Mumbai Entrepreneur Criticizes KreditBee for Denying Loan Without Male Guarantor: ‘Women Are Just as Capable’
Mumbai Entrepreneur Criticizes KreditBee for Denying Loan Without Male Guarantor: 'Women Are Just as Capable'
Simran Sainani’s post on LinkedIn has sparked a debate on gender discrimination in lending, resonating with female entrepreneurs across India.
Simran Sainani, a Mumbai-based entrepreneur and founder of Curl Care, took to LinkedIn to criticize KreditBee, a digital lending platform, for rejecting her loan application solely because she did not have a male co-applicant or guarantor. In her post, Sainani shared screenshots of her conversation with a KreditBee representative who confirmed the platform’s policy requiring a male guarantor under the age of 55 for loans to be approved.
Sainani expressed frustration over this policy, stating, “Did you know that as a female entrepreneur in India, you can be denied a business loan simply because you don’t have a male co-applicant? No matter how capable, driven or creditworthy you are, institutions like KreditBee have a ‘strict policy’ that blocks your access to funds unless you have a male guarantor.”
She further explained that her father, who is 62, could not act as her guarantor due to the company’s age restriction, leaving her without options. “I don’t have a husband or brother handy, and my father’s age automatically disqualifies him. I’m being penalized for that.”
Sainani’s post resonated with many, especially women entrepreneurs, who shared similar experiences. Shilpa Vadrevu, a founder from Visakhapatnam, also commented that her loan applications were rejected by banks, despite having an excellent credit score, for the same reason—a lack of a male co-applicant.
In response to the outcry, KreditBee issued a statement, apologizing for Sainani’s experience and urging her to share her contact details for further investigation. The company also denied following such practices, asserting that they comply with RBI guidelines.
Sainani concluded her post by calling for change: “Women are JUST as capable of paying back loans and are more than worthy of supporting someone else as a co-applicant.” The incident has shed light on the gender barriers women face in the financial sector, particularly in accessing business loans.
Spokesperson from KreditBee said “We at KreditBee are committed to providing financial solutions that cater to all people. Our credit underwriting process is driven by cohort performance and empirical data, ensuring it is not biased by geography, age, or gender; nor is it intended to be discriminatory in any way. Since inception, we have served nearly 20 lakh female customers across the country. We value all feedback and are committed to continuous improvement. In this particular case, we are actively trying to engage with the customer to resolve the matter.”
