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As the old saying goes, to make some money, you need to have some money in the first place. This quote especially is true in the case of a business. As a business owner, you need money for every business-related activity, right from hiring new talent to managing working capital requirements. But, there could be times when you may find yourself short of necessary funds to keep your venture afloat. This is where a business loan from KreditBee can come to your rescue.

 

Wondering what is KreditBee? KreditBee is an RBI-recognised Non-Banking Finance Company (NBFC) that provides creative lending solutions to those in need. It gives you easy access to various online forms of credit such as business loans and personal loans. 

To Grow its Business and Speed Up the Loan Application Process, KreditBee Plans to Open Physical Locations

KreditBee, the online lending start-up, announced that it plans to start physical outlets. This action aims at reducing loan processing time and business expansion. KreditBee is all set to decrease the loan processing time from 10 days to 3 days.

 

- May 18, 2023

How to Apply for KreditBee Business Loan?

Applying for a KreditBee Business Loan through Bajaj Markets is easier than you think. All you will need to do is follow the process mentioned below.

 

  • Step 1: Visit the Bajaj Markets website.

  • Step 2: Find the section in the homepage dedicated to loans. 

  • Step 3: In the ‘Business Loan’ category, click the ‘Apply for a Business Loan’ option. 

  • Step 4: Enter all the details required in the application form you see on the screen. 

  • Step 5: Click on the ‘Check Your Offer’ option to proceed. 

  • Step 6: You will then see a list of lending partners, from which you need to choose Kreditbee. 

  • Step 7: Then, you need to enter the particulars of the business loan you wish to avail, such as the loan amount required, the repayment tenure of your choice, and other such details.

  • Step 8:  Your details will be shared with the KreditBee team, and the representative will contact you for further processing.

KreditBee Business Loan Interest Rate and Charges

A KreditBee Business Loan, just like any other form of loan, comes with a certain interest rate and accompanying charges. You will find at the details you need to know about the charges associated with a KreditBee Business Loan below:

KreditBee Business Loan Interest Rate

15% p.a. onwards 

Repayment tenure

Up to 9 months

Processing Fees

Up to 6% of the sanctioned loan amount

Foreclosure charges

Nil

Factors That Affect KreditBee Business Loan Interest Rate

Some of the key factors that affect the interest rates of KreditBee business loans are as follows:

 

  • Nature of Your Business: The first thing that lenders see is the nature of your businesses and the positives and the negatives of the industry you operate in. Additionally, they look at historical data to determine the profit-making potential of your business. If your venture is deemed to be a risky one or is a part of an industry that earns only seasonal profits, you may be charged a high interest rate.

  • Your CIBIL Score: Your CIBIL score indicates your creditworthiness. It is a numerical figure that stays within the range of 300-900. The higher your CIBIL score is, the more creditworthy you are and better are your chances of getting a business loan. Lenders prefer to give loans to individuals with a CIBIL score of 750 or above. If it is between 650-750, you can still get a loan, but maybe at a higher interest rate. A CIBIL score below 650 may lead to much more unfavourable repayment terms, or worse, even the rejection of your business loan application.

  • Business Experience: The business loan interest rate is also directly proportional to the age of your business. If your business is several years old, it will tell the lender that you know how to manage the finances of your venture well and vice-versa. If you are a young business owner, you may still be able to get a business loan, but you will get it at a higher interest rate as the lender will think that there is a higher risk attached to granting you a loan.

  • Revenue and Profit: Another thing that the lender observes is the profit you have generated over the years and how consistently you have done it. This is to determine your loan repayment capability. If your accounts show that you have been generating profits consistently over a long period of time, you can easily get a business loan and, perhaps, at favourable repayment terms as well.

  • Repayment History: If you have paid off your business loans on time in the past, the lender will think of you as a creditworthy individual. If you have exhibited healthy credit behaviour in the past, the lender will happily give you a loan and that too probably at a good interest rate.

  • Relationship with the Lender: If you are on good terms with your lender and have a long standing relationship, it will be easier for you to get a business loan. It is mainly due to the fact that every financial institution wants to maintain and keep a creditworthy client happy. It is as simple as that!

Features and Benefits of KreditBee Business Loan

Some of the defining features of a KreditBee business loan, that can be obtained through Bajaj Markets, are as follows:

 

  • Get Credit of up to ₹4 Lakhs: Through Bajaj Markets, you can avail a KreditBee loan of anywhere between ₹40,000 to ₹4 Lakhs. You can use these funds to meet your business requirements however you like.

  • Flexible Repayment Tenures: A KreditBee loan is easy to repay. The repayment tenure for a KreditBee Business Loan starts as low as 3 months and goes all the way up to a maximum of 15 months. 

  • Competitive Interest Rates: KreditBee business loans are offered at interest rates that can be 15% p.a. onwards, making it one of the most affordable forms of credit in the market.

  • Quick Disbursal: Let us say that This KreditBee loan takes just under 15 minutes to reflect in your bank account, so that you can meet your business requirements as soon as they arise.

  • Easy Digital Process: Since the entire loan process is online, KreditBee business loans are easy to avail and can be completed from the comfort of your home. 

  • No Collateral Required: There is no need to offer any of your personal belongings as security for a KreditBee business loan.

  • Minimal Documentation: Submit some basic documents as proof of your identity and business ownership and before you know it, your KreditBee business loan will be credited into your account. It is in fact that easy!

  • Lower Charges: There are no charges levied for applying KreditBee loans. However, you may be required to pay a very nominal processing fee. 

Eligibility Criteria for KreditBee Business Loan

To avail a KreditBee business loan, you must fulfil the following eligibility criteria:

 

  • You must be a citizen of India.

  • You must be above 21 years of age.

  • You must have a minimum net income of ₹10,000 per month.

  • You must ensure that your Aadhaar Card is linked with your official or personal mobile phone number.

Factors Affecting KreditBee Business Loan Eligibility

Before making a KreditBee business loan application, you must know the factors that play a crucial role in determining KreditBee loan eligibility. They are as follows:

  • Income

You must earn a minimum net income of ₹10,000 on a monthly basis to meet the KreditBee loan eligibility criteria. Most lending institutions have a minimum income criteria as this reflects your credit repayment capacity. An income within this threshold signals that you have a stable financial position and can easily meet your EMI obligations.

  • Age

Yet another crucial factor determining your KreditBee business loan eligibility is your age. You must be at least 21 years of age to make a loan application. Regulated lenders across the country prescribe the minimum age criteria for business loans to ascertain whether you have the requisite maturity and experience for running your business.

  • Employment

Another variable that influences your repayment capacity is the nature of your employment. That’s why authorised lending institutions seek the details about your employment. For business loans, different categories of self-employed professionals, such as doctors, architects, Chartered Accountants (CAs), etc., and self-employed non-professionals, such as traders, manufacturers, and service providers, can apply for a loan.

 

Alongside, business entities such as a private limited companies or a partnership firm can also apply for a KreditBee business loan. However, you must provide the requisite documentation supporting the conduct and running of the business enterprise across every category. To determine your KreditBee loan eligibility, the nature of your business will be taken into account. Here, factors like profitability, the scale of business, operational structure, years of operations, and so on will be considered.

  • CIBIL Score

This is a factor that significantly influences your business loan application. Financial institutions consider the CIBIL score among the basic eligibility conditions because it reflects the creditworthiness of a self-employed individual. The KreditBee loan eligibility criteria stipulate that your CIBIL score must be in the optimum range. If you don’t know your CIBIL score, you can use the Bajaj Markets platform to get access to a detailed credit report.

  • Other Factors Influencing KreditBee Loan Eligibility

Along with age, income, employment and CIBIL score, other factors affecting your KreditBee business loan eligibility include your existing debt-to-income ratio, credit defaults in the past, your relationship with the financial company, and so on. If you do not meet the specific criteria, your application may get rejected or you may get the business loan at a higher rate of interest.

Documents Required for a KreditBee Business Loan?

To avail a KreditBee business loan, you will need to submit the following documents:

 

  • Income Proof: For a KreditBee business loan, you will need to submit your P and L statements, bank statements and Income Tax Returns (ITR).

  • Proof of Business Ownership: This is where you will need to submit the requisite registration certificates, the likes of Memorandum of Association and your Articles of Association.

Kreditbee Business Loan EMI Calculator

Kreditbee business loan EMI calculator is a unique online tool that allows you to quickly compute the amount of EMI that you will have to pay for a loan. On the Bajaj Markets platform, you can find a business loan EMI calculator that you can use to compute the EMI that you will have to pay towards the KreditBee business loan that you avail. 

 

Using the tool is extremely easy. All that you need to do is enter a few details such as the amount of loan that you wish to avail, the rate of interest of the loan, and the tenure for which you would like to take out the loan for. Once you’ve entered the details, the calculator should instantly display the amount of monthly instalments that you would have to pay. 

 

Alternatively, you can also manually calculate the EMI that you would have to pay for your loan by using the following formula. 

 

E = P*r*(1+r)^n / ((1+r)^n-1)

 

Here, 

‘E’ is the amount of EMI,

‘P’ is the amount of loan that you availed, 

‘r' is the applicable rate of interest on the loan, and

‘n’ is the tenure of the loan

 

Now, let’s say that you avail a loan of ₹ 20 lakhs at a rate of interest of 15% per annum for a tenure of 10 years. Your EMI in this case would be - 

 

EMI = ₹20 lakh*0.015*(1+0.0125)^120/((1+0.0125)^120-1))= ₹32,267 per month

Types of Business Loan at Bajaj Markets

At Bajaj Markets, you can find multiple kinds of business loans. Here’s a quick overview of some of them.

 

  • MSME Loans: MSMEs require funds to satisfy their working capital requirements. Here’s where an MSME loan can help. It can be used to pay off creditors, purchase equipment or raw materials, or upgrade infrastructure. 

  • Start-up Business Loan: If you're a new entrepreneur, you can get a start-up business loan to launch a new venture or expand your current business. To learn about the features and benefits of getting an instant business loan through Bajaj Markets, simply visit the "Startup Loan" section.

  • Business Term Loan: A business term loan can finance large investments such as business expansion or the purchase of machinery. This loan ensures the smooth operation of your business.

  • Business Loan for Women: Women entrepreneurs can secure financial support and grow their enterprises with business loans specifically for women. To apply, visit the "Business Loan for Women" section and discover the benefits of a small business loan.

  • Mudra Loan: The Pradhan Mantri Mudra Yojana (PMMY) is designed to offer business financing for MSMEs. These funds can be used to cover both capital and operating expenses. Under the Mudra scheme, you can avail three different categories - Shishu, Kishore, and Tarun, ranging from ₹50,000 to ₹10,00,000.

  • Working Capital Loan: To finance daily business expenditures, consider a working capital loan. Different businesses use working capital loans for various purposes, such as funding growth projects, handling seasonal demands, or managing the credit cycle.

Get Business Loan Instantly at Bajaj Markets App

Personalised choices for Loans, Cards, Insurance, Investments & UPI Payments along with No Cost EMI offers to shop for a wide range of lifestyle products – discover more on the Bajaj Markets App.

Kreditbee Business Loan Customer Care

In the case of any grievances, queries, or clarifications regarding KreditBee loan details, you can quickly get in touch with the entity’s customer care. If you prefer speaking to a customer care representative, all that you need to do is simply call either of the following numbers - 080-44292200 or 080-68534522. Alternatively, you can also send an email to help@kreditbee.in stating your question or grievance in detail. 

FAQs for Kreditbee Business Loan

  • ✔️How do I contact KreditBee?

    In case you have any questions regarding the KreditBee loan for business, you can contact them through help@kreditbee.in. You can also get in touch with their customer support team through 080-44292200.

  • ✔️How can I repay my KreditBee Business Loan?

    You can repay your KreditBee business loans through many ways, such as net banking, debit cards, digital wallets and UPI. You can also repay your KreditBee business loan through the KreditBee mobile app.

  • ✔️What documents are required to apply for a business loan at KreditBee?

    Along with your PAN Card, you have to submit documents establishing your proof of identity and address. You can opt to submit a copy of any of the following:

    • Aadhar Card

    • Voter Id

    • Driving Licence

    • Passport

    Along with the above documents, you will also need to submit proof of your business.

  • ✔️What is the eligibility criteria of Kreditbee?

    To avail a KreditBee business loan, you must be a citizen of India and above 21 years of age. Additionally, you must earn a minimum of ₹10,000 per month.

  • ✔️How do I get a business loan from KreditBee?

    You can apply for a KreditBee business loan either through Bajaj Markets or KreditBee. If you. If you satisfy the eligibility criteria and submit the required documents, your loan will be approved and disbursed.

  • ✔️Does KreditBee check the CIBIL score?

    Once you submit your business loan application, KreditBee will check your credit score. Having a good CIBIL score (750 or above) is crucial for the approval of your business loan application. To instantly know your CIBIL score, you can also use the Bajaj Markets App.

  • ✔️How can I take my KreditBee business loan?

    You can take a KreditBee business loan by applying through Bajaj Markets or by using the Bajaj Markets App. Alternatively, you can also download the KreditBee mobile App.

  • ✔️How long does KreditBee take to provide a loan?

    Once your loan application is approved and your documents have been verified, the loan amount will be disbursed within 15 minutes.

  • ✔️What is the interest rate on KreditBee?

    On an annual basis, the KreditBee loan interest rate for business can range from 15% onwards.

  • ✔️Is it good to take a loan from KreditBee?

    Yes, the customer-friendly loans from KreditBee are among the best in the market. Along with reasonable rates of interest, KreditBee also provides a range of value-added services.

  • ✔️Is there any precondition for me to apply for a Business Loan on KreditBee?

    Yes. There are a few preconditions that you would have to satisfy in order to be eligible for a KreditBee business loan. Firstly, you would have to ensure that all the documents that you provide as part of the loan application are in your name. And secondly, you would have to satisfy the following criteria. 

     

    • You must be an Indian citizen.

    • You must be between 21 and 45 years of age.

    • You must have a PAN card.

    • You must have a minimum income of at least ₹10,000 per month.

  • ✔️How is my Credit Score connected to the Business Loan that I avail from KreditBee?

    As you continue to repay the KreditBee loan that you availed on time within the due date, your credit score gets a positive boost, improving your creditworthiness. High credit scores allow you to avail larger loans from KreditBee and other financial institutions with ease. 

     

  • ✔️Is it possible to pre-close the loan?

    Yes. You can pre-close your KreditBee online loan. However, to do that, you will have to send an email to help@kreditbee.in stating your intention to pre-close the loan.

     

  • ✔️What is the available repayment tenure for a business loan?

    The minimum repayment tenure that you can opt for a KreditBee loan is 3 months, whereas the maximum tenure is 24 months. 

     

  • ✔️Is a person allowed to reapply for a Business Loan if it is previously rejected?

    Yes. If your KreditBee loan application was rejected, you can reapply for the same after a period of 3 months from the date of first application.