FAQs - kreditbuddha

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kreditbuddha is a digital lending platform that provides quick and easy personal loans. The documentation is very minimal, and the entire process starting from registration to disbursement does not take more than one hour. The application process is completely online, and on approval, the cash is immediately transferred to the bank account of the user.

UCIL is a Non-Banking Finance Company (NBFC) duly registered with the Reserve Bank of India (RBI) & kreditbuddha is the brand name of Unifinz Capital India Limited (UCIL) under which the company conducts its lending operations.

kreditbuddha offers personal loans starting from ₹5000 and up to ₹2,50,000.

You can opt for tenure between 3 months to 15 months.

kreditbuddha is a digital platform and is available across all cities in India. You can find our latest list of cities where we are operational here.

Your data is safe with us. It is transferred over a secure connection to us, and we only share it as per our privacy policy for the purposes of facilitating a loan for you. You can read our privacy policy here.

You can read our T&C here.

Our business hours are 10AM to 6PM IST, Monday to Saturday with the exception of bank holidays.

Any Indian citizen, residing in India, above the age of 21 years, being gainfully employed or into his own business or profession with a monthly income of ₹20,000 and above can apply for a personal loan with kreditbuddha.

kreditbuddha is open only to Indian citizens above the age of 21 years holding an Indian Identity and address proof in India.

There is no upper age limit to apply for a personal loan with kreditbuddha. However, the lower age limit for an individual to apply is 21 years.

kreditbuddha offers personal loans to both salaried and self-employed individuals.

It is mandatory for you to have a regular source of income from salary or business or profession to be able to avail any loan from kreditbuddha.

No guarantor is required to apply for a loan from kreditbuddha.

You need not provide any collateral or security for availing loan from kreditbuddha.

kreditbuddha shall make an offer of maximum loan amount based on your past credit history, present repayment capacity and other relevant information. You can choose your loan amount within the offer range.

We normally lend such that your monthly loan instalment with kreditbuddha do not exceed 70% of your monthly disposable income. However, the loan eligibility is decided basis multiple parameters and varies between individuals.

Eligibility for loan is dependant on your present income and also many other factors like other running obligations, past repayment history and credit score with Bureaus, banking quality, employment type etc. Once you are eligible for loan, we will approve your application for the maximum eligible amount. Currently kreditbuddha is offering maximum loan upto 2.5 lacs and you can be eligible for maximum 2.5 lacs loan.

It is a zero document loan process. Where your current residence address is not updated with Aadhaar, you need to provide your present residence address proof which can be Driving License, Passport, Voter Card, Job Card by NREGA, Company Lease Agreement, Letter of Allotment from Govt employer, Pension Order, Property Tax Receipt, any recent Utility Bills like electricity, telephone, post-paid mobile, piped gas and water connection etc. Many of these address proofs you can even verify online without submission of any physical document. For higher loan eligibility, it is advisable to verify your income by submitting your bank records through the Account Aggregator.

It is optional. We, however, strongly recommend to verify your work email if you are salaried individual. This helps verifying your employment instantly and increases your loan eligibility. We offer you higher loan when you have a verified work email.

Bank Statement is optional. We, however, strongly recommend to verify your income from your banking transactions. You may verify your banking digitally by using the Account Aggregator facility available in our application journey. You may even upload PDF copies of your bank statement for the latest four months.

kreditbuddha is an online platform, and you can avail a loan from us 24x7x365. As it’s a digital platform, you can do it anywhere & anytime.

It is instant. If your application is straight pass-through, our sanctions are instant when you complete your application. Once you complete the loan documentation, after the sanction, our disbursal is again instant. For those, where we need to verify manually, we usually credit the loan money to your bank account within one hour from the time you submit your complete application.

In India, there are four well known Credit Information Companies that track the Credit Score of an individual. They are Experian, CIBIL, CRIF and Equifax. They are entities regulated by law and have all the loan and repayment information of an individual, be it a credit card use, a bank loan, or a telecom post-paid connection.

We have collaborated with all four Credit Information Companies and update them regularly with the repayment history of all our customers.

It's up to you. Since we transfer cash to your bank account, you can then use it for whatever purpose you want. However, we would advise you against utilising credit for speculative purposes like betting, or risky investing.

You can apply for second loan only after your first loan is closed.

The KYC documents are not required to be provided again and again. Once your documents have been successfully verified and your kreditbuddha loan is confirmed, you need not re-submit your documents. However, you are required to notify us and upload new documents for verification in case there are any changes in your employment, salary, or residence.

All data including that of reject applications are stored securely with us in case you may want to reapply again in future. Under no circumstances, will your data be shared with third parties without your consent except as required by law.

You can re-apply for a loan again after 3 months of your last application.

Processing fee for Personal Loans from kreditbuddha starts at 5% of the loan amount and varies depending on product norms. The processing fee is deducted from your sanctioned loan amount and the balance loan money is credited to your bank account. There is no fee to be paid by you directly to kreditbuddha at any time.

Applying for a Personal Loan with kreditbuddha saves you a lot of time, money and energy as there is minimal documentation and zero manual intervention involved. We incur significant costs in processing of your loan application in an easy and seamless process including verifications and other online checks.

Interest rate for Personal Loan for salaried borrowers starts at 12% per annum and varies depending on product norms.

Delay Payment Charges include NACH / Mandate Return Charges which is presently ₹425. Additionally, there is Default Interest Rate presently at 0.5% per day applicable for the delay in number of days of repayment post the due date.

We need your bank account details to disburse the loan amount.

We need to ensure that the bank account that you have provided belongs to you.

You should be the sole (single) account holder of your bank account and the account should be a Savings Account. Fixed Deposits and Virtual Accounts is not accepted.

We will automatically try to verify the validity of the bank account by making a token transfer of ₹1 to the bank account provided by You. If we are not able to verify it automatically, you may provide another account to verify the same.

You can only get the loan amount transferred to your personal savings bank account.

Presently, it is not possible to get the loan money credited to an account jointly held by you with any other individual. You need to be the sole account holder of your bank account.

Changing of the tenure or any kind of rescheduling is not possible once the loan is disbursed.

Presently, it is not possible to change the due date of your loan / EMI payment. We may introduce a date change feature in future.

Your performance will contribute to your Credit bureau score. Regular timely payments will help you build your score. You won't however get extra points for paying your balance sooner than its due date.

Yes. You may close your loan anytime. But if you close your loan too quick then a foreclosure charge may apply. Pls refer to our Terms & Rates here.

It takes 1-3 working days to settle your EMI payments against your loan. This happens because it takes time for your money to reach our account after the payment is made. Please note that this delay does not impact your credit history or your Bureau Score. If your payment status has not updated for more than 3 working days after your payment, please reach out to our support team at care@kreditbuddha.com.

Once the loan is complete, you can expect the No Dues Certificate within 24 hours.

You can update your new contact details from the Menu Section of our mobile application. You can also write to our support team at care@kreditbuddha.com if you wish to update your contact details.