Thursday, August 31, 2017

CASHe, Paisabazaar.com Ink Partnership Deal, Aim To Collectively Disburse 35,000 Loans by Dec 2017

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, has entered a strategic partnership with Paisabazaar.com, India’s No. 1 in loans & credit cards marketplace, to offer short-term personal loans to consumers who otherwise get rejected from traditional lending institutions. Paisabazaar.com will now feature a new category under short-term loans which will exclusively feature CASHe’s loan products. This tie-up will enable CASHe to reach out to a sizable online customer base of Paisabazaar.com.

Speaking about the partnership, V. Raman Kumar, Chairman, Aeries Financial Technologies said, “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. 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,” he added

Paisabazaar.com and CASHe are together targeting to disburse 35,000 loans by the end of 2017. Paisabazaar.com in 2016-17 was the only online financial player to disburse loans worth Rs 2500 crore. By the end of this financial year, it aims to hit an annualized disbursal of Rs 6000 crore.

Commenting on the collaboration, Naveen Kukreja, CEO & Co-founder, Paisabazaar.com said, “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. Not only is it a great platform to access credit for short term, it’s also an excellent medium for consumers to behave responsibly on this loan and build their credit profile. We look forward to providing credit to thousands of customers over the next few months through this partnership.”

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 8 minutes, subject to proper submission of all documents.

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