Aeries Financial Technologies Pvt. Ltd., a fin-tech company promoted by serial entrepreneur and private equity investor Mr. V. Raman Kumar, today announced that CASHe, India's fastest loan giving app for young salaried professionals is now disbursing loans well over one crore per day in less than a year of operations.
CASHe now processes an average of 450 loan applications per day for young salaried professionals. CASHe is now India's leading and most preferred Fintech Company in the personal lending space.
Launched in April 2016, CASHe offers loans based on a combination of Big Data Analytics and proprietary Artificial Intelligence based algorithm, the Social Loan Quotient, which enables loan disbursal within eight minutes.
"We have seen a fantastic response to our loan products with a month-on-month 45 percent growth in customer base and 60 percent growth in disbursal value in the past few months," said Mr. V. Raman Kumar, Chairman, Aeries Financial Technologies Pvt. Ltd.
"Our loan disbursements now stand at one crore per day and we have achieved a significant milestone of processing over 450 loan applications on a daily average all this within a year of setting up our operations. We are now well set to disburse loans worth 30 crore for March 2017.
"CASHe has embarked on a tremendous growth trajectory to achieve a loan disbursement value of Rs. 100 crore for the month of December 2017. We have leveraged innovative technology along with our proprietary Artificial Intelligence based algorithm platform, the Social Loan Quotient, to make loan disbursal hassle free for our customers, leading to over 70 percent of them returning for fresh loans." he added.
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, 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 automated and requires no personal intervention and no physical documentation. The average time taken for a loan to be disbursed is about eight minutes, subject to proper submission of all documents.
(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)