Digital Lending Platform Abhi Loans Raises $4.5 Million The fund raised will be allocated for technology development and the growth of the loan book
By Teena Jose •
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KNAB Finance Advisors Private Limited, a regulated NBFC registered with RBI, has raised $4.5 million in debt and equity for its digital lending platform, Abhi Loans. The funding round was led by DMI Sparkle Fund along with the participation of angel investors including Niten Malhan, Ashvin Chadha, S K Jain among others. The fund raised will be allocated for technology development and the growth of the loan book.
"One method to save money on several high-interest loans, for instance, is to monetize the small mutual fund portfolios we have. Starting with a small loan amount of as low as INR 15,000, any retail customers with a unit balance of INR 20,000 can take a cheap loan and also opt for low-debt consolidation. It reduces the interest burden in the long run and make the repayment much easier," said Mandeep Chaudhary, founder, Abhi Loans.
Abhi Loans' USP is rapid loan approval and disbursement of loans against securities pledged as collateral. Customer can get a loan upto 65 per cent of the value of shares held and upto 75 per cent of the mutual fund holdings. The rate of interest is fixed at 10.5 per cent per annum throughout the loan tenure, claimed by the platform in a statement.
"We are excited to work with the team at KNAB to help build out an innovative new product suite which takes us closer to our dream at DMI of enabling financial inclusion at scale across India," said Shivashish Chatterjee, co-founder, DMI Group.
Founded by Deepit Singh and Mandeep Chaudhary, Abhi Loans is a product of KNAB that deploys technology to develop and implement convenient and pertinent financial solutions. It aims to build and deliver quick credit solutions for the common Indian.
