Press Release

CASHe crosses Rs 1,000 crore disbursal of loans

  • AI powered mobile-only lending startup, CASHe turns profitable since November 2018
  • Registers 60% Y-o-Y growth in the short-term unsecured loan category
  • Loan disbursements to 200,000+ customers with cumulative loan disbursals of over 380,000
  • Strengthens its footprint in India; aims another Rs 1,000 crore in loan disbursal by FY19-20

Mumbai, June 18, 2019: CASHe, India’s most preferred digital lending company for young salaried millennials, promoted by serial entrepreneur and private equity investor Mr. V. Raman Kumar, today announced that it has crossed Rs 1,000 crore in loan disbursements since its inception in April 2016. Backed by strong demand the company is eyeing to disburse another Rs. 1000 crore in the current fiscal, thereby earmarking a cumulative loan disbursement of Rs. 2000 crore by FY19-20.
The company further added that it has turned operationally profitable on a month-on-month basis since November 2018.
CASHe has till date cumulatively disbursed 380,000 loans to over 200,000+ customers accounting for an average daily disbursal of Rs 3 crore. Top 8 metros account for upto 85% share of the Rs 1,000 crore of unsecured loans disbursed through the platform. The company receives over 3000 loan applications in a day and the average loan ticket ranges between Rs 35,000 to Rs 40,000.
CASHe attributes its impressive growth to incremental demand from existing customers, attractive product portfolio, higher ticket loan offerings and faster credit decisions facilitated by its AI-powered alternate credit rating system — Social Loan Quotient (SLQ). SLQ uses big data analytics through predictive modelling and machine learning-based techniques on its large customer base to create instantaneous credit decision for its users. Standing sturdy with over 3.5 million registered users and an impressive customer rating average of 4.3/5, CASHe enables quick and easy access to short-term loans with low interests and easy EMIs for young urban working millennials which eliminates the hassles that traditional banking brings with itself.
Speaking on the announcement, the Chairman of CASHe, Mr. V. Raman Kumar said, “We are excited about crossing the 1000 crore milestone and feel that we have built a significant scale in this space in a very short period of time. Fostered by an overwhelmingly positive customer demand, attractive loan offerings and product extensions and a 100% digitized process making borrowing seamless, faster and convenient for our customers CASHe is confident to sprint across a promising growth path in the coming years. Innovation is at the core of our operations and we will continue to offer attractively unique and diverse products to our customers whilst setting new benchmarks in customer satisfaction and operational standards. I would like to thank our customers for their trust and continued support in building CASHe the brand it is today.”
“We are proud to be able to process more than 380,000 loans for our customers so far and we are considering it as a fantastic response to our products translating into a 60% Y-o-Y growth.” said Mr. Ketan Patel, CEO, CASHe. “Having clocked an annual run rate of over Rs 500 crore in the last fiscal alone and backed by strong customer demand we are poised to achieve yet another Rs 1,000 crore disbursal target by 2019-20 fiscal. On long-term however we are eyeing 10% share of the short-term unsecured lending market – a target we aim to achieve in the next 5 years. We will continue to offer our customers a superior user experience and instant access to credit wherever they are in India.” he added.
Recent analysis done by CASHe has found medical expenses was the top reason why millennials opted for digital loans and it accounted for almost 22% of the loan pie. While shopping for gadgets, electronics, wedding season etc also ranked among the top reasons. While 10% of the customers availed loans for travel, Christmas/New Year and Diwali were among the leading occasions when millennials opted for loans. Another interesting data point revealed that of the entire customer pie, females accounted for just 12% vis-à-vis 82% of their male counterparts
CASHe provides a range of short-term loan products ranging from Rs 10,000 to Rs 2,00,000 with a repayment tenure ranging from 15 to 180 days. Powered by its industry-first algorithm driven credit scoring platform, The Social Loan Quotient (SLQ), CASHe quickly determines a user’s credit worthiness by using multiple unique data points to arrive at a distinct credit profile of the customer. SLQ is transforming the traditional credit rating measurements thereby providing immediate loans to the under-served young professionals who are kept out by traditional credit rating and banking systems. CASHe is completely digital and requires no personal intervention and no physical documentation. The average time taken for a loan to be disbursed is about 8 minutes, subject to proper submission of all documents.
About CASHe
CASHe is India’s most preferred digital lending company for young salaried millennials. CASHe provides immediate short-term personal loans to young professionals based on their social profile, merit and earning potential using its proprietary algorithm-based machine learning platform.
In April 2016, Aeries Financial Technologies Pvt. Ltd, launched its innovative technology-driven lending platform for the young, urban millennials. CASHe provides almost instantaneous loans on-demand. Its user-friendly digital interface enables faster loan application process and quicker loan disbursals. CASHe provides hassle-free loans with its app enabled documentation and loan disbursal/repayment process. Powered by its industry-first algorithm driven credit scoring platform, Social Loan Quotient (SLQ), CASHe quickly determines a user’s credit worthiness by using multiple unique data points to arrive at a distinct credit profile of the customer. CASHe is completely automated and requires no personal intervention and no physical documentation. The average time taken for a loan to be disbursed is about 10 minutes, subject to proper submission of all documents. CASHe’s target audience is young working professionals in the age group of 23-35 years. CASHe offers loans from Rs 10,000 to Rs 2,00,000 payable over 15 – 180 days. Visit www.cashe.co.in  for more information.

Related Articles

Leave a Reply

Your email address will not be published. Required fields are marked *

Back to top button

Adblock Detected

Please consider supporting us by disabling your ad blocker