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- Fibe-udChalo partnership to offer easy access to instant personal loans to Defence Personnel
- Fibe expands its operations to 260 cities, furthers its reach in tier 2 & tier 3 cities
Fibe (formerly EarlySalary), India’s leading fintech lender announced its partnership with udChalo, a leading consumer technology company focusing on Indian Defence Personnel to offer Personal Loans. Through this tie-up, Fibe will offer its personal loan product to more than 2.8 million+ active serving personnel via udChalo.
In appreciation of their commitment to serving the nation, Fibe has launched instant personal loans with exclusive features for defence personnel. Individuals serving in the armed forces can get access to a higher loan amount of up to Rs. 5 lacs with special interest rate offers.
In addition, more than 90% of Fibe’s personal loans are auto-decisioned through a proprietary AI/ML-based algorithm, enabling real-time disbursals at any time of the day. Individuals can borrow and repay at their discretion, with 0 pre-closure charges. An advocate of driving financial inclusion for the masses, Fibe also offers all its financial services to those who are new-to-credit with minimal paperwork.
Sharing his views on this collaboration with udChalo, Akshay Mehrotra, Co-Founder and CEO of Fibe said, “This partnership is our dedication to serving those who dedicate their lives to safeguard the country. We are committed to offering quick and hassle-free financial solutions that cater to the requirements of those in the armed forces. This partnership further solidifies our promise of driving financial inclusion for India.”
According to Ravi Kumar, CEO of udChalo said, “This collaboration aims to simplify the lives of our soldiers by offering essential financial support to fulfill their CSD AFD (Against Firm Demand) requirements. Together with Fibe, we aspire to extend our assistance to cover higher financial needs for personal aspirations in the future. Through this joint endeavour, udChalo and Fibe reinforce their commitment to serving those who tirelessly serve our nation, providing accessible and customized financial solutions for our courageous defenders. To strengthen its efforts further udChalo has onboarded the financial industry veteran Maj. Mitesh Sinha as a head of its fintech division.”
Already a leader in the personal loan for salaried professionals segment, Fibe now forays into catering to a varied demographic. It raised $110 million in its Series D funding last year. It aims to expand its cash business to a diverse customer base as well as deepen its reach beyond metro cities. The company is now present in more than 260 cities, servicing more than 10 lakh customers every month.
In appreciation of their commitment to serving the nation, Fibe has launched instant personal loans with exclusive features for defence personnel. Individuals serving in the armed forces can get access to a higher loan amount of up to Rs. 5 lacs with special interest rate offers.
In addition, more than 90% of Fibe’s personal loans are auto-decisioned through a proprietary AI/ML-based algorithm, enabling real-time disbursals at any time of the day. Individuals can borrow and repay at their discretion, with 0 pre-closure charges. An advocate of driving financial inclusion for the masses, Fibe also offers all its financial services to those who are new-to-credit with minimal paperwork.
Sharing his views on this collaboration with udChalo, Akshay Mehrotra, Co-Founder and CEO of Fibe said, “This partnership is our dedication to serving those who dedicate their lives to safeguard the country. We are committed to offering quick and hassle-free financial solutions that cater to the requirements of those in the armed forces. This partnership further solidifies our promise of driving financial inclusion for India.”
According to Ravi Kumar, CEO of udChalo said, “This collaboration aims to simplify the lives of our soldiers by offering essential financial support to fulfill their CSD AFD (Against Firm Demand) requirements. Together with Fibe, we aspire to extend our assistance to cover higher financial needs for personal aspirations in the future. Through this joint endeavour, udChalo and Fibe reinforce their commitment to serving those who tirelessly serve our nation, providing accessible and customized financial solutions for our courageous defenders. To strengthen its efforts further udChalo has onboarded the financial industry veteran Maj. Mitesh Sinha as a head of its fintech division.”
Already a leader in the personal loan for salaried professionals segment, Fibe now forays into catering to a varied demographic. It raised $110 million in its Series D funding last year. It aims to expand its cash business to a diverse customer base as well as deepen its reach beyond metro cities. The company is now present in more than 260 cities, servicing more than 10 lakh customers every month.
About Fibe
Fibe.in (previously EarlySalary) is one of India’s leading consumer lending apps focused on young, aspirational, and tech-savvy Indian consumers. It is building a financial ecosystem that enables the mid-income group to fulfill their aspirations. It is an industry leader in the salary advance segment with the fastest processing time. It has launched a host of financial products like Cash Loans, long-term Personal Loans, and Buy Now Pay Later plans. It offers a 100% digital loan application process that takes just seconds to complete. Fibe has grown multifold over the years and emerged as a market leader in providing financial assistance to young middle-income groups in India. Due to its highly scalable business model, Fibe recently has been upgraded to BBB+ by CARE Ratings and has been certified with ISO/IEC 2001 for its Information Security Management System (ISMS). Today, Fibe has access to debt lines to leading PSUs & Private Banks, Large Notable NBFCs and NDCs. The company has already disbursed more than 5.5 million loans worth Rs. 16,000 Cr.
- 1st Prize: Best Startup in Fintech by G20-DIA Mega Summit 2023
- Featured in Economic Times Best Brand Award at the Best Brands Conclave 2022
- Winner of the BFSI Leadership Award at the 5th NBFC100 Tech Summit
- Winner of Young Indians Delhi Youth Conclave Award
- Dream Company to Work for in Fintech by HRM Asia Pacific Congress
About udChalo
udChalo is a leading Consumer Technology Company for the Indian Armed Forces, Paramilitary Forces and their Dependents offering Travel, Financial Services, Housing, Consumer Electronics and Utility Bill Payments and is in the process of integrating additional services into its portfolio for Making Life Simpler for Our Soldiers.
Rooted in its ambition to serve the Services, udChalo is the creator of its category. The Company began its operations in 2015 by the alumni of the Army Institute of Technology and Stanford Graduate School of Business (Seed).
udChalo through its website (www.udchalo.com), App platform and 70 Outreach Centers caters to more than 2.8 million serving Defense Personnel and additionally to Veterans and their families. It has grown with a CAGR of over 450% in the last 5 years.
udChalo is registered under the Ministry of Corporate Affairs (MCA), Govt of India, and is an IATA registered agency. It holds ERI License from Department of Income Tax. udChalo has been a recipient of CRISIL Rating of CCAS2. The company was recently recognized by Guinness World Records for participation in two record-breaking cycling events. It was certified as Great Places to Work for the past three years. It also ranked 4th at the Economic Times ET Rise awards among India’s Fastest Growing MSME 2020 and was Certified as Best Employment Generating MSE at SIDBI ET India MSE Awards 2019. udChalo recent recognition includes being awarded the title of "Soonicorn" by BW Businessworld magazine.
