MUMBAI: Fintech lender has partnered with online automobile marketplace to enable for vehicle purchases on the latter’s platform. The partnership will help Droom strengthen its ‘Droom Credit 21st Century’ programme which is an end-to-end, fully automated online credit marketplace that enables auto for used automobiles. Bangalore-based Qbera typically offers unsecured loans for salaried consumers with operations in Bangalore, Chennai, Hyderabad, Mumbai, Pune and Delhi. “Traditionally financial institutes offer loans at interest rates starting from 14% and can go as high as 18%. Qbera follows a risk-based approval procedure and offers you instant loans at the same rate in the shortest span of time, which is 24 hours,” said Aditya Kumar, Founder and CEO of Qbera. Qbera has a loan book of about Rs 12 crore achieved over a period of 8 months even as the company claims a monthly CAGR of 70%. The partnership with Droom will allow consumers to take personal loans of upto Rs 7.5 lakhs approved within 24 hours for purchase of used cars, used bikes or new cars. “High rejection rates, heavy paperwork and unaffordable credit terms make it difficult for consumers seeking loans for used car purchases. Droom Credit 21st Century auto financing is a smart step to make the auto loan process smooth, affordable, efficient and paperless. I expect this collaboration to be a win-win situation for both of us,” said Sandeep Aggarwal, Founder and CEO of Droom. Currently Qbera offers personal loans for multiple purposes including refinancing existing debt, travel, medical, education, vehicle purchase and weddings. Personal loans for vehicle purchase currently forms about 8% of its loan book. The fintech firm claims it is on track to reach a loan book of about Rs 65 crore by March 2018.
Indian online used vehicle marketplace Droom has partnered with Chennai, Hyderabad -based lender Aditya Kumar to offer "affordable, efficient and paperless" car and motorbike loans. Qbera hopes the move will help customers overcome what Qbera CEO Aditya Kumar called sector's "high rejection rates, heavy paperwork and unaffordable credit terms". Buyers will be able to get approval for loan applications within 24 hours , while interest rates will be the same as those of traditional financial institutions.