NextBillion - An Initiative of the William Davidson Institute at the University of Michigan

By William Girling

Founded in 2018, KreditBee enables “self-employed and salaried professionals” to take out loans of between ₹ 1,000 and ₹ 200k. Following an entirely online process, users can reportedly be imbursed their chosen sum within 15 minutes.

Based on straightforward, data-centric, KYC-based principles, the app features a three-step application process:

1. Users sign up through either their Google or Facebook account
2. KreditBee then provides a credit eligibility checker
3. Assuming the user passes the previous step, they can then apply for their desired loan

KreditBee’s app is currently available on the Google Play store (4/5 rating) and has been downloaded over 20 million times. The company’s website also states that it will be coming to Apple’s App Store soon.

Photo courtesy of UN SG’s Special Advocate for Inclusive Finance.