Qbera, an online lending platform designed to provide fast and frictionless personal loans, focuses on borrowers with incomes less than INR 6 lakh per annum and who are overlooked by banks and other financial institutions. This Fintech aims to transfer the funds to its borrower within 24 hours of receiving the online application. The platform promises to provide access to credit for the common person and make financial services more inclusive for those who are currently not served or underserved.
Manish Joshi of Newsbarons provides you with excerpts of an interaction with Aditya Kumar, Founder & CEO, Qbera who informs ‘I realized that employees of a majority of companies in India do not have access to unsecured credit despite having good incomes and credit histories’.
NB: Explain your business model?
Aditya: Qbera facilitates personal lending to salaried individuals who are underserved by financial institutions either due to their employer, income or credit history. We provide loans ranging from INR 50,000 to 10 lakh for a period of 1 to 5 years in partnership with financial institutions who wish to expand to these segments but are unable to.
NB: What is the total lending and number of customers served till date?
Aditya: We have over 2000 customers and our total lending till date is over INR 30 crore.
NB: Who is your target audience?
Aditya: Our main target audience is salaried individuals with take-home incomes of INR 20,000 per month or more and are working with any of the 800,000 companies that are listed on Qbera’s employer list.
NB: How do you ensure creditworthiness?
Aditya: Our data-driven scoring logic and credit policy look at a combination of 30+ parameters that go into decision making. These are across bureau (CIBIL) parameters, financial data (which we get from customers’ Bank statements), demographic data, employer data and application and device information.
We look at a combination of factors that we believe provide a good indicator of a person’s ability and intent to pay.
NB: What is the total amount of funds raised till date? Are you looking at raising additional funds?
Aditya: Over $1.5mn has been invested in the Company to date and we are looking at raising our Series A in the near future.
NB: What is your geographical presence and expansion plan?
Aditya: We are present across 6 important locations like Delhi (NCR), Bangalore, Mumbai, Hyderabad, Chennai and Pune. We will soon be expanding to Ahmedabad and Jaipur and have strong plans to expand to other 20 cities by the end of this year.