Mumbai, Maharashtra, India/Businesswire India/– CASHe, India’s premier app – only instant personal loan technology platform currently available on Google Play and funded by technology start-up TSLC Pte Ltd., offers multiple loan products ranging from 15,30 & 90-day duration. With loan amounts starting from Rs. 5,000 to up to Rs. 1 lac, CASHe witnessed a huge demand with customers seeking immediate monetary assistance during the demonetization drive launched by the government. CASHe has witnessed an impressive 80% growth in customer base during the month of November alone from customers across the country. The total loans disbursed during the month stood at over 10 crores. This trend will continue in the future since all informal lending channels have dried up and the organized sector hitherto dominated by banks has not really altered its cumbersome processes of verification and approval.
The smart phone mobile app offers instant short-term unsecured loans to help young salaried professionals to cater to their dynamic lifestyles. Within nine months of its operations in India, CASHe has successfully garnered over 60,000 customer base and over 90,000 app downloads on Google Play. With over 15,000 active customers, CASHe has disbursed over 30 Crores of loans to young urban professionals PAN-India.
Through its user-friendly digital interface, CASHe enables faster loan application and quicker loan disbursals. This is bolstered by the proprietary technology algorithm called the Social Loan Quotient (SLQ). The SLQ takes mobile data and social networking data upon which complex artificial intelligence algorithms are applied to create a creditworthiness quotient for every individual. It is an algorithmic based loan giving app, with zero human bias setting itself apart from conventional ways of lending in India. CASHe is the only completely app based service that provides sophisticated technology to analyse customer data and providing a seamless hassle free experience. CASHe’s SLQ ranking is a human centric algorithm that is the next step in credit valuation as it redefines the way credit worthiness can be calculated. While other lending institutions use standard ranking techniques coupled with human intervention, CASHe’s SLQ engine considers everyone to be part of a giant community. Thus it not only focuses on individualistic aspects but also on how everyone is connected to people around them, avoiding being a traditional preconditioned ranking system.
Raman Kumar, Founder, Chairman & Chief Evangelist, CASHe states, “Keeping the requirements of our target audience in mind, we are smart, digital, instant and intelligent in our approach to lending to the young urban professionals. We are the first and the only company that has developed an app that truly caters to a generation that believes in availing services and products at the click of a button. At CASHe we believe that with the dynamic nature of today’s millennial generation their credit worthiness depends not only on credit history but also on their individual behaviour in the digital environment and their potential to repay in the future. The digital footprint leaves traces of the diverse facets of an individual’s persona, which if harnessed correctly provide a more realistic picture of his trust worthiness than mere financial records. To meet the challenge of this transformation, our research scientists have developed Social Loan Quotient (SLQ), our very own advanced ranking engine based on Artificial Intelligence.”
Customers need to log in using their Facebook, LinkedIn or Google Plus accounts, enter their basic details, click a selfie, upload their identity proof such as a PAN Card, AADHAR number along with latest salary slips and bank statements using the app itself. Once registered, the system analyses the data by using a proprietary algorithm and the eligibility is confirmed within minutes. The SLQ score is agile and takes into account all the developments in the individual’s records to create the most relevant understanding of the loan requestor. Once the credit is approved; the requested amount is credited to the user’s bank account within minutes. The repayment process too is as simple as applying for a loan. The customer can directly credit the amount back through bank transfer on the designated due dates.
Demonetization: CASHe Records A 80% Surge in Loans
CASHe Records A 80% Surge in Loans Taken Post Demonetization Policy
