Qbera launches operations in Hyderabad, Pune; to further expand operations by December
Fintech platform Qbera on 16 November announced the launch of its operations in Hyderabad and Pune as part of the next phase of its regional expansion plans.
Since its launch in February, Qbera has received 50,000+ loan applications and disbursed over Rs. 10 crore worth of loans through its partner, RBL Bank.
Moreover, Qbera's cutting-edge processing and underwriting mechanism ensure a short loan approval time and disbursal in as little as 24 hours.
The loan amounts on the platform range from Rs. 50,000 to Rs. 7.5 lakh, whereas, the annual percentage rate for loans ranges from 14 percent to 24 percent and loan durations can be anywhere between 12 to 48 months.
"There is a persistent need of credit solutions among the mobile salaried segment in the country for acquiring assets or for personal consumption. The consumer lending space is where we see the most significant opportunity today, and with the current wave of innovation and new entrants in this domain, India is a fast growing and lucrative market for alternate lending solutions," said founder and CEO Qbera, Aditya Kumar.
"Our expansion plans are currently focused on launching our services across major cities and regions of the country. With our services now being live, and our expansion planned across the country, we aim to disburse Rs. 100 crore worth of loans by the end of FY 2017-18," concluded Kumar.
Qbera facilitates easy access to funds for salaried individuals through a simple and convenient application process for unsecured loans, providing instant approval and loan disbursals.
The digital platform aims to address the large under-banked as well as the unbanked segment with little or no access to institutional finance, while 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 seven lakh companies.
More than 6,50,000 of these employers are not listed with banks, rendering their employees practically ineligible for personal loans from traditional banks and NBFCs.
Qbera's personal lending services are now live in Bangalore, Delhi-NCR, Chennai, Mumbai and now in Pune and Hyderabad.
In its next phase of regional expansion, Qbera plans to launch its operations in more Indian cities including Kolkata, Cochin, Ahmedabad, Jaipur, Coimbatore, and Indore by December 2017.
-ANI
