CASHe, an Indian loan-giving app regulated by Aeries Financial Technologies, has entered a strategic partnership with Paisabazaar, a loans and credit cards marketplace, to offer short-term personal loans to consumers who otherwise get rejected from traditional lending institutions. Paisabazaar will now feature a new category under short-term loans which will exclusively feature CASHe’s loan products.
“Paisabazaar is the market place leader in online financial products and has a loyal and growing customer base across India. By Introducing CASHe’s app-based short-term loan products on its platform, we look forward to leveraging the platform’s wide distribution network and its strong customer portfolio, especially in the short-term lending space,” said V. Raman Kumar, Chairman, Aeries Financial Technologies.
“We are confident that this partnership will create a win-win situation for those customers who would have never qualified for any loan from traditional lending institutions. They will now have access to CASHe’s short-term loan products on a single platform. I am truly thrilled by this partnership,” Kumar added.
The tie-up will enable CASHe to reach out to a sizable online customer base of Paisabazaar. The duo is together targeting to disburse 35,000 loans by the end of 2017.
“As a market leader in the lending space, we get customers from across the spectrum on our platform – HNIs, entrepreneurs, young salaried professionals, low income profiles etc. These customers have varied credit profiles, with credit scores ranging from ‘Excellent’ to ‘Poor’. In line with this, we are delighted to partner with CASHe to help improve access to credit for young salaried professionals with below par credit scores,” said Naveen Kukreja, CEO & Co-founder, Paisabazaar.
Kukreja further said that this is a great platform to access credit for short term, as well as an excellent medium for consumers to behave responsibly on this loan and build their credit profile.
Powered by an 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. It is completely automated 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.