Millions of people become incapable of clearing their due bills for different reasons. Ultimately, this makes them loaded with enormous debts, including penalties. As many people consider exhausting all their savings to pay off the dues, they apply for credit cards and search for lenders to get rid of their debts.
If you plan to clear all your dues immediately to avoid penalties and harassment from collection agents, then a KreditBee personal loan is a great choice. Keep reading this article to explore some of the important reasons that make this loan so popular.
Too Many Debts? Here are 4 Ways in Which a Kreditbee Personal Loan can Come to Your Rescue
Considering a personal loan is a sensible choice to get rid of your overburdened debts. Apart from being easier to access needed funds, with a KreditBee personal loan, you can enjoy an affordable interest rate and friendly terms. Following are the four ways this personal loan can help you clear off your debts while making your payment easy and stress-free.
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Quick solution to avoid the burden of dues
The more you avoid paying your tax and dues, the more they are likely to increase since the interest rate is charged as a penalty. Therefore, even a small amount of debt will increase if you do not repay on time. You can easily access online loans by KreditBee just by making a simple application and presenting it along with certain documents.
The time for processing the application is speedy. Generally, approval of the loan to disburse the funds does not take more than three working days. It enables you to clear the most urgent debts and lessen the alarming effects of being a defaulter on them.
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Single monthly installment
People with loads of debt often need to deal with multiple installments on different loans they have taken every month. Managing the different installments can be burdensome and increase the chance of missing a few. Every mistake in paying the interest will also lessen your credit score and impact your credit history negatively.
However, applying for a KreditBee personal loan as per the amount you require to pay them off becomes helpful for you. It is because you now have to deal with only one loan installment, which is much easier to handle every month.
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Fixed interest rate and monthly installment
Almost all debts incur interest constantly if you don’t clear them on time. It will increase your debt monthly as the interest is compounded, making it a vast figure. Handling numerous debts with varied interest accruals is a tough job, and the risks of errors increase significantly.
Thankfully, KreditBee personal loans offer you a fixed rate of interest. You do not need to worry about penalties since you can opt for a tenure matching your capability for making repayments.
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A better option than a credit card
Using credit cards to clear out debts might seem like an easy solution. However, that will leave you with massive debt on your head. Hence try to avoid it as much as possible. Compared to this, opting for a personal loan is a sensible choice. It is because, in that case, you will get much lower KreditBee interest rates to pay if you possess a steady credit score.
Factors Affecting KreditBee Personal Loan Eligibility
Below there are the factors that affect the personal loan eligibility of Kreditbee:
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Age
By verifying your age, lenders can determine the number of years left ahead of your retirement. In general, potential lenders provide personal loans to salaried individuals of age between 21 years and 60 years.
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Income
The second most vital factor that affects the personal loan eligibility of KreditBee is your income. This factor determines whether you are worthy of getting a personal loan. Remember that if your income is high, the chances of getting your loan approval will increase considerably, and you can enjoy low-interest rates.
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History of credit
Before approving your request for the personal loan, a lender will verify your CIBIL score to determine your credit history. This credit score is a three-digit number assigned by a Credit Rating Agency that shows your performance on past repayments. The credit score ranges between 300 and 900. Retaining a higher credit score will ensure your lenders that you can make the repayments timely.
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Employers reputation
Another vital factor that affects the eligibility for a personal loan is reputation. Individuals associated with a reputable organization are likely to get this personal loan quickly with low-interest rates as they have a consistent income.
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Employment type
Financial institutions and potential lenders prefer offering loans to salaried persons as they have a consistent income and are more reliable while repaying the loan. On the other hand, for self-employed persons, lenders thoroughly check financial documents to determine their income stability. In addition, they also verify the years of experience the applicant has in the business.
Conclusion:
The above content may have clarified your concept of a KreditBee personal loan. Now, you want to avail this loan from KreditBee. In that case, you need to meet the eligibility criteria mentioned above and also make sure that you read all of their terms and guidelines before applying for the loan.
