CASHe provides short-term loans of up to Rs. 50,000 and is targeted towards young professionals and the salaried class. The personal loan is credited within minutes and registration only requires minimum documentation. Repaying the loan within 15 days incurs an interest rate of 1.5% after which each additional week attracts an additional 1% per week. Upon confirming eligibility, employed individuals can avail of a loan of up to 40% of their monthly income instantaneously at a rate of interest on par with credit cards. Currently the app works only with Android based smartphones and can be downloaded from here.
The process of registering seems to be a breeze. To register, you would need a Facebook or LinkedIn account. The next step includes filling in basic details and uploading your identity proof such as PAN card and AADHAR along with your latest salary slip. You will be then asked to fill your bank details and upload a picture to complete the registration process. Once registered, your eligibility is confirmed within two hours along with the amount you can borrow. The eligibility is calculated using several equations, that also depends on Social Loan Quotient. SLQ mines the borrowers’ social network and requests basic documentation to arrive at the SLQ and a loan eligibility amount. CASHe uses multiple data points to arrive at a credit profile for every customer using SLQ as one of the key data points.
By providing basic information on a smartphone, professionals can avail a convenient 15-day loan on the go for a one-time processing fee with no other hidden costs, no paper work and no human interaction. The app provides loans only to salaried personnel and does not accept requests from self-employed folks or from businessmen. You can apply for multiple loans from the eligible amount, provided none of the existing loans are older than 15 days. For more information, check out CASHe’s FAQ section here.