CASHe disburses five crore loans in five months; sets new record for start-ups

CASHe, the recently launched India's payday loan company developed by TSLC PTE Ltd., a fin-tech venture of serial entrepreneur and private equity investor V. Raman Kumar has set a new benchmark.

V. Raman Kumar who developed the world's largest provider of clinical documentation technology called MModal which was later bought over by J.P. Morgan for USD 1.1 billion is the visionary behind the windfall success.

The youth centric start-up is taking on the financial world head on and is redefining the Indian credit system. In a span of five months of the launch, there have been 80 percent repeat customers, five crore value of loans disbursed and 50,000 app downloads. The app will be also available on iOS shortly.

CASHe offers unique benefits such as:

The proprietary algorithms help in assessing the eligibility of the borrower by decoding their social profile, merit and earning potential.

By providing basic information on a smart phone, professionals can avail of, within minutes, a convenient 15-day loan for a one-time processing fee with no hidden costs, no paper work and no human interaction.

The technology attempts to provide financial inclusion to the under-served young working professionals and will include self employed, children and senior citizens shortly.

It is the fastest lending app and grants a loan in a matter of 8 minutes.

It is the only social media friendly app in the world that uploads documents and does away with the tedious documentation process.

The age group that will be served is between 20-35 years.

CASHe disburses loans starting 5,000 to a maximum of 50,000 or 40 percent of the individual's net salary.

"CASHe offers an ideal platform for the consumers to take control of their short-term financial requirements, be it month end EMI payments, emergencies, festival expenses or lifestyle spends. Today's young professionals have different aspirations and needs not very well addressed by the present banking system. We are simplifying their borrowing experience with CASHe. With this new smart phone platform we will be providing immediate cash loans based on their social profile, merit and earning potential using our proprietary algorithms and machine learning. All loans through CASHe will be disbursed by One Capitall Ltd. An RBI- registered NBFC," said V. Raman Kumar of CASHe states.