Kreditzy

Years

Apply Kreditzy Personal Loan

What is Kreditzy?

Kreditzy was started by a team consisting of individuals from esteemed institutions like IIT, IIM, NUS and others to provide instant solution to funds requirement through an internet platform. With the increase in purchasing power, a lot of transactions happen offline and online. With constant shopping offline and online the need for funds is the most under-served. With a long procedure involved in the traditional credit system, individuals refrain from going in for loans for their instant funds requirement. Doing so, they end up in compromising on most of the things that they would want to do or want to possess. Kreditzy was formed with the main aim of solving the credit issue by providing funds within minutes of raising a request.

The evaluation of creditworthiness is tech-based which is fast and enables to make a credit decision instantly. The online loan availing process does not involve laborious documentation. Kreditzy has been successful in providing instant funds during an emergency to a large population and has been instrumental in inculcating a responsible and committed spending pattern. The individuals can avail a small-ticket loan of 1000/- to a big-ticket loan up to 1.00 lakh. The repayment period can be chosen between 30 days to 12 months depending on the amount and convenience.

What are instant online loans?

A loan available at the time of need without any collateral security by submitting an online application is an instant online loan. Kreditzy has been instrumental in devising an internet platform for salaried and self-employed individuals to avail a loan from 1000/- to 1.00 lakh for various purposes within minutes by placing an online request through an online application. All you have to do is to fill up the application with your personal details, upload KYC documents, provide a reference and bank account details. The credit assessment will be by collecting information regarding your financial status, personal status, employment status through various data points and analyzing and drawing a credit score through a tech-based assessment tool. Kreditzy has revolutionized the credit scenario by introducing the facility of availing loans within minutes with the click of a button.

Benefits of taking a loan from Kreditzy

Availing a loan from Kreditzy has various advantages as mentioned below:

Small-ticket to Big-ticket loans: Kreditzy gives you the option of availing a small-ticket loan to the extent of 1000/- to a big-ticket loan up to 1.00 lakh. You can assess your requirement and avail a loan accordingly. This makes the repayment easy and affordable instead of burdening you with an unaffordable debt. You can repay the loan and avail a loan again. Personal Loan can be availed multiple times as long as the earlier loan is repaid in full within the maturity date.

Simple and minimum documentation: The filling up of loan application, providing the required documents for processing the loan application, execution of documents and the disbursement are all done online. The process is simple and 100% paperless. This expedites the disbursement of the loan. The required amount will be credited to your account within 15 minutes of raising a request.

Rate of interest: The rate of interest is based on tenure. The rate of interest for a short tenure i.e., up to 30 days is between 18% to 35.95% p.a. whereas the rate of interest for longer tenure i.e., beyond 30 days will be 29.95% p.a.

Fast disbursement:You can apply for an online personal loan and have the funds in your account within 10 minutes. The entire process from registration to disbursement of the loan takes only 10 minutes.

Collateral-free: You will not have the hassle of providing a personal guarantee or any other collateral security to avail a personal loan from Kreditzy as the loan provided is an unsecured loan.

Types and Features of Loans from Kreditzy

Kreditzy with its internet platform to avail a personal loan has made credit availability hassle-free and seamless.

The features of the personal loan from Kreditzy are as follows:

Purpose:The range of loan available is between 1000/- to 1.00 lakh which makes it a versatile loan purpose wise. It can be used for paying utility bills as low as 1000/- to the purchase of a high-end gadget or a vehicle which could range from 25000/- to 1.00 lakh. The loan can be used for any purpose like paying school fees, for servicing of your vehicle, for a family holiday, for the purchase of a gift, for minor repairs to your house, etc.

Quantum: Kreditzy will provide a small-ticket to a big-ticket loan ranging from 1000/- to 1.00 lakh.

Interest:The rate of interest for a loan payable within 30 days will be between 18% to 35.95% p.a and for a loan payable in months that is beyond 30 days the interest will be charged at 29.95% p.a.

Repayment:The loan can be repaid within 30 days to 12 months.

Processing charges: Processing charges depend on the repayment period chosen. It ranges from 100/- to 1000/-. The processing charges are charged at a flat rate.

Pre-payment charges: The loan can be pre-paid at any time without any penalty.

How to apply for a loan through Kreditzy?

To apply for a personal loan through Kreditzy, you will have to download the mobile application through the Google Play Store. You will have to register through facebook or google, check eligibility, perform the KYC ordeal, and Provide transaction details. This completes the application process and the amount will be credited to your bank account.

The whole process takes just 10 minutes. The steps that are to be completed are explained in detail below:

Registration:

  • You will have to sign up to the Kreditzy app using google or facebook account.
  • Enter your name, contact number and Email ID and confirm the same.

Eligibility check

  • Enter your Pan No.
  • Provide basic details like monthly income, date of birth and the pin code of your current location.

Complete the KYC

  • You will have to upload the KYC documents
  • Provide your current address, permanent address and your marital status and confirm the same.
  • You should provide a reference and contact details of the reference.

Make available transaction Details

  • Provide the details of your bank account.
  • Complete documentation by affixing e-signature

Disbursement

  • The amount will be credited to your bank account within 15 minutes.
  • Make repayments promptly within the due date and become eligible for higher limits.

Documents required

The documents required for Kreditzy are:

KYC documents: Pan Card, Aadhar Card Voter's ID Card, Passport, etc

For address proof and photo Id Proof any one of the above can be submitted. Submission of Pan Card is mandatory as Pan Card is required for checking the credit score and other parameters related to your financial status.

Eligibility Criteria for loans through Kreditzy

The following are the eligibility criteria for loans through Kreditzy:

  • The applicant should be a resident Indian
  • The applicant should belong to the age group of 21 years to 45 years
  • The minimum monthly income required is 10000/-
  • A minimum work experience of 3 months with the current employer will be required
  • Both salaried and the self-employed are eligible for the loan.

Who are the lending partners for Kreditzy?

Kreditzy has parterned with leading financial institutions like private and public sector banks, NBFCs and other Private Finance Companies to provide easy credit to its customers. Kreditzy has also partnered with Krazybee Services Private Limited to provide personal loans within the quickest turnaround time to its customers.

Things you can use the instant online loan for

The instant online loan from Kreditzy can be used for various purposes. The loan can be used for short-term emergencies of small size like payment of utility bills, providing for missed out EMIs, school fees, vehicle servicing, etc. It can also be used for planning a family holiday, buying a gift for your loved ones, for the purchase of high-end gadgets or consumer durables, for shopping, to pamper yourself in a Spa, to enroll for fitness training, for minor repairs and renovations to your house, for business requirements, etc.

How to repay Kreditzy loan?

The loan can be repaid through the Repayment option on the Kreditzy app. Online payment can be done through net banking, debit card, Paytm Wallet, UPI, and Bank Transfer. All other payment options will attract convenience fees depending on the amount except Bank Transfer. It is recommended to make the payment through bank transfer to avoid convenience fee which will again add up to the cost of your loan.

The other option would be auto-debit instructions to your bank account. This will be effective only if you have provided the auto-debit details to Kreditzy and you have got a confirmation that the auto-debit is set up to your account successfully.

FAQs

1. If a loan is availed by completing the loan application process, is it necessary to upload KYC documents while applying for another loan?

The first time you are applying for a loan your credit profile will be verified and confirmed by Kreditzy with the help of the KYC documents. Once the profile is confirmed you need not upload the documents every time you apply for a loan through Kreditzy. However, if there are any changes like change in residential address, change in employment, etc. the same has to be notified to Kreditzy and the required documents have to be uploaded to reconfirm the credit profile.

2. On what basis is the credit limit allotted by Kreditzy?

Each individual customer is provided with a credit limit that is decided by the lending partner based on various parameters. The borrower will be eligible for a higher limit if the repayments of the earlier loan are done promptly. However, the allocation of a higher limit will depend on the monthly income, credit score, and various other data provided by you at the time of completing the loan application. Regular repayments will enhance the chances of obtaining a higher limit provided the other parameters that are a basis for drawing the credit profile support the same.

3. What is convenience fee and how is it charged?

A convenience fee is a charge levied by Payment Gateway while repayments are made online. The convenience fee will be added to the EMI amount while making the repayment online. Different payment gateway levy different charges. The Payment Gateway that is permitted for EMI payment in Kreditzy APP are debit card, net banking, UPI, Paytm Wallet and Bank Transfers.

For payments made through net banking, a convenience fee ranging from 6 to 15 per transaction will be charged depending on your bank.

For payment made through debit card, there will be no convenience fee for an amount upto 2000/-. For payment above 2000/- a fee at 0.90% of the amount will be collected.

For payment made through UPI a fee ranging from 5/- to 11/- per transaction will be collected depending on your bank.

For payment made through Paytm Wallet, a fee at 1.90% of the amount will be charged.

For payment through IMPS/NEFT, the charges collected will depend on your bank.

4. Is there any penalty for dishonor of auto-debit?

Yes. If sufficient balance is not maintained for auto-debit on the due date and the auto-debit is dishonoured, a penalty will be charged. The penalty charged will depend on the lender. Kriditzy will also charge a penalty of 100/- which is to be paid along with the late payment charges collected for the failure of auto-debit.

5. What is a Referral Code and how does it help in procuring Kreditzy points?

A referral code will be given to you once the mobile verification is done. The person you refer for a loan through Kreditzy should use your Referral Code while applying for a loan. Once the referred person completes his/her profile and the profile is approved you will get 30 Kreditzy points. Once the referred person avails the first loan each of you will get 20 Kreditzy points. Each Kreditzy point will be equivalent to Re.1/- At any point in time, you cannot accumulate points beyond 500. You can redeem the points to avail concession in processing charges. Even here there is a maximum level of redemption allowed. You cannot redeem all the points at one time for waiver of processing charges.

If the points go beyond 500, you will have to redeem the points by availing a loan since you will not be allowed to accumulate points beyond 500.

6. What are the repercussions for not making the repayments on time?

If repayments are not made on the due date, your credit profile will be updated as a defaulter with the credit rating agencies which will scale down your credit score. This will make it difficult for you to avail loans in the future from banks and other financial institutions.

For every default in repayment, a penalty apart from the regular interest paid on the loan will be charged. This will increase the cost of your loan.  Also, you will become ineligible to avail quick personal loans through Kreditzy in the future.

7. How to apply for a personal loan through Kreditzy app?

To apply for a personal loan through Kreditzy app you will have to register yourself on the app by signing up through facebook or Google account. To complete the registration process you will have to provide your name, contact number, Email Id and confirm the same.

The next step will be checking the eligibility. For this, you will have to enter your Pan Number and provide some personal details like date of birth, monthly salary and the Pin Code of your current location.

You should then go to the KYC updation. You will have to upload the KYC documents and provide your current address, permanent address and marital status and confirm the same. You should then provide a reference and the contact number of the reference.

Continue by providing transaction details i.e., your bank details. You should then affix your e-signature on the mobile phone.

This will complete the process of the loan application. The credit profile will be drawn based on the information provided and the documents provided. If the credit profile is approved and the credit limit set, you will get the amount in your bank account within minutes.

8. What is the rate of interest charged for the personal loan from Kreditzy?

The rate of interest charged will be between 18% and 35.95% p.a. for loans with 30 days tenure. For loans being repaid in months the rate of interest charged will be 29.95% p.a.

9. Who can apply for a loan through Kreditzy?

Individuals who comply with the following criteria can apply for a loan through Kreditzy:

  • Should belong to the age group between 21 years to 45 years.
  • A regular source of income with a minimum monthly income of 10000/-
  • A minimum work experience of 3 months with the current employer.
  • Should be a Resident Indian.
  • You can either be salaried or self-employed to qualify for the loan.

10. What are the permissions the user has to give Kreditzy and why are the permissions required?

The user has to permit Kreditzy to access the following:

Contacts: To collect the details of references to fill the application automatically during the loan application process.

Phone:  To collect information about the device regarding the operating system, version, hardware model, user profile information, Wi-Fi information, unique device identifier and information about the mobile network. This is to identify the device and make sure that no unauthorized device acts on your behalf. This entire ordeal is a precaution to prevent frauds.

Location:To collect information about your mobile location to ensure if your application can be serviced, to reduce the risk associated and to provide offers that are customized.

Camera: In order to capture the picture of the documents and photograph for the loan application.

Apps: To collect information about the apps installed on your mobile to increase data points for drawing the credit profile

Storage: To enable upload of documents and photographs for the loan application.

11. What are the documents required the loan application process?

KYC documents like Aadhar Card, Passport, Voter's ID and Pan Card. Any one of the documents can be provided as Address and ID Proof but submitting a Pan Card is a must in order to check the credit score and other parameters relating to your financial status.

12. What is the loan amount and tenure provided?

The loan amount provided ranges from 1000/- to 1.00 lakh and the tenure provided is in the range from 30 days to 12 months.

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