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 is a platform that provides easy access to various online forms of credit such as business loans and personal loans.
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.
Provide basic details: First, you will need to provide your mobile number as well as your date of birth to proceed.
Fill in your business details: Next, you will need to provide information regarding your business. After you provide them, proceed by clicking ‘Submit’. After that, you will be shown a host of business loan options, out of which, you must select KreditBee to proceed.
Select loan repayment tenure and principal amount: After step #3, you must select the loan amount and repayment tenure as per your need.
Approval and Disbursal: Fill in some more information and see your loan application get approved within minutes. Before you know it, your money will be credited into your account.
A KreditBee Business Loan, just like any other form of loan, comes with a certain interest rate and charges. You will find every charge you need to know about the charges associated with a KreditBee business loan below:
KreditBee Business Loan Interest Rate
|15% p.a. onwards|
Up to 9 months
Up to 6% of the sanctioned loan amount
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 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!
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 can go up to as high as 9 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.
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!
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.
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:
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.
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.
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.
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 Finserv MARKETS platform to get access to a detailed credit report.
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.
To avail a KreditBee business loan, you will need to submit the following documents:
Identity Proof: PAN Card, Aadhaar Card, Passport, Voter’s ID or Driver's Licence.
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.
In case you have any questions regarding the KreditBee loan for business, you can contact them through email@example.com. You can also get in touch with their customer support team through 080-44292200.
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.
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:
Along with the above documents, you will also need to submit proof of your business.
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.
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.
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.
You can take a KreditBee business loan by applying through Finserv MARKETS or by using the Finserv MARKETS App. Alternatively, you can also download the KreditBee mobile App.
Once your loan application is approved and your documents have been verified, the loan amount will be disbursed within 15 minutes.
On an annual basis, the KreditBee loan interest rate for business can range from 15% onwards.
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.