Qbera- Quick Hasslefree and Collateral free Loans

A common problem that people from middle and low-income group faces is shortage of money. Many plans and goals remain unfulfilled due to unavailability of money at the right time. Loans, especially personal loans, being collateral free can be a good way to solve this problem of money shortage. However, getting a personal loan is not easy either. From stringent eligibility criteria to extensive paperwork, there are lots of reasons which deter people from taking a personal loan. Thankfully, the situation is gradually changing. Financial institutions are now coming up with various viable loan options. Qbera, a Bangalore based fintech startup is making personal loans available quickly and easily so that you can get money just when most needed.

About Qbera
Qbera Founders and CEO
How was Qbera Started
Qbera - Name and Logo
What is Qbera
Qbera - Business Model and How it works
Qbera - Funding and Investors
Qbera - User Acquisition
Qbera - Startup Challenges
Qbera - Competitors
Qbera - Growth

About Qbera

Qbera offers digital, quick, hassle-free personal loans. Founded in 2017, this Bangalore based startup offers instant personal loans to salaried and self-employed individuals across 900+ cities in India. Qbera’s vision is to provide super-smart, super-quick and super-fair credit services to creditworthy individuals. It aims to serve the underserved segment mostly comprising of individuals with low-to-mid level incomes, lower-than-prime credit scores, and those employed with uncategorized/unlisted companies across 900+ Indian cities.

Our core belief is to improve credit penetration in the economy by offering the best-unsecured loan services to salaried individuals in India.

Qbera Founders and CEO

Aditya Kumar, Anubhav Jain are the founders of Qbera.  

Aditya Kumar is the founder and CEO of Qbera. He graduated in Economics from the University of Warwick. He is also an MSc in Investments from CASS Business School. Prior to Qbera, Aditya founded Oaktree International School, in Kolkata, which he exited in the year 2014. Aditya also worked with well-known organizations like Lehman Brothers and Clarks Group of Hotels.

Anubhav Jain is an alumnus of IIM Indore, where he did his MBA. He is an IT graduate. Prior to Qbera, Anubahv worked with LoanCircle as Director of Risk and Finance. He also co-founded StudyBud, a platform for simplifying campus placement preparations for institutes and students. At Qbera, Anubhav is the Head of Risk.

How was Qbera Started

The idea started with identifying a fundamental problem in the Indian credit market. A massive section of individuals remained underserved until fintech companies surfaced a few years ago. While a good number of individuals who once found it difficult to get loans can now get easy and convenient access to credit, the underserved market still holds tremendous potential.

The journey began with the understanding that credit penetration is extremely crucial for the economy. Individuals with subprime credit scores and those belonging to mid and low-income levels found it almost impossible to get personal loans from banks or traditional lending institutions. Fintechs have come in and turned the equation over its head.

Qbera started its operations in Bangalore and was launched in partnership with RBL (first lending partner). Initial capital was 3 crores - it was initially directed towards paying salaries of early team members, covering overhead costs such as rent, systems, etc.

Initial people, we spoke to Startup advisors, Industry professionals, Banks and NBFCs who were willing to collaborate in exploring the segment. The response was positive at the very least.

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Qbera - Name and Logo

Qbera derives its name from "Kuber", the Indian God of Wealth/Money.

What is Qbera

Qbera is actively addressing the problems of the underserved segment in India by offering instant credit to individuals who found themselves facing rejection owing to low-to-mid income levels, subprime credit scores and being employed with unlisted/uncategorized companies. Any person(salaried or self-employed) aged 23-55, with a minimum monthly income of 20,000 and a credit score of 625 or more can apply for Qbera loans. The best part is that the loan is disbursed within 24-48 hours.

Some of the key features of Qbera loans are-

1.    Quick Registration
2.    Minimal documentation
3.    No collateral
4.    Flexibility to Choose one’s own tenure
5.    Budget-friendly interest rates 6.    Security: Customer’s data is safe with 128 bit SSL encryption.
7. Simple repayment options: Qbera provides easy repayment of its smart loans through automatic debit of EMIs via NACH mandate.  

Qbera offers loan amount ranging from Rs.1,00,000 to Rs.15,00,000. APR (Annual Percentage Rate) ranges from 11.99% to 35.99%. Loan lengths range from 12 to 60 months. Administration fee ranges from 1% to 5%.

Qbera’s USP is super-quick, super-smart and super-fair credit services through a paperless and presence-less loan process.  Qbera uses alternative scoring methods to view a consumer’s profile comprehensively. Qbera’s eligibility framework isn't confined to a consumer’s credit score and repayment history and looks at an individual’s social standing, income, ability to repay, employment stability, type of residence, etc. Qbera Focuses on data analytics and predictive analytics to understand consumer behavior much better and used various other methods through available data to more accurately determine a consumer’s repayment capability.

Qbera - Business Model and How it works

Qbera has partnered with Fullerton, RBL and IndusInd Bank to offer instant credit to individuals with a minimum net monthly income of Rs. 20,000 per month. Qbera determines the eligibility of consumers in-house, and Qbera’s lending partner/s come-in during the final stage of disbursement. The risk is shared in accordance with contractual terms with the lender/s.

Qbera - Funding and Investors

Qbera raised a 3 million dollar funding from E-city Ventures - the first round of funding since launching the startup. Qbera has utilized these funds for its expansion plans as well as to scale up its technology and offerings-

Qbera - User Acquisition

As revealed by Aditya, Qbera’s target market includes salaried/ self employed individuals between 23-55 years.

The industry in the next 5 years is expected to grow steadily, as the demand for credit products isn’t going to cease from any angle.

To generate more business, Qbera expanded its operations to several other cities in India, and also expanded its partner base to seal the deal with 2 other partners - IndusInd Bank and Fullerton other than its initial partner RBL bank.

Key strategy hacks followed by Qbera to expand its customer base are-  

• Accessing more relevant data and improving scoring models to take a larger view of available consumer data
• Focusing on its funnels to convert creditworthy customers
• Critically evaluating the mediums that influence its customer acquisitions.  

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Qbera - Startup Challenges

As said by Aditya, arranging for enough capital to lend was one of the biggest challenges faced by Qbera. This challenge was met by Qbera by sealing new partnership with banks and NBFCs.  

Acquiring an NBFC license is another challenging task. Futile tie-ups and unprofitable partnerships with channel partners is also a challenge for the company, which requires efficient handling.

Qbera - Competitors

LoanTap and MoneyTap are two core competitors of Qbera. Qbera is inspired by the excellent marketing campaigns run by LoanTap and MoneyTap.

Some other competitors are InCred, CapitalFloat,  LendingKart, IndiaLends, Faircent, Lendbox, Progcap, EarlySalary and PaySense.

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Qbera - Growth

Qbera recently achieved a significant milestone by expanding its book size to over 100 crores.  Qbera has its lending services across 180+ cities and serves  15,500 pin codes across the country. Qbera is the only fintech retail lender in India having such a vast presence.

With close to 100 crores of disbursal 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.