Kreditbee Personal Loan Eligibility

The KreditBee Personal Loan eligibility criteria for their various personal loan schemes are mentioned below:

Flexi Personal Loan

Personal Loan for Salaried

Personal Loan for Self-Employed

Credit Scores

KreditBee considers the credit scores of its personal loan applicant’s while deciding their personal loan eligibility. However, the platform has not mentioned the minimum cut-off credit score for availing their personal loan schemes.  Moreover, the partner lenders on this platform may have their own minimum credit score criteria for evaluating personal loan applications.

Personal loan lenders usually prefer sanctioning loans to applicants having credit scores of 750 and above, as such applicants are usually considered as creditworthy. Some lenders also offer lower interest rates on personal loans to loan applicants having higher credit scores. Therefore, having higher credit scores can help loan applicants avail personal loans at low interest rates.

Personal loan applicants with zero or low credit scores can avail the Step Up Credit Card co-branded with SBM Bank India Ltd., a lifetime free credit card issued by Paisabazaar.com secured against the fixed deposits of SBM Bank, in order to build/increase their scores and improve their KreditBee Personal Loan Eligibility.

EMI Repayment Capacity

KreditBee has not disclosed the role of their personal loan applicants’ repayment capacity (after factoring in their EMIs) for ascertaining their personal loan eligibility. Lenders usually require their prospective borrowers to limit their monthly loan repayment obligations (including EMIs both from their existing loans and from the proposed personal loan) within 50%-60% of their overall monthly income.

Thus, personal loan applicants exceeding the aforementioned limit should opt for longer personal loan tenures, as it will help them reduce their EMIs and improve their loan repayment capacity. Such individuals should either make use of the Personal Loan EMI Calculator provided by KreditBee or Paisabazaar’s Personal Loan EMI Calculator to find their optimal EMI and loan tenure based on their repayment capacity.

Occupation Profile

Both salaried and self-employed loan applicants are eligible for availing KreditBee Personal Loans. Note that many lenders also decide the personal loan interest rates of loan applicants based on their occupation profiles.

Existing Consumer Relationship with Lenders

KreditBee has not disclosed whether the existing customers of its lending partners get any special preference/concession while evaluating their personal loan eligibility. However, many banks/NBFCs prefer offering personal loans to their existing customers. Some lenders also provide pre-approved instant personal loans to their select customers, with quick disbursal and/or nil documentation, based on their credit profile. Some lenders also provide personal loans at preferential interest rates to their existing customers. Hence, existing customers of KreditBee’s partner lenders should contact banks/NBFCs, with whom they maintain loans, credit card or deposits, and check whether they are eligible for pre-approved personal loans.