Lending startup CASHe said 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.1,000 crore in the current fiscal, thereby earmarking a cumulative loan disbursement of Rs.2,000 crore by FY 2019-20.
The company further added that it has turned operationally profitable on a month-on-month basis since November 2018.
CASHe has till date cumulatively disbursed 380,000 loans to over 200,000 customers accounting for an average daily disbursal of Rs.3 crore.
Top eight metros account for up to 85 percent 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 40,000.
Speaking on the announcement,CASHe chairman V. Raman 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 per cent digitised 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 is today,” he added.
CASHe provides a range of short-term loan products ranging from Rs 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.