CreditBee is an Instant Personal Loan App & Credit Platform for Young Professionals across India, where one can apply for Personal Loan Online & avail up to ₹2 Lakh as Direct Cash Transfer to Bank Account.

CreditBee Provides Loans range from ₹5,000 to ₹200,000
Tenure: 60 days to 18 months. Interest rates range from 1%-25%
Example: If loan amount is ₹50,000 & interest is 22% per annum with tenure of 62 days; after deducting any other fees
Interest = ₹50,000 x 22%/365 x 62 = ₹1,868

Loan Types

Flexi Personal Loan - A flexible loan option where you can avail loans within 10 minutes of app install as direct bank transfer. All you need is your PAN Card, ID & Address Proof, and you can avail from ₹1,000 to ₹50,000 for a tenure ranging from 62 days to 6 months.

Personal Loan for Salaried - A personal loan option where you can avail amounts from ₹10,000 to ₹2 Lakhs as direct bank transfer for a tenure ranging from 3 to 15 months. All you need is your PAN Card, ID, Address Proof and Salary Proof.

Features

1. 100% Online process
2. Minimal documentation
3. Fast approval
4. Immediate bank transfer

Benefits & Risks

1. Get access to higher amounts & tenures as you repay on time
2. As compliance requirement your payment behaviour is shared with credit rating agencies; based on that your credit score may increase/decrease

Eligibility

1. Indian resident
2. Above the age of 21 years
3. Should have monthly source of income

How to get started

1. Install CreditBee App
2. Register through your mobile number
3. Fill your basic details to check first level eligibility
4. Upload KYC documents - ID, Address Proof & PAN card
5. Apply to get loan from range ₹1,000 to ₹200,000

Applicants can apply for a quick loan. Only submitting few documents.

The User of this Platform unequivocally declares and agrees that the User is a natural/ legal person who has attained the age of at least 21 years and is legally allowed to enter into a contract in India. The User is allowed to utilize the Services in accordance with the terms and conditions detailed hereinafter. By registering on the Platform, the User hereby undertakes to agree and abide by the Terms & Conditions detailed herein.

If the User violates any of these Terms & Conditions, or otherwise violates an agreement entered into through the medium of the Platform, autocreditpay may terminate the User’s membership, delete his/her profile and any content or information posted online by the User on the Platform and / or prohibit the User from using or accessing the Platform at any time in its sole discretion, with or without notice, including without limitation if CreditBee believes that User is under the age of 21 years.

Amount, Tenure, Fees & Charges

₹1,000 to ₹200,000, Tenure: 62 days-15 months. CreditBee charges one-time service fee while onboarding or during upgrade which is ₹30-₹350 depending on the risk profile and membership band availed by customer. Interest rates range from 0%-29.95% with equivalent monthly interest rate of 0%-2.49% only.

Penalty is charged only when someone delays their scheduled payment.

The APR for different products is separate as per the risk profile of the customers. The APR for different personal loan products: low risk customers is 0%-36%, medium risk customers is 18%-39%, high risk customers is 24%-42%* and very high-risk customers is 24%-70%*.

In addition to it, GST will be applicable only on the fee components as per Indian laws.

*The higher charges are only for loans of lower amount and lower repayment tenure.

Example

A new low risk customer availing personal loan for salaried can avail a loan of ₹50,000 at an interest rate of 22%, processing fee of ₹1,250 for a period of 12 months and onboarding fees of ₹350. This would translate to an APR 25.2%.

Interest Calculation

If loan amount is ₹50,000 & interest is 22% per annum; and loan is to be repaid over 12 EMIs, then overall interest payable is ₹6,157 only. The EMI per month would be ₹4,680 only.