your monthly salary and select the check box and click on continue, if your household income is more than 17,000 per month.
Next, enter your PAN number, select the check box at the bottom and click on the Next button. PAN number is mandatory and it helps to check your eligibility to get loans from the KreditBee app.
Now, you should see all the details that you provided in the previous sections. Verify them and if you want to make any changes then click on the change button else, select the check box and submit the details.
Now, once you click on submit button, they will assess your application and once it is complete, you will receive a confirmation on your mobile phone. You can also refresh the screen to see the latest status.
If the assessment process completes, you will see a congratulation message saying, you are eligible for an instant loan on KreditBee. The next process is to submit documents and complete your KYC process.
Step 4. Upload Document and Complete KYC Verification
After the completion of step 3 at the bottom, you will be able to see a button called Continue Application. Click on it to proceed with KYC verification. Now, under profile information, and click on KYC documents.
Under KYC documents you will see three options, Address Proof, PAN Card, and Selfie. You must fill each section one by one.
The first option under the KYC document is address proof where you need to upload any Government ID. Just click on upload document and it will ask you to upload either an Aadhar card or passport. Click on Adhaar card and it will give you two options Paperless Aadhar card and verify by Digilocker.
In this post, we will go with Paperless Aadhar Card. If you want to follow along then make sure you have the Aadhar linked mobile number with you.
Now select Paperless Aadhar and click on continue. On the next page enter your Aadhar number and fill in the security code select the check box and click on submit.
You will receive an OTP in your Aadhar linked mobile number. Just type the number and it will upload and verify your Aadhar card automatically.
Now, click on upload PAN card and it will have three options. If you do not have your PAN card image then click on take a photo using the camera. If you have the PAN card image on your phone just click on the image upload file.
Next click on the upload option which allows you to upload the PAN card image from your phone and click on the Submit Button.
Now, click on the selfie option and take a selfie from your front camera. Make sure to take a selfie in a brighter room and your face should be clearly visible. Next, click on Confirm and Continue.
Step 5. Fill In Personal and Reference Contact
Now, you will have to fill few more basic and personal details about yourself. Under personal details, give your marital status, education qualification, and your occupation.
Next, check your current address, if you find the wrong address then change it to the correct address.
Finally, at the bottom, choose your type of residence and then click on Continue.
Now, the option is to fill in the reference contacts. In reference to contacts, you can give any of your family member contacts details such as their phone number. You should also give one of your friend’s contact numbers as well and then click on Submit button.
Now, you should see a screen with the message “Application submitted for approval”.
Next, wait for 5 to 10 minutes and click on refresh. If everything goes well, your KYC verification will be successfully completed.
Step 6. Get KreditBee Personal Loan
Once your KYC verification is completed, on the home page you will see the various types of loan and the amount of loan that your eligible for. If an option has a lock symbol then you are not eligible for that loan.
However, as you continue to use the app and give your installment on time then the lock symbol will go away. Additionally, they will remove the limitation and after that, you can apply for a higher amount of loan.
As per your requirement click on Get Now button. Let’s for example continue with a Rs 25,000 loan. Now, the app will show you detailed information about your loan which includes processing fees, GST, and total installment.
Additionally, you can also see the number of months in which you will have to pay back the loan.
At the bottom, you can see the final amount that you will get, after all, deductions. Use below coupon code ATIPNJD63 to get some extra discount on processing fees. On top of it, you can see the total amount of money that you have to pay as repayment.
Review all the details and click on the Get it Now button. Now, you will see the details on the repayment schedule. KreditBee charges 2% of the principal amount penalty of overdue payment. Go through the details carefully and then click on OK to proceed.
On the next screen, tick on the check box and click on the continue button. Next, choose the purpose of your loan. Once you, finish you should see the list of bank details.
If you have not added any bank details then, click on the “Add Saving Bank Account” and fill in the Bank account number, branch, and IFSC code.
Step 7. Sign Loan Agreement
After choosing the bank account, select the check box at the bottom and click on “Continue To Sign Agreement”.
Now, on the next screen select E-sign with Aadhar and click on proceed.
The agreement details will be shown on the next page. Read it carefully and click on Continue to Sign. Now, you will receive an OTP on your Aadhar linked mobile number. Type the OTP and then proceed further.
Now, an NSDL electronic service page will appear, select the checkbox, enter your Aadhar number and then click on send OTP. After that, you will receive the OTP on your Aadhar linked phone number.
Once you receive it, type the OTP and click on Verify. Now, the app will take few minutes of time for processing and once it is completed you should see a message that Your Loan will be processed in 1 hour.
That’s it guys, within one hour of time you will get the loan amount to your bank account.
I hope, you have understood the entire process of getting a personal loan from the KreditBee app. This post has detailed explanations starting from the registration process to getting the loan amount to your bank account. If you still have any questions, feel free to comment in the comment section.
FAQs On KreditBee Loan Process
Now, let us answer the most commonly asked questions on the KreditBee app and the process to get a personal loan from it.
So far KreditBee works with nine NBFC and banks and some of them are Krazybee, Usha Financial, Vivtri Capital, Incred Financial, and India Infoline.
KreditBee personal loan interest depends on the type of loan you are taking. Usually, it varies from 2% to 20% per annum.
Yes, KreditBee charges 2% of the principal amount towards the overdue penalty.
To get a personal loan from KreditBee, the minimum household income or salary should be more than Rs 17,000.