Leveraging its partnership with Fullerton India, Qbera will serve 15,500 pin codes across India
In a move aimed to further bolster its position as one of India’s leading digital personal lending platforms, Qbera has launched its credit lending services in 180+ cities. Leveraging its partnership with Fullerton India, Qbera will serve 15,500 pin codes across the country, making it the first and only fintech retail lender in India with such a vast presence.
As a part of this move, Qbera will enable consumers to avail loans worth up to INR 10 lakh which will be serviced by a variety of banks & NBFCs through the platform, with disbursements taking place in as little as 24 hours. The entire process will be paperless and presence-less wherein the KYC will be conducted online and only a NACH document will be required to be submitted by borrowers. Qbera will process all loan applications online through its automated system, thereby bringing the time taken to approve loans down to a couple of hours at most, and ensure quick and seamless disbursements.
Aditya Kumar, Founder and CEO, Qbera, commented, “Having scaled up our platform to enable more borrowers to sign up and avail loans, we are delighted to announce that Qbera’s lending services will now be accessible to consumers across more than 180 cities in the country. With this move, we aim to extend quick, affordable, and hassle-free credit to the huge underserved and unserved segment of potential borrowers in the country. With close to 100 crores of disbursals till date and less than 1% delinquency, we aim to soon be the largest digital lending platform in the country and further cement our leadership position in the alternate lending space.”
Qbera raised USD 3 million (about INR 21.5 crore) from E City Ventures as a part of its Series A funding round in 2018 – the company’s first institutional funding since its inception. Qbera has since channelized these funds for its expansion plans as well as to scale up its technology and offerings in a bid to consolidate its presence in the India’s digital alternative lending market.
Qbera is an online lending platform providing fast, frictionless, and fair personal loans to professionals. Launched in February 2017, the company is headquartered in and operates out of Bangalore and provides lending services through an end-to-end digital platform, enabling transfer of funds to the borrower within 24 hours of receiving the online application.
One of the company’s main areas of focus is providing loans to potential borrowers who are largely overlooked by banks and financial institutions. These borrowers make up a large segment of the population and include individuals with incomes less than Rs. 6 lakhs per annum, employees working for 7,00,000 companies which are unlisted with banks, and people who are new to credit in addition to those who live in PGs or Bachelor accommodations.