Qbera, a fintech start-up offering quick and hassle-free personal loans, has announced the launch of its operations in New Delhi and Chennai.The digital platform offers easy and convenient applications for unsecured loans, providing instant approval and disbursing loans in as little as 24 hours.
Launched in January 2017, Qbera is a product of Credit exchange, a Bangalore-based digital lending platform. Since its launch, the platform has received over 15,000 personal loan applications and funded over 5 crores of loans through its partner, RBL Bank. The platform enables borrowers with monthly income of Rs. 20,000 onwards to avail personal loans ranging between Rs. 50,000 and Rs.7.5 lakh without the need of posting any collateral, for a period of 1 to 4 years. EMIs from the platform start from as low as Rs2,733 per lakh (4 years) and disbursal of the loan follows in as little as 24 hours of offer acceptance by the customer.
Commenting on the launch, Aditya Kumar, Founder and CEO, Qbera said, “Having established our operations in Bangalore, we have begun our first phase of expansion with the NCR Region and Chennai.The platform aims to serve salaried individuals working for over 7 lakh employers in these geographies who face serious challenges in availing unsecured personal loans. Even if they manage to find a bank ready to offer a loan, borrowers are put through long, arduous processes and disbursal times that may extend up to a few weeks. With our cutting-edge technology, Qbera’s digital platform ensures a short loan approval time and disbursal in as little as 24 hours. The response we have received in Bangalore so far has been extremely positive; our aim is to reach 10 cities by the end of 2017 and disburse loans worth Rs. 150 crore in FY 2017-18.”
Qbera’s platform aims to address the large under-banked as well as the unbanked segment with little or no access to institutional finance, in addition to fulfilling the rising demand in the market for quick, convenient, and unsecured lending. Unlike traditional banks and NBFCs that focus on lending to employees of a handful of target companies, the platform offers personal loans to salaried employees of more than 7lakh companies. More than 6,50,000 of these employers are not listed in banks’ target lists, rendering their employees practically ineligible for personal loans at traditional banks and NBFCs.The company plans to expand its operations to a total of 10 cities including Hyderabad, Mumbai, Kolkata, Cochin, Ahmedabad, Coimbatore and Pune by December 2017.In addition, it plans to expand its operations to tier-2 cities such as Lucknow, Jaipur, Surat, Bhopal, Patna, etc.