Abhi Loans, Pioneers in Creating Fast Credit Solutions for Retail Clients, Raised $4.5M from Leading Angel Investors, Led by DMI Sparkle Fund
New Delhi [India], Aug 17 (ANI/SRV): KNAB Finance Advisors Private Limited, a regulated NBFC registered with RBI, has successfully raised $4.5 million in debt and equity for its digital lending platform -Abhi Loans. DMI Sparkle Fund led the funding round along with other top angel investors such as Niten Malhan, Ashvin Chadha, SK Jain and others. KNAB Finance offers quick credit solutions to meet the immediate need for cash in times of cash shortages. Funds raised in the current round will be allocated to technology development and loan portfolio growth.
KNAB Finance is building a digitally distributed and secure lending ecosystem with Abhi Loans and entering the market with loans against stocks and mutual funds. These loan products were previously only available in the market as high value loan offerings for high net worth individuals. Abhi Loans is now offering the product to retail investors for smaller amounts starting from Rs 15,000. Borrowers can use the loan amount to meet immediate and contingent cash needs. The USP of Abhi Loans is prompt loan approval and loan disbursement against securities pledged as collateral. One can receive the required money in 24 hours or less. Any delay in repaying the loan amount entitles the client to a 50% waiver of processing fees. Additionally, the company offers low interest rates and a high LTV commensurate with the value of the pledged units. For example, one can obtain a loan of up to 65% of the value of the shares held and up to 75% of the assets of the mutual fund. The interest rate is set at 10.5%* per year for the duration of the loan. Also, there is no prepayment charge for making full repayment of the loan before the end of its term. Abhi Loans promises quick and convenient delivery of inexpensive credit with convenience to meet sudden fund needs.
Abhi Loans is the brainchild of Deepit Singh and Mandeep Chaudhary. Deepit, a member of the Sara group, has managed large teams in entities operating in diversified sectors. Mandeep, a veteran with over 24 years of expertise in banking and financial services, played a pivotal role in launching KNAB Finance Advisors Private Limited. “Abhi Loans offers fast, flexible, convenient and affordable credit solutions for retail customers that can be provided digitally. Securities loans will be the first product in our portfolio. It will lay the foundation for many other innovative solutions,” says Deepit. Singh, Founder, Abhi Loans.
Shivashish Chatterjee, Co-Founder of DMI Group, said, “We are thrilled to be working with the Knab team to help develop an innovative new product suite that brings us closer to our dream at DMI of enabling financial inclusion at large scale across India. “One method of saving money on multiple high-interest loans, for example, is to monetize the small portfolios of mutual funds we have. Starting with a small loan amount as low as Rs 15,000, any retail customer with a unit balance of Rs 20,000 can take a cheap loan and also opt for low interest rate debt consolidation. This reduces the long-term interest burden and greatly facilitates repayment. says Mandeep Chaudhary, founder of Abhi Loans.
Abhi Loans is a product of KNAB Finance Advisors Private Limited, a regulated NBFC registered with RBI. The company deploys technology to develop and implement practical and relevant financial solutions. It aims to build and provide quick credit solutions for the common Indian. This story is provided by SRV. ANI shall in no way be responsible for the content of this article. (ANI/SRV)
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