Getting a short-term Personal Loan doesn’t have to be a hassle. With CASHe, all you need is a smartphone and you can apply for an instant loan. How cool is that?
If you’re in a cash crunch and need money quickly, there’s good news in store for you. BankBazaar has tied up with CASHe, a mobile-based lending company, which was launched to provide quick, short-term loans. CASHe enables its users to borrow up to Rs. 2 lakhs for tenures ranging from 15 days to 180 days.
The smartphone platform uses their proprietary algorithm-based machine learning to analyse the user’s social media profile, digital footprint, and earning capability. The process is pretty simple too and borrowers can easily get hassle-free loans instantly!
Visiting brick-and-mortar bank branches is slowly becoming a thing of the past. With great advancements in technology, everything is going online – even banking and financial services. Today, people, especially within the age group of 20 to 35, which is the primary target group for CASHe, have adopted digital banking.
CASHe – What Is It?
CASHe is a smartphone-based fintech product that provides short-term Personal Loans to salaried individuals based on their salary slip, bank statement, PAN card & address proof. It uses a predictive algorithm called Social Loan Quotient or SLQ to create the credit profile of applicants. So, you don’t have to worry even if you don’t have any credit history.
SLQ is a CASHe’s predictive algorithm that is used to calculate your credit risk. It involves different data points such as your social media footprint, work experience, monthly salary and educational qualification. You can build your SLQ score by borrowing from CASHe and making timely repayments.
In short, CASHe is your one-stop short-term loan destination when you don’t have funds to pay your EMIs, or have a medical or financial emergency, or for making major purchases.
Why Choose CASHe?
We can give you six reasons why you should choose the CASHe short-term Personal Loan without a second thought:
- Fast approval
- Minimal documentation
- Instant disbursal
- Attractive interest rate, depending on the plan you choose
- No pre-closure or prepayment charges
- Flexible repayment options
Additional Reading: 9 Paperless Approval Personal Loans Available On BankBazaar
What’s The Quantum Of Loan Provided?
CASHe offers loans starting from as little as Rs. 5,000 to Rs. 2,00,000. You can also choose between four loan tenures – 15 days, 30 days, 90 days and 180 days. To avail the 180-day loan plan, you must choose a loan amount of Rs. 25,000 and above (up to a maximum of Rs. 2 lakhs). And for the 90-day loan plan, the minimum loan amount you can opt for is Rs. 19,000. The applicable processing fee and interest rate will be deducted from the loan amount at the time of disbursal.
The interest rate depends on the loan plan you choose. For the 15-day loan, a flat rate of 1.5% is applicable. For the 30-day loan, it is 3%. The interest rate charged every month on the 90-day loan is 2.5% and it can be repaid in 3 EMIs. The 180-day loan attracts a monthly interest rate of 2% and can be paid back in six monthly installments.
In case you wish to clear your loan amount early or pay off a big chunk before the due date, you can do so without paying any extra fees. CASHe does not charge any penalty for preclosure or part-payments.
What If You Want A Higher Loan Amount?
Based on the information you provide, CASHe decides the best loan offer for you (within Rs. 2,00,000 which is their maximum limit). If you take this loan and repay the amount without any default, then post the tenure, that is 15/30/90/180 days, you may again borrow a similar or possibly a higher loan amount. In this manner, you can keep borrowing and repaying. Although you may not be able to borrow a huge amount at once, the multiple loan options that CASHe offers will help you tide through your money crunch situation easily.
Just make sure that you make your payments on time as this will help build your credit profile. And this, in turn, will increase your borrowing capacity.
Eligibility & Documentation
Any salaried Indian citizen above 18 years of age and earning more than Rs. 15,000 monthly can apply for a loan from CASHe. Along with this, you’ll need proof of employment, an active bank account, valid ID proof and address proof, a valid LinkedIn/Facebook account and a smartphone. You can also use Google+ to log in.
If you would like a loan from CASHe, visit BankBazaar and check if you’re eligible. You don’t have to submit any documents to BankBazaar. On the basis of your consent, BankBazaar will send you an SMS and/or email with further details. You’ll then need to download the CASHe app and follow the required steps to complete your application.
Are There Chances Of Loan Rejection?
Yes! There are chances that your loan application may get rejected. It could be because your profile didn’t meet CASHe’s requirements or they couldn’t verify your details or you furnished incorrect details in your application or any other reason.
However, the good news is that you can apply for a loan from CASHe again in three months!
Additional Reading: 6 Common Reasons For Personal Loan Rejection
CASHe is a great option for anyone looking for an instant short-term loan to meet their out-of-the-blue financial needs. With its ‘out-of-the-box’ business model, we believe that CASHe is here to stay and will play an important role in reaching out to the financially excluded community.
Are you looking for an instant Personal loan? If you are, then you are at the right place. Click the link below to check out amazing offers.