- Loan amounts range from Rs. 30,000 to Rs. 300,000, with flexible repayment tenures from 6 to 24 months
- Plans to expand the offering, to include larger ticket-size loans between Rs. 5-10 lakhs, available in both unsecured and secured options
Bengaluru | February 12, 2024: KreditBee, India’s leading online credit solution provider, announced the diversification of its product line, with entry into lending for businesses. The brand’s loan offering for self-employed customers reaffirms its commitment to drive financial inclusion for the underserved customers as well as provide collateral-free loans to small enterprises in India.
With KreditBee’s new offering, a merchant can avail an unsecured loan with a ticket size up to Rs. 15,00,000 on KreditBee through the RBI licensed in-house NBFC, KrazyBee, with a repayment tenure up to 3 years. KreditBee currently processes about 3000 KYBs; and over 2000 Udyams on a daily basis. The brand’s strategic goal is to diversify its loan portfolio, with a targeted ~20-25% contribution from the business segment in the next 2-3 years. In line with the growing aspirations of these businesses, KreditBee aims to gradually introduce larger ticket size secured loans in the range of up to Rs. 25 lakhs, and a long-term repayment term of 10 years.
KreditBee holds a prominent position in the personal loans segment, with a remarkable monthly disbursal rate of Rs. 1500 crore in the unsecured loan segment. Building on its success, the brand now aims to replicate this achievement for small businesses in the metros, followed by tier-2/3 cities.
Speaking on the launch, Madhusudan Ekambaram, Co-Founder & CEO, KreditBee said, “Our business loan offering aims to empower a larger pool of underserved self-employed businesses, the backbone of our economy, with essential credit access. At KreditBee, we have gained a deep understanding of our vast personal loan unique customers of over 1 crore, including those with little to no credit history. The new product complements our existing offerings, supporting the growth capital needs of enterprises by self-employed individuals and salaried customers, who often struggle to access financing from formal sources. Through seamless digital processes and collateral-free loans, we aim to bridge the credit gap for underserved businesses, fostering success and contributing to India’s small business sector development.”
Features of the small business loan:
- End-to-end digital journey, right from application to disbursal
- Convenience of applying for the loan from anywhere and anytime
- Quick and seamless processing of loans
- Competitive interest rates
KreditBee currently offers multiple types of personal loans, online/offline checkout finance, and digital gold investments. Apart from digital lending, KreditBee has forayed into digitally-enabled secured loans and loans against property. The brand also offers financial services such as insurance, credit score report, and merchant-side offers.
KreditBee, India’s leading online credit solution provider, caters to a vast user base of over 30 million individuals, predominantly young professionals. This includes both salaried employees and self-employed individuals. With more than 7 crore registered customers and over one crore unique loan customers, KreditBee offers the convenience of personal loans ranging from INR 1,000 to INR 4 lakh, tailored to meet individual requirements. With a strong focus on online tech-based and data-centric KYC, KreditBee envisions solving the financial inclusion gap in the varied demographic segments of the country. The platform is a Series-D funded entity, backed by Advent International, Premji Invest, Motilal Oswal Alternates, TPG-NewQuest, Mitsubishi UFJ Financial Group, ICICI Bank, and Mirae Asset Venture Investments. The company serves the credit and other personal finance requirements through its in-house RBI-registered NBFC – KrazyBee Services Private Limited (a Systemically important NBFC) along with partnerships with over 12 renowned financial institutions. KreditBee became the only digital lending app so far to have crossed the 50 Million download mark on the Google Play Store.