Business News | Fibe Launches Financial Services for Defence Personnel, Ties-up With UdChalo

BusinessWire India

Pune (Maharashtra) [India], August 25: 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.

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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.

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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. 

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