Get All Access for $5/mo

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

Opinions expressed by Entrepreneur contributors are their own.

You're reading Entrepreneur India, an international franchise of Entrepreneur Media.

Pexels

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.
Teena Jose

News Desk Reporter with Entrepreneur India

Teena is a post graduate in financial journalism. She has an avid interest in content creation, digital media and fashion.
Side Hustle

'Hustling Every Day': These Friends Started a Side Hustle With $2,500 Each — It 'Snowballed' to Over $500,000 and Became a Multimillion-Dollar Brand

Paris Emily Nicholson and Saskia Teje Jenkins had a 2020 brainstorm session that led to a lucrative business.

Leadership

Visionaries or Vague Promises? Why Companies Fail Without Leaders Who See Beyond the Bottom Line

Visionary leaders turn bold ideas into lasting impact by building resilience, clarity and future-ready teams.

Marketing

5 Critical Mistakes to Avoid When Giving a Presentation

Are you tired of enduring dull presentations? Over the years, I have compiled a list of common presentation mistakes and how to avoid them. Here are my top five tips.

Business News

Former Steve Jobs Intern Says This Is How He Would Have Approached AI

The former intern is now the CEO of AI and data company DataStax.

Science & Technology

5 Automation Strategies Every Small Business Should Follow

It's time we make IT automation work for us: streamline processes, boost efficiency and drive growth with the right tools and strategy.

Science & Technology

Why Businesses Are Relying on Automation to Survive the Labor Crisis

Robots are revolutionizing industries by addressing labor shortages and enhancing efficiency, while businesses navigate challenges like workforce adaptation and high implementation costs.