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What is Creditbazzar?

Creditbazzar is a digital finance company based in Delhi that facilitates instant personal loan through online application. The goal of the company is to provide an instant solution to any kind of financial crisis. If all the information and the documents required are provided accurately, the approval process may take just a few minutes. If the information provided is not ample to proceed with the processing, the representatives of the Company will contact the applicant to get the required information. In such cases, the approval will be delayed. You can apply for a loan 24 x 7 on all days including holidays and Sundays. The approval will be communicated but the amount will be credited only on the subsequent working day. Presently, Creditbazzar operates from Bangalore, Delhi and NCR.

What are instant online loans?

An instant solution for any kind of financial crisis by submitting an online loan application is the instant online loan. Creditbazzar is known for fast approval and disbursement thus providing an instant solution for any of your financial emergencies. You will have access to the loan application throughout the year and even on holidays and Sundays. You can apply for the loan 24 x 7 on all 365 days. However, loans applied for on holidays and Sundays will be disbursed on the subsequent working day.

Benefits of taking a loan from Creditbazzar

The following are the benefits of availing a loan from Creditbazzar

Quick loans: With an online application and minimal documentation, Creditbazzar provides the fastest solution for your financial requirements by giving a quick approval and instant transfer of funds to your bank account.

Unsecured loan: The instant loans do not need any security as they are unsecured loans.

Interest rate: The loan will be provided for a period of 30 days and in special cases up to 61 and a maximum of 90 days. The personal loan interest rate ranges from 0.1% to 1% per day depending on the credit profile of the customer.

Tenure: Instant loans at Creditbazzar are for a short term. The loans are generally given for a period of 30 days at 30% interest. In special cases, the tenure can be extended to 61 days or a maximum of 90 days. The tenure is kept short in order to avoid burdening you with mounting interest. You can avail small amounts or affordable amount within the maximum range permitted by the Company. The short tenure and limited amount is to ensure that you can come out of the debt as quickly as possible and also reduce the interest burden.

Charges: The charges are made known at the time of applying for the loan. No other charges other than the listed charges will be collected. There are no hidden charges and the whole loan process is transparent.

Round-the-clock accessibility: You can access the website and apply for the loan any time throughout the year and even on holidays and Sundays. If the loan is applied on a holiday, the disbursement will be done on the subsequent working day.

Customer support: You will be able to contact the customer support team 24 hours a day and even on holidays and Sunday

Types and Features of Loans from Creditbazzar

Creditbazzar provides different types of loans to suit your requirement and the features of the loans are as enunciated below.

Name of the loanPurposeQuantumInterestSecuirtyRepaymentCharges
Payday LoanFor any kind of emergency that crops up the loan kind be availed. It is a short-term loan.The quantum depends on the income of the applicant and can be as small as 1000/-The rate of interest ranges from 0.1% to 1% per day.It is a collateral-free loanThe payday loan can be repaid in two ways. It can either be repaid on the next payday or the last day of the month. If the amount involved is higher there is an option to pay back the loan within 11 months.

Processing charges: At 2% of the loan amount.

Pre-payment charges: Nil

Cash loanFor any financial situation that arises before the pay dayThe quantum of the loan will be generally low since it has to be repaid within a short timeThe rate of interest will be slightly higher than the personal loan. It can be as high as 30% p.m.No security is required for the loanThe loan should ideally be repaid within 30 days. For delay beyond 30 days huge penalty will be charged.
Emergency loansThe loan can be used for paying credit card dues or for providing for an EMI of another loan to avoid defaulting, to provide for a cheque issued for a particular date and avoid bouncing of the chequeThe loan will be a small-size loan. It can vary from 1000/- to 1.00 lakh depending on the income and the repayment capacityThe rate of interest will be higher since the loan is provided instantly without any credit score check.No security will be required for the loanThe loan should be repaid within 30 days. If the amount is high, in special cases, tenure will be extended between 61 days to 90 days
Online loanThe loan is the quickest and most convenient since the whole process is automated. The loan can be utilized for any personal or business requirementThe quantum of the loan ranges from 10000/- to 1.00 lakh.The rate of interest ranges from 0.1% to 1% p.m.No security is required for the loanThe loan has to be repaid within 30 days to 90 days

How to apply for a loan through Creditbazzar?

To apply for a loan through Creditbazzar you will have to register as a borrower and sign in by accessing their official website.  During the registration process you will have to provide the following information.

  • The first and last name
  • Gender
  • City and State of location
  • Email Address
  • Mobile Number
  • Date of birth.

On completion of the registration, you will have to choose the loan amount and the tenure on the slider provided. You should then upload soft copies of the required documents. Once the information and documents are provided, the processing and communication of approval take a few minutes. On approval of the loan application, the borrower has to execute a loan agreement and thereafter the amount will be directly credited to the bank account. The whole process will not take more than 2 hours.

Documents required For Instant Loan

The following are the documents required for the various loans through Creditbazzar.

Residence Proof: Aadhar Card, Voter?s Id Card, Driving Licence, Leave and Licence Agreement or any other Government Identification.

Photo Id Proof: Pan Card, Passport, Aadhar Card, Driving Licence.

Income Proof for salaried individuals: Latest salary slips for the last three months and bank account statement for the last 3 months of salary account.

Income Proof for the self-employed: Financial statements like the balance sheet and Profit and loss account and bank account statement for the last 3 months of an operative account.

Other documents: 3 security cheques

Creditbazzar Instant Loan Eligibility

The personal loan eligibility criteria for the different types of loans through Creditbazzar are as follows

  • Personal loan for salaried individuals, as well as the self-employed, are eligible for the loan.
  • The loan is provided only for resident Indians.
  • The age of the applicant should be 18 years and above.
  • The applicant should have a regular source of income to make the repayment of the loan.

Who are the lending partners for Creditbazzar?

Creditbazzar has partnered with leading financial institutions like public sector banks, private banks, NBFCs, multinational banks and private finance companies.

Things you can use the instant online loan for

Instant personal loans can be utilsied for multiple purposes like medical exigencies, for paying credit card bills, for paying utility bills, to make up for missed out EMIs, for any other expenses that arise before the payday. It can also be used for any additional operating expenses of a small size businesses.

How to repay an instant online loan

Along with the loan agreement, the borrower has to sign a NACH mandate for auto-debit of the loan amount on the due date. Also, the borrower has to submit 3 security cheques that will be utilized in case of default or delay in repayment of the loan.

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Creditbazzar Personal Loans FAQs

What is the quantum of Creditbazzar instant loan?

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The quantum of the loan ranges from 10000/- to 1.00 lakh.

What are the eligibility criteria for a loan through Creditbazzar?

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To qualify for an instant loan through Creditbazzar the applicant should comply with the following eligibility criteria.

  • Should be a Citizen of India
  • Should be 18 years and above at the time of applying for the loan.

What is the repayment option for instant loans through Creditbazzar?

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The instant loans through Creditbazzar are short-term loans and will have to be repaid within 30 days. In special cases, the period will be extended and tenure of 61 days to 90 days will be provided.

What are the parameters considered for assessing the eligibility?

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The income, credit rating, mandatory monthly expenses are the parameters for assessing the loan eligibility. As a part of the verification process, in the case of salaried individuals, creditbazzar will contact the accounts department of the employer.

What are the documents required for instant loans through Creditbazzar?

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The documents required for instant loans through Creditbazzar are:

KYC documents like the Pan Card, Aadhar Card, Voter?s Id Card, Driving Licence, Passport, any government identification, Leave and Licence Agreement, etc.

Income Proof like latest salary slips for the last 3 months and bank account statement for the last 3 months for salaried individuals. Financial statements like Balance Sheet and Profit and Loss Account for the last 2 years and bank account statement for the last 3 months of an operative account.

How to apply for a loan through Creditbazzar?

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To apply for a loan through Creditbazzar you will have to access the official website of Creditbazzar and register as a borrower. For registering as a borrower you will have to provide the following information.

  • First Name
  • Last Name?
  • Gender
  • State and City of residence
  • Date of Birth
  • Mobile Number
  • Email Id

After the registration, you can apply for a loan by choosing the loan amount and the tenure with the slider provided.

You should then upload the soft copies of the required documents. On obtention of the information and the documents, the eligibility check will be done by Creditbazzar. The parameters considered will be the income, credit rating and the mandatory monthly expenses. Thereafter, the credit decision will be communicated vide SMS or Email. A loan agreement has to be signed and NACH mandate submitted by the borrower. Once the process is complete, the amount will be directly credited to the bank account of the borrower.

What are the charges applicable for the instant loan through Creditbazzar?

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 The following are the charges applicable for the instant loan through Creditbazzar

  • Processing charges at 2% of the loan amount
  • 500/- for dishonor of auto-debit or bounce of a cheque.
  • Late payment charges at 1% for every day of delay.

Applicable GST will be collected on all the charges.

Is prepayment allowed for the instant loan?

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Yes. You can make a prepayment of the loan without any prepayment charges.

Is the information provided online while applying for a loan secure?

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SSL i.e., Secure Socket Layer is a security protocol used worldwide and at Creditbazzar all the important data are encrypted via SSL and the information provided will be very secure.

Will a second loan be provided during the pendency of an earlier loan?

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A second loan will be provided only on clearing the existing loan. There is no provision for top-up loans.

What are the repayment modes for instant loans through Creditbazzar?

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The borrower has to execute a NACH mandate along with loan agreement for auto-debit of the loan amount. Also, 3 security cheques have to be provided which will be utilized in case of default or delay in repayment.

What is the procedure for extension of tenure?

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For extension of tenure, you will have to make a request vide email to care@creditbazzar.com.  Instead of requesting for an extension in tenure it is recommended to close the loan and apply for a new loan which will be disbursed within the shortest time,

What are the benefits of Creditbazzar Instant Loans?

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The benefits of Creditbazzar Instant Loans are as follows:

  • Fast approval and disbursement.
  • The amount will be disbursed to your bank account within 2 hours.
  • No hidden charges.
  • Along with the credit decision, the charges related to the loan will also be communicated and there will be no ambiguity in this regard.
  • There is a provision online repayment of the loan which is very convenient.
  • Interest is collected on a daily basis.
  • No pre-payment charges.