With this sales collaboration, the customers registered with Andromeda will now have easy access to instant short-term credit facility from CASHe through its multiple loan options ranging from Rs 5000 to Rs 100000 (US$ 75-1500 approx.) payable over 15, 30 and 90 days.
“We are excited to partner with Andromeda, India’s largest financial distributors. Andromeda’s large customer base can now avail loans within minutes on a smartphone,” said V. Raman Kumar, Chairman, Aeries Financial Technologies.
“We believe access to quick and easy credit without any collateral and documentation is an exciting proposition for the young salaried professionals. With our partnership with Andromeda, we hope to increase our customer base exponentially,” he added.
Furthermore, CASHe has also partnered with Paytm, an Indian mobile payments and commerce firm, to allow its users to deposit cash transfers from CASHe to their Paytm wallets. With this integration, CASHe users get the choice to transfer their loan amounts into their Paytm Wallets in part or in full and credit the rest of the amount into their bank accounts.
“The mobile wallet usage has grown exponentially over the last few years. We are excited with our partnership with Paytm, the leader in digital payments in India. Both CASHe and Paytm stand to gain with this integration. Our easy-to-use mobile application platform will now offer an option for our users to directly credit their loan amounts into their Paytm accounts in parts and the rest can be directly credited in to the bank accounts,” Kumar said.
“With their wallets now funded, our customers can use Paytm to pay for various transactions. The integration with Paytm is in line with our product expansion strategy to continuously innovate and offer benefits to our customers,” he added.
CASHe explains that Social Loan Quotient (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. It claims that its services are completely automated and require 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.
