Paisabazaar.com, a marketplace for loans and cards, today announced a strategic partnership with CASHe, India’s fastest loan-giving app for salaried professionals.
This tie-up enables CASHe to offer short-term personal loans on the Paisabazaar.com platform to salaried millennials, who otherwise do not qualify for credit from traditional banks and financial institutions.
Speaking on the partnership, Naveen Kukreja, CEO & Co-founder, Paisabazaar.com, said, “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.”
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. 2,500 crore. By the end of this financial year, it aims to hit an annualized disbursal of Rs. 6,000 crore.
V. Raman Kumar, Chairman, Aeries Financial Technologies, said, “Paisabazaar is the marketplace 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 customers who would not qualify 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.”
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. The average time taken for a loan to be disbursed is about 8 minutes, subject to proper submission of all documents.