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Digital lending platform Qbera which has disbursed loans worth ₹30 crore to over 2,000 customers since its inception last January, aims to reach the ₹200-crore mark by the end of FY19 and expand its presence in Tier-2 cities like Ahmedabad, Jaipur, Coimbatore, Indore, Lucknow and Surat in the next few months.
With an average loan size of ₹1.6 lakh, Qbera currently disburses ₹4 crore worth of loans each month through its partnership with RBL Bank. The bank has approved a total amount of ₹150 crore to be disbursed by Qbera as personal unsecured loans to a huge under-served segment of salaried professionals at interest rates starting from 11 per cent, which goes up to 25 per cent for high risk people whose credit history is not sound.
The company has also partnered with IndusInd Bank and Kotak Mahindra to offer loans up to ₹25 lakh, starting April 1, when the partnerships go live.
“We are delighted about having originated more than ₹30 crore of loans through our partner RBL Bank, with an aggregate delinquency rate of less than 0.5 per cent to date and revenue of ₹1 crore in the previous year, an achievement that further consolidates our position as one of the emerging consumer digital lending players in India” said Aditya Kumar, founder CEO, Qbera. The processing fee Qbera charges for every loan plus a share of the interest revenue from the Bank constitutes its revenue.
Interestingly, the single largest use of personal loans from Qbera is to pay off credit card bills, followed by medical expenses, wedding expenses, down payments for vehicle purchases, travel and education. Qbera’s borrowers include individuals with incomes less than ₹6 lakh per annum, employees working for companies unlisted with banks (more than 1 million companies) and people who are new to credit, in addition to those who live in PGs or Bachelor accommodation.
“In the next two years, I envision Qbera touching an AUM of ₹500 crore,” said Kumar. At present, Qbera operates in Bengaluru, Mumbai, Hyderabad, Delhi/NCR and Chennai, has processed over 1 lakh loan applications to date and has raised $1million in funding.
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