In this article, we’ll discuss the KredEaze Loan App. If you need a loan in an emergency and are looking for a loan application, the KredEaze App may be an option. However, it’s your responsibility to analyze the KredEaze Loan App before taking out a loan, as there are some fraudulent loan apps available on the market today. Before taking out a loan from any loan app, be sure to gather information about it.
What is KredEaze
KredEaze is a loan app that claims to offer loans of up to ₹32,000 using Aadhaar and PAN cards. According to the KredEaze loan app, it is a product of Vaishali Securities Limited, an RBI-registered NBFC.
However, after taking a loan from the KredEaze loan app, we noticed that initially, only ₹4,000 was disbursed for a loan period of 15 days, of which ₹2,600 was credited to the bank account. After 15 days, the repayment amount will be ₹4,000.
For example
If you take a loan of ₹4,000 from the KredEaze Loan App, the calculation would be as follows:
- Loan Amount: ₹4,000
- Loan Term: 15 days
- Interest and Fees: ₹1,400
- Bank Disbursement Amount: ₹2,600
- Total Repayment Amount: ₹4,000
Common Complaints About the KredEaze Loan App
1. High Interest and Fees
The most common complaint after taking a loan from the KredEaze Loan App is that the total loan application cost is significantly higher than the stated amount. After receiving the loan, it is proven that KredEaze only serves to trap users in processing fees.
2. Extortion
Some users report that the KredEaze Loan App makes threatening calls if payments are not made within 15 days, threatening to hack your mobile phone number from your contact list, and misuse your family and personal photos available in your mobile phone gallery.
4. False Claims
The KredEaze Loan App promises loans of up to ₹32,000 – but in reality, only ₹4,000 loans are available with a 15-day term, which violates RBI policy.
3. RBI Registered – NBFC Verification
The KredEaze Loan App offers loans without checking your CIBIL score, which no RBI-registered loan app does. This is also evidence of a fake loan.
Things to keep in mind when applying for a loan
- When applying for a loan, be wary of apps that ask for excessive permissions, such as access to your contacts or photo gallery, as this information could be misused.
- Before accepting any loan offer, carefully read all terms and conditions, interest rates, fees, and other information.
- Always avoid loan apps that ask for an advance payment before processing your application.
- Before applying for a loan, make sure the loan application is registered with the Reserve Bank of India (RBI).
- Choose loan apps that provide transparent information and clear contact details for customer support.
CredEase Loan App: Real or Fake
The KredEase Loan App claims it offers loans of ₹32,000 through an RBI-registered NBFC (Vaishali Securities Limited). However, after taking a loan from this app, we discovered that the loan amount is ₹4,000 and the loan tenure is 15 days. Of this amount, only ₹2,600 is deposited into your bank account, and you have to repay ₹4,000 after 15 days. This is the truth about this loan app; it’s designed solely to trap you with processing fees. Charging an additional ₹1,400 for a 15-day loan tenure proves that taking a loan from this app could be detrimental.
FAQs
How to Download the KredEaze Loan App
This loan application is not available on the Google Play Store. You can download the KredEaze App on the Telegram channel.
Is the KredEaze Loan App registered with the RBI?
The KredEaze Loan App claims to be registered with the RBI and offers Vaishali Securities Limited as its NBFC partner. However, after receiving the loan, we discovered that this loan app disbursed the loan without checking the CIBIL score, a practice not practiced by any RBI-registered loan app.
What happens if you don’t repay the KredEaze Loan?
Not repaying the KredEaze Loan amount can be detrimental to you, as it can compromise all your contact numbers and photos in your mobile phone’s gallery.
Note: This article is for informational purposes only. Always choose a loan app that is registered with the RBI. Do not apply to any fraudulent loan apps.