KreditBee, a digital lending platform, today launched the ‘KreditBee Card’ and entered into the card segment. The card gives the unserved and underserved banking prospects access to quick-term liquidity with a number of repayment solutions, eliminating the will need to avail of a separate loan.
The digital lending platform has partnered with RuPay and RBL Bank for the launch of this item. KreditBee Card is a credit-line backed prepaid card for the finish customer, exactly where the quantity is loaded into the KreditBee card account as soon as the user sends a buy or drawdown request.
The digital lending platform intends to give 1 Million cards by the finish of FY22. The corporation says it delivers versatility and flexibility in terms of ticket size and repayment solutions. A client can avail credit limit of upto Rs 10,000 that can be repaid inside a single billing cycle not going beyond 45 days.
A card-holder can make a number of withdrawals or purchases (inside the credit limit) although paying lesser charges. The virtual card will also help the new to credit prospects, to create their credit score, to be capable to then avail financing in future, ushering in a healthful credit culture and monetary inclusion at the similar time.
Madhusudan E, Co-Founder and CEO, KreditBee, says, “Credit card is an aspirational financial instrument. Less than 10 per cent of bank customers in India have a credit card. Traditional banks and NBFCs are very stringent when it comes to issuing cards. We aim to democratize credit in India by issuing a KreditBee Card, which works similar to a virtual credit card to anyone who is a responsible borrower, irrespective of their consumer demographic & income group. This is the best way for a new-to-credit customer to build a credit history, which will, in turn, help them avail of bigger loans at a later stage.”
Features of KreditBee Card:
• It is one hundred per cent Virtual- An e-card will be generated on the app and can be employed for transactions instantaneously
• One gets speedy access- The underwriting method is AI-driven and generates a card straight away
• Quick Credit Upgrade- Borrowers can upgrade their credit limit inside a single billing cycle
• Safe and Secure- The card is generated on the KreditBee app and is M-PIN Protected
• No Hidden Charges- A transparent item with definitely no hidden charges
• Eligibility criteria for the supplying: A credit-linked card for each salaried and self-employed across India
Kunal Kalawatia, Chief of Products, NPCI says, “We believe that this credit-line backed prepaid card dedicated to the underbanked population will serve as a catalyst to financial empowerment by making credit facilities accessible to all and drive financial inclusion in the country. This virtual prepaid card will provide a contactless as well as safe availing of credit and shopping experience for all its users. With the launch of this prepaid card, we are hopeful of witnessing increased demand for credit cards in the remote areas which in turn can further boost the penetration of RuPay cards in the country.”