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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