KreditBee provides personal loans up to Rs. 4 Lakhs with monthly interest rates starting from 15%. However, the KreditBee interest rate on a personal loan varies depending on the applicant's profile, including their credit score, the loan amount and tenure wanted, the personal loan variant chosen, and so on.
Particulars |
KreditBee Personal Loan |
Interest rate |
15% p.a. onwards |
Processing fees |
NA |
Tenure |
Up to 24 months |
Loan amount |
From Rs. 1200 to Rs. 4 Lakhs |
The flat rate technique of calculating interest requires calculating interest on the total loan sum value during the loan term without utilizing the amount of principal that has already been paid. It doesn’t consider that EMIs are written off, the outstanding loan principal amount gradually reduces.
When the declining balance technique is utilised, however, interest is only calculated on the outstanding loan principal per month. As a result, if you use the declining balance technique, the amount of interest you pay each month falls as the outstanding loan amount decreases. While lowering balance interest rates are normally slightly higher than flat interest rates, they may allow you to save money on your loan's total interest payment. KreditBee uses the declining balance approach to calculate the interest payable on its personal loans.
An example using personal loan EMI calculator, which takes into account various loan amounts, tenures, and interest rates:
Loan Amount (Rs.) and Interest Rate |
Monthly EMI Payout (Rs.) |
||
2-month loan tenure |
6-month loan tenure |
15-month loan tenure |
|
1,200 @ 13% p.a. |
528 |
193 |
93 |
2 lakh @15% p.a. onwards |
1,01,879 |
34,807 |
14,705 |
An example utilising a flat interest rate for various loan amounts, terms, and interest rates:
Loan Amount (Rs.) and Interest Rate |
Monthly EMI Payout (Rs.) |
||
2-month loan tenure |
6-month loan tenure |
15-month loan tenure |
|
1,200 @ 13% p.a. |
533 |
198 |
98 |
2 lakh @ 15% p.a. onwards |
1,02,500 |
35,833 |
15,833 |
For various loan amounts, tenures, and interest rates, a sample of total interest payout, the total amount repaid, and the proportion of interest in the total amount repaid is shown below.
Loan Amount (Rs.) |
Tenure (months) |
Total Interest Payout (Rs.) |
Total Amount Repaid (Rs.) |
Proportion of Interest in Total Amount Repaid |
1,200 @ 13% |
6 |
36 |
1316 |
2.6% |
50,000 @ 15% |
6 |
2,210 |
52,210 |
4.2% |
2 lakh @ 16% |
15 |
21,992 |
2,21,992 |
9.9% |
Following are the pointers that may help you get a reduced interest rate on your KreditBee personal loan:
Boost your credit score and keep it there.
Reduce your current debt.
Payment of your EMIs and credit card bills on time.
Have a solid relationship with the lender already.
Maintain a consistent work history.
The following are some major elements that influence the interest rate on a KreditBee personal loan:
The amount of interest charged by the lender usually rises in tandem with the applicant's age. This is because the likelihood of a rise in the applicant's income level lowers as he or she approaches retirement.
A credit score is a summary of a person's credit history that lenders use to determine whether or not an applicant is creditworthy. An excellent credit score (often 750 or higher) boosts your chances of getting a personal loan and may also allow you to get a reduced interest rate.
Typically, as the loan amount and tenure grow, so does the interest rate charged by the lender, and vice versa.
Personal loans may be granted at a cheaper rate of interest to applicants who have a steady job, a long history of employment, or who work for reputable organisations. This is due to the fact that it signals more personal and financial stability, as well as a steady flow of income to repay the debt.
Lenders consider applicants with greater yearly incomes to have a better repayment capacity and, as a result, charge lower interest rates on personal loans than those with lower annual incomes.
The interest rate on a KreditBee personal loan starts from 15%. The interest rate that applies to a given application, on the other hand, changes depending on the person's individual applicant profile, personal loan variant chosen, and other factors.
You have the option of repaying your KreditBee personal loan up to 24 months.
KreditBee provides personal loans ranging from Rs. 1200 to Rs. 4 Lakhs, subject to certain criteria.