CASHe is India’s first mobile-based app that gives salaried individual immediate cash whenever he needs it, for 15 and 30-day periods.
The app provides users a personalised experience to borrow cash anytime, anywhere within minutes. CASHe uses a proprietary technology that mines the borrowers’ mobile and social network data and requests basic documentation from him to arrive at a “Social Loan Quotient” (SLQ) and a loan eligibility amount. Using multiple unique data points to arrive at a distinct credit profile for the customer, it transforms traditional credit measurements, providing immediate cash to under-served young professionals who are kept out by traditional credit rating and banking systems.
CASHe’s target clients are young professionals in the 20-35 years age group. Upon confirming eligibility, these employed individuals can avail of a loan of up to 40 per cent of their monthly income instantaneously at a rate of interest on par with credit cards.
The app offers an ideal platform for the consumers to take control of their short-term financial requirements, be it month end EMI payments, emergencies, festival expenses or lifestyle spends. It utilises sophisticated algorithms and machine learning capabilities to deliver a better lending experience to our customers. The app is available to download on Google Play Store.
“Our loan process is completely automated and without any personal intervention, no physical paper or signatures to be submitted to anyone. The average time we take for a loan to be disbursed is about 8 minutes, subject to proper submission of all data. We have successfully eliminated all human intervention in our transactions with the customer,” said V. Raman Kumar, Chairman of TSLC PTE LTD.
“CASHe is widely promoted on nearly all social media platforms and we are actively engaged with thousands of our customers on a daily basis. Our TVC campaigns were successful in reaching out to our target audience and promoting our brand. Our on-ground activation programs have contributed vastly in reaching out to professionals in various corporate parks spread across various cities. We have now activated channel partners to reach out to our target customers,” he added.
The borrower has to furnish his latest salary slip, his current address proof, PAN card details and his current bank statement. All these documents need to be uploaded on the app itself along with his selfie. Once the documents have been received and successfully verified, the loan request will be processed based on his eligibility.
“CASHe doesn’t require you to provide any guarantors or collaterals. We charge a one-time processing fee and the interest rates are 1.5 per cent for the first 15 days and additional fees is charged if the loan repayment is done after the 15-day period. Similarly, for the 30 days’ loan the terms are the borrower is charged a cumulative 3.5 per cent flat interest and an additional 2 per cent interest for final 7-day extension period,” explained Kumar.
