Fintech start-up Qbera on Monday said it has tied up with online automobile e-commerce platform Droom to offer financing options for purchase of pre-owned cars, bikes and new cars from the marketplace.
Customers can choose from over 50 lakh options on Droom and finance their vehicle with unsecured personal loans from Qbera, the company said in a statement.
Loans of up to ₹7.5 lakh will be disbursed in 24 hours.
“We are offering a new-age auto financing option to make the loan disbursal process smoother, more affordable and paperless,” said Droom founder and CEO Sandeep Aggarwal.
The pre-owned car market in the country has seen exponential growth over the years with approximate annual sales of 3.6 million cars.
Qbera founder and CEO Aditya Kumar said: “Traditional lenders have exhaustive and strict criteria when it comes to funding auto loans for pre-owned vehicles.”
Qbera follows a risk-based approval procedure and offers borrowers instant loans at the same rate in the shortest span of time, he said.