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Qbera expands operations to NCR and Chennai

ANI  |  New Delhi [India] 

Fintech start-up offering quick and hassle-free personal loans Qbera has announced its expansion in and to offer 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 lending platform. Since its launch, the platform has received over 15,000 personal loan applications and funded over five crores of loans through its partner, RBL

The platform enables borrowers with monthly 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 4years. EMIs from the platform start from as low as Rs. 2,733 per lakh (four years) and disbursal of the loan follows in as little as 24 hours of offer acceptance by the customer.

"With our cutting-edge technology, Qbera's platform ensures a short loan approval time and disbursal in as little as 24 hours. The response we have received in 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," said founder and CEO Qbera, Aditya Kumar.

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 seven lakh companies.

It further 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 II cities such as Lucknow, Jaipur, Surat, Bhopal, Patna, etc.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Tue, May 16 2017. 15:19 IST