Bangalore-based FinTech start-up Qbera, which offers quick and hassle-free personal loans to salaried employees has announced its expansion in New Delhi and Chennai. This expansion is in a bid to offer easy and convenient applications for unsecured loans, providing instant approval and disbursing loans in as little as 24 hours.
Qbera was founded by Aditya Kumar in January 2017 with an aim 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.
The platform enables borrowers with a 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 4years.
Commenting on the development, Aditya Kumar, founder and CEO Qbera said. “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”.
The startup, which has raised half-a-million dollars of seed funding from six angel investors, plans to expand its operations in 10 cities including Hyderabad, Mumbai, Kolkata, Kochi, Ahmedabad, Coimbatore, and Pune by December 2017.
The lending market, which until just a few years ago was just a few concepts strung together, now has a plethora of startups, with some of the biggest players being Finomena, Capital Float, Lendingkart, and Rubique.