Qbera, a fintech start-up offering quick and hassle-free personal loans, has announced the launch of its operations in Mumbai.The digital platform facilitates easy access to funds for salaried individuals through a simple and convenient application process for unsecured loans, providing instant approval and quick loan disbursal's.

Since its launch in February, the platform has received over 30,000 personal loan applications and disbursed over Rs. 5 crore of loans through its partner, RBL Bank. The platform enables borrowers with net monthly incomeofRs. 20,000 onwards to avail personal loans ranging between Rs. 50,000 and Rs.5 lakhs without having to offer a collateral, for a period of 1 to 4 years. EMIs on the platform start from as low as Rs. 2,733 per lakh (for 4 years).

Commenting on the launch, Aditya Kumar, Founder and CEO, Qbera said, “Having established our operations in Bangalore, Chennai and Delhi (NCR), we have begun oursecond phase of expansion in Western India, beginning with Mumbai. Unlike many other lending start-ups in the market today, Qbera focuses onserving salaried individuals working for over 7 lakh employers in these geographies who face serious challenges in availing unsecured personal loans. Even if they find a bank ready to offer a loan, borrowers are put through long, arduous processes and disbursal times that may extend up to a few weeks. With its cutting-edge processing and underwriting mechanisms, Qbera ensures a short loan approval time and disbursal in as little as 24 hours. The response we have received in existing markets so far has been extremely positive. With future expansions planned across the country, we are getting closer to our goal of disbursing loans worth Rs. 100 crore in FY 2017-18.”

Qbera aims to address the large under-banked as well as the unbanked (new to credit/new to lending)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 7 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 or demanding inordinate paperwork, including but not limited to finding a guarantor for the loan application.The company plans to expand its operations to a total of 12 cities including Pune, Hyderabad, Kolkata, Cochin, Ahmedabad, Jaipur, Coimbatore and Indore by December 2017.

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