What Is The Interest Rate For Kreditbee Personal Loans

The interest rate for KreditBee personal loans is attractive. KreditBee gives personal loans up to an amount of Rs. 2 Lakhs at an interest rate starting as low as 1.02% per month. Currently, KreditBee offers two types of personal loans including personal loans for salaried and short-term loans. Short Term Loans cater to the immediate financial needs of the applicants.

Let us now check the KreditBee personal loan interest rates for 2022

What Are The KreditBee Personal Loan Interest Rates For 2022?

KreditBee gives personal loans at affordable yet competitive interest rateṣ starting from a minimum of 1.02% per month or 12.24% per annum.  However, personal loan interest rates payable by a specific applicant vary according to the profile of the applicant including his/her credit score, the amount of loan, duration desired, the type of personal loan chosen, etc. 

 What Are The Factors impacting KreditBee Personal Loan Interest Rates? 

 The factors below affect the KreditBee personal loan interest rates

1. The Age of the applicant: The interest rates may increase with the applicant’s age because the chances that the income levels of a person may increase after a certain period are low. 
2. Credit Score: The credit score helps a person assess an applicant’s creditworthiness. It is a summary of the person’s credit history. A good credit score of above 750 improves your likelihood of procuring a personal loan and you may also be eligible for higher loan amounts and lower interest rates.
3. Loan amount and Loan duration: Usually the outcome of an increase in the loan amount and duration is an increase in the interest rate charged by the lender and vice versa. 
4. Details of Employment: Applicants with a stable job, consistent history of employment, and who work with reputed organizations may get a lower rate of interest on personal loans. This is because it indicates solid financial stability and a continued flow of funds to repay the loan. 
5. Levels of Income: Lenders usually believe that applicants with higher incomes have a better repayment capacity. So, they offer loans at lower interest rates to such applicants.  
6.  KreditBee Credit Risk Score (KCRS): It is a modeling score that is used by KreditBee to determine an applicant’s creditworthiness. It is computed based on the person’s device and other data including financial transactional SMS data. This score ranges between 900 to 1800. The higher the KCRS score, the better the KreditBee loan terms will be such as a lower interest rate, higher credit limit, etc.

Comparison Between The Interest Rates Of KreditBee and Other Banks/NBFCs

How to Obtain Low-Interest Rates on KreditBee Personal Loan?

Some guidelines for getting low-interest rates on KreditBee personal loans are given below. 

• Create and maintain a high credit score like a CIBIL ™score of 750 or above. 
• Clear off your existing debt.
• Make timely payment of your EMI and credit card dues.
• Maintain a good relationship with the existing lender. 
• Maintain a stable history of employment.