company for young salaried millennials 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
profitable on a month-on-month basis since November 2018.
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
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.
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
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 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.
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
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.