CASHe is a Mumbai based e-money lending platform for a young salaried user. Founded in 2016, CASHe makes use of the large-scale data generated by a user on social media platforms to measure their credit benefits in order to extend loans. The firm has the claim to cross over Rs 650 crore in loan expenses around 3 lakh to more than 1.8 lakh customers. In past three years, The e-money lending portal the firm has countered Rs 2 crore and 1000 applications on everyday bases, usually from the young millennial audience.
CASHe’s further plans to target Rs 2000 crore of disbursals for the next fiscal year and they expect demand to be urged by urban salaried users from blue-chip firms across tier 1 and 2 cities, Al-based credit measuring portal to assist in swifter disbursal of loans among others. The firm is encouraging its Social Loan Quotient on a major scale to give out a credit score to applicants in a specific time and tell them whether they are eligible or ineligible for the loan.
“By proving Rs 650 crores in loan disbursals with a period of 33 months, CASHe has driven itself as the biggest e-money lending application in India. Over the period of past few years, we have observed strong progress from urban working millennials in generating unsecured short-term personal loans from CASHe. All this was practicable due to our persistent attempts to bring about a modification change in the traditional lending process through new technological interventions that are exceptional in the industry and by assisting a big number of our users to fulfill their short-term financial requirements,” said by the chairman of CASHe, V Raman Kumar.
A few months ago, CASHe announced its partnership with Mswipe, a leading mobile point-of-sale (POS) payment services provider to launch the CASHe ‘EMI’ Mcards for its users. The co-branded Mcard will provide its customers an instant pre-approved credit up to Rs 10,000 with a three balanced monthly repayment plan. The card will be a supplementary option for users to select from the existing portfolio of loan products available on the application.
Purchases and orders from the CASHe Mcards will automatically be transferred into balanced monthly installments (EMIs) payable over the given period. The users can purchase a minimum amount of Rs 2,500 per transactions up to the limit of Rs 10,000 set on the card.
The CASHe Mcard can be utilized for buying any merchant or online portals which has Mswipe terminal or is a registered Mswipe merchant. The CASHe application also allows customers to locate merchants who accept M-cards. Mswipe has an estimated payment network of more than 3.5 lakhs spread across 650 cities in the country.
The users can make several transactions in a day not surpassing the purchase limit of Rs 10,000. All the transactions for the day will be transferred into a single loan on which the users’ EMI-based repayment plan will be set by CASHe.
Users who pick the CASHe Mcard loan option on the CASHe application will be provided a physical card in their name along with a welcome kit which will have a user manual book to handle the card. The firm said that it would increase the pre-backed credit limit of the card to a bigger amount.
The company claim to have loan applications ranging from Rs 335,000 to 40,000 mainly focused on young salaried users and demand from the segment has provided the entity growth of 80% on every year bases.
