CASHe

CASHe Personal Loan

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Apply CASHe Personal Loan

About CASHe Personal Loan

CASHe, is an instant Personal Loan app powered by Bhanix Finance and Investment Ltd., which is an RBI registered NBFC. Bhanix Finance and Investment Ltd is the lender and all the terms and conditions are of Bhanix Finance and Investment Ltd and not CASHe.

CASHe is a user-friendly app, which makes the whole process of availing a Personal Loan simple and hassle-free. Being a part of the digital world, our social behaviour and existence are defined through the digital footprint. So, keeping this in mind, a credit assessment tool based on the digital data analytics was devised. This proprietary tool, called the Social Loan Quotient builds the profile of the customer in a very sophisticated way.

The traditional lending institutions, like banks and other financial institutions assess the creditworthiness of the customers on the basis of their past transactions, which is measured through credit scores. At CASHe, they believe in the present status of the customer and the impact it will have in the future.

The credit-risk is analysed by the SLQ in a very unique way. The SLQ is linked to several data points like the presence of the customer in social media, mobile, income data, work experience, etc. The SLQ score develops as you interact with CASHe and devote more time to the digital space.

SLQ calculates your score based on your presence in social media like Facebook, Instagram, etc., and gets all the income and career details through LinkedIn. The more you are active on these social media, the easier it will be for SLQ to calculate your credit rating. Details of your social status, spending pattern, your job stability, etc., can all be collected using this innovative tool.

With things made so easy, there will be no longer be multiple visits, laborious documentation, and long waiting to avail the much-needed financial assistance. A loan not available when in need is of no use. You can now have the CASHe power in your smartphone and avail an instant loan in a matter of a few minutes.

What is a Personal Loan?

A Personal Loan is a short-term unsecured loan where the end-use is not restricted. The loan can be used for any personal requirements except for a speculative purpose. It can be used for planning a wedding, for medical expenses, for education expenses of children, for planning a holiday, for repairs and renovation of your house, and so on. The loan will be credited to your Personal Loan account on approval and it can be withdrawn for any purpose.

The assessment procedure for a Personal Loan is very simple and the turnaround time to get an approval is minimal. The documentation for the loan is also simple. The repayment can be done in easy instalments with a choice of tenure suitable and convenient for you.

CASHe at present offers Personal Loans ranging from 10,000 to 2 Lakhs to anyone who complies with the simple eligibility criteria set out. The main attraction is the assessment of creditworthiness. They do not depend on credit scores given by credit bureau approved by the RBI. They have developed a proprietary tool which is linked to social media, income details, work experience, mobile, etc. to collect all the required data to give a credit rating to the customer. This makes the loan processing much easier, which results in the reduction of the turn-around time for the Personal Loan.

Features of CASHe Personal Loan

Following are the features of CASHe Personal Loan:

  • Purpose: The loan can be used for any purpose as there is no restriction on its end-use. It can be used for the purchase of gadgets, for wedding expenses, planning a holiday, medical emergencies, repairs and renovations of your house, and just about anything.
  • Quantum: A loan between 5,000 and 2 Lakhs can be availed. The assessment is based on the income and the profile of the customer.
  • Interest:
    • For a loan with 15 days tenure: 1.75% p.m.
    • For a loan with 30 days tenure: 3.25% p.m.
    • For a loan with 90 days tenure: 2.75% p.m.
    • For a loan with 180 days tenure: 2.50% p.m.
  • Repayment: The repayment tenure can be 15 days, 30 days, 90 days, or 180 days
  • Security: It is an unsecured loan and so no security is required
  • Processing fee: Processing fee ranging from 500 to 2,275 will be collected depending on the loan quantum and the tenure selected.

Benefits of CASHe Personal Loan

The following are the benefits of CASHe Personal Loan:

  • Simple loan processing procedure
  • Instant credit of the loan proceeds to your bank account on approval
  • Paperless documentation
  • No credit score is required
  • No security is required
  • Competitive rate of interest that depends on the loan amount, tenure, customer profile, and credit-rating.
  • No hidden charges
  • Facility to transfer part of the amount (up to 19,500) to PayTM Wallet if required and the balance amount to the bank account is available.

CASHe Crown Rewards Reward Program

The CASHe Crown Rewards Program will offer special benefits for you as a privileged customer. You can either get the interest lowered or get the loan eligibility amount increased depending upon your repayment history.

There are four categories in the Program and they are:

  • CASHe Silver
  • CASHe Gold
  • CASHe Platinum
  • CASHe Diamond

On registration as a new customer, you will be given the CASHe Silver category. Based on the repayment history and the compliance of the minimum amount criteria for repayment set for each program, you will be allotted further categories.

CASHe Gold category will give you concession in rate of interest by 0.10% for all the loans respectively, i.e., for loans with 15 days, 30 days, 90 days, and 180 days tenure.

CASHe Platinum category will give concession in rate of interest from 1.75% to 1.55% for a loan with 15-day tenure, from 3.25% to 3.05% for a loan with 30-day tenure, from 8.25% to 7.65% (interest for 3 months period), and waiver of 0.20% interest for a loan with 180-days tenure.

CASHe Diamond will give you a concession in rate of interest applicable for 15 days tenure, 30 days tenure, 90 days tenure, and 180-days tenure respectively by 0.40%.

Eligibility for CASHe Personal Loan

The following are the eligibility criteria for CASHe Personal Loan:

  • The age of the applicant should be between 18 years to 58 years
  • The applicant should have an employment and income proof
  • The applicant should have a minimum monthly income of 15,000
  • Having an address proof and photo ID proof is mandatory
  • The applicant should have a bank account along with Facebook/ Google+/ LinkedIn account
  • The applicant should have a smartphone to access the CASHe app
  • You can avail a loan to value (LTV) of between 30% to 200% of your net monthly salary, depending on your income and loan tenure.

Documents Required for CASHE Personal Loan

You need to upload only 4 documents to get a CASHe Personal Loan:

  • PAN Card for photo identity proof
  • Aadhaar Card
  • Recent salary slip
  • Proof of permanent address (any one): Voter's ID, Driving Licence, Passport, Utility Bills (electricity/landline/gas bill) not older than 2 months.
  • If the current address is different from the permanent address then, you will need to submit utility bills (not older than 2 months) of the current address, Rent Agreement/ Leave & License Agreement.
  • The latest bank statement showing your salary credit
  • Upload a selfie which will be treated as a proof of your photograph

How to Apply for CASHe Personal Loan?

Follow some simple steps mentioned below to apply for CASHe Personal Loan:

  • You will have to begin by installing the CASHe app on your smartphone
  • Log in with either Facebook, Google, or LinkedIn account
  • Fill the application and upload the required documents
  • Enter the loan amount

On approval, the amount will directly be credited to your bank account.

How to Calculate CASHe Personal Loan EMI?

Checking your eligibility will enable you to understand whether the amount that will be available (proportionate to the equated monthly instalment (EMI) that you consider affordable) is enough to serve the purpose for which you are borrowing. You will have to apply the formula mentioned below to check the eligibility. You can use permutations and combinations to arrive at the EMI, which you feel is affordable for you.

The formula to calculate EMI is:

E = P x r x (1+r)n/(1+r)n-1

Here,

'E' is the EMI
'P' represents the principal amount
'r' stands for the interest rate offered on a monthly basis
'n' is the duration of the loan

To save your time, you can simply use the EMI Calculator available on MyMoneyMantra's website. Just enter a few details and click on the Calculate button.

CASHe Personal Loan - Processing Fees and Other Charges

Processing Fee:

The processing charges collected for CASHe Personal Loan vary with the amount and tenure.

The processing charges for a Personal Loan with tenure of 15 and 30 days are:

  • 200 for loan amount up to 25,000
  • 250 for loan amount between 26,000 and 50,000

The processing charges for a Personal Loan with tenure of 90 days are:

  • 400 for loan amount between 19,000 and 25,000
  • 500 for loan amount between 26,000 and 50,000
  • 750 for loan amount between 51,000 and 75,000
  • 1,000 for loan amount between 76,000 and 1,00,000

The processing charges for a loan with 180 days tenure are:

  • 1,275 for a loan amount up to 1,00,000
  • 1,775 for a loan amount between 1,01,000 to 1,49,000
  • 2,275 for a loan amount between 1,50,000 to 2,00,000

Rate of interest

The interest is charged on the basis of loan tenure. Following are the applicable rates:

  • Personal Loan with tenure of 15 days: 1.75%
  • Personal Loan with tenure of 30 days: 3.25%
  • Personal Loan with tenure of 90 days: 2.75%
  • Personal Loan with tenure of 180 days: 2.50%

If you fail to repay the loan within the stipulated tenure, CASHe will extend the tenure and the additional interest will be charged. Following are the details:

Personal Loan with tenure of 15 days

  • Applicable interest rate is 1.75%
  • If you fail to make payment within 15 days, the tenure will be extended by another 15 days and an additional interest rate of 4% will be charged.
  • If you fail to repay within the extended tenure, CASHe will automatically extend the tenure by 7 days and an additional interest rate of 2.5% will be charged.
  • If you are unable to repay within the extended tenure, late payment fee of 3% will be charged for every week thereafter.

Personal Loan with tenure of 30 days

  • Applicable interest rate is 3.25%
  • You will get a 7 days interest-free grace period for repaying your dues at the end of each paying month.
  • Delaying the payment even after the grace period will attract a 3% flat interest fee (that includes the 7 days grace period too) on subsequent weeks thereafter.

Personal Loan with tenure of 90 days

  • Applicable interest rate is 2.75% per month
  • You will get a 7 days interest-free grace period for repaying your dues at the end of each paying month.
  • Delaying the payment even after the grace period will attract a 3% flat interest fee (that includes the 7 days grace period too) on subsequent weeks thereafter.

Personal Loan with tenure of 180 days

  • Applicable interest rate is 2.50% per month
  • You will get a 7 days interest-free grace period for repaying your dues at the end of each paying month.

CASHe Personal Loan - Customer Care

Any queries or grievances can be put across only through an email to support@cashe.co.in or to partner@cashe.co.in. They do not interact with the customers over the telephone.

Frequently Asked Questions

What is SLQ?

SLQ, i.e., Social Loan Quotient is a unique credit-rating system for young professionals and millennials. The credit-rating is based on the social behaviour of the customer. It is linked to several data points like the mobile, social media, career, income, and education. Data is collected from these points and the credit-rating is assigned. The more time spent in the digital space, the better will be the score.

How can one know whether they are qualified for the loan with SLQ?

Once the profile is completed and the documents uploaded, SLQ will start the credit-rating ordeal and within no time you will get the rating. If the SLQ profile rating is 'Good', then you can go ahead and apply for the loan with the 'Get Cashe' tab. Your score will be displayed immediately. If the SLQ profile rating is 'Poor', you need not apply for the loan. You can wait till the score improves. The more you use the Cashe app responsibly, the better will be your SLQ score.

Can the CASHe app be accessed without a smartphone?

It is very much necessary to have a smartphone to access the CASHe app.

Why is Facebook/Google/LinkedIn log in necessary to be eligible for the CASHe loan?

The creditworthiness is assessed by your presence on the social networking sites since it gives information about your identity and whether you fit into the ethos of CASHe. The social media accounts are accessed just to give the lender any idea about your activities and identity. Under no circumstances, the data will be shared with any third parties nor the personal data retrieved without your permission.

Can the loan tenure be shifted after disbursement of the loan?

If the outstanding of the earlier loan is cleared in full, the tenure can be shifted from 15 days to 30 days, 90 days or 180 days.

Should the documents be uploaded every time a loan is availed?

Once you have registered with CASHe and have availed a loan, you need not register again. You are free to borrow any number of times. During the first registration, the documents will be uploaded. Thereafter you need not repeat the ordeal for the next 180 days. In the meanwhile, if there is any change in employment or residence, the same should be informed and the necessary documents in respect of the change should be uploaded.

Will an applicant get a loan even if they do not qualify as per CASHe internal credit-rating system?

Yes, the loan may be given on production of post-dated cheques and for select customers only.

If a loan request is rejected, can a request be submitted once again?

A request can be raised once again after three months from the date of the earlier request if you feel that there is an improvement in your creditworthiness. However, decision making is solely at the lender's discretion.

What is the penalty for late payment of EMI?

For a loan with 15 days tenure, if you are unable to pay within the due date, the tenure will be automatically extended for a further period of 15 days and an additional interest of 4% will be charged. If not paid within the extended period the loan tenure will be extended for a further period of 7 days and an additional interest of 2.5% will be charged. It not paid within this extended period a late payment fee at 3% will be charged for every 7 days thereafter.

For a loan with 30 days, 90 days, and 180 days tenure, a grace period of 7 days will be given for the repayment. If not repaid within the grace period a late payment interest will be charged at 3% for the delayed period, including the 7 days grace period thereafter every week.

Does the lender recall the loan at any point of time?

The rights to recall the loan with a prior notice rests with the lender. If the information provided by you turns out to be incorrect, the lender can demand for the repayment of the loan within 24 hours. In such circumstances, you will be viewed as a defaulter and will be liable for the applicable penalty and appropriate action by the competent authority.

What is the mode of repayment for CASHe Personal Loan?

Payment for CASHe Personal Loan can be made only through NEFT. CASHe CLN# will be the Account Number and the Beneficiary will be Bhanix Finance and Investment Ltd. The IFSC code will be KKBK0000958. Verify and enter the correct details before transferring the funds.

What is the procedure to make repayments through UPI?

To make repayments through UPI, follow the steps given below:

  • Register your UPI ID with CASHe
  • Choose the 'My CASHe' screen on the app
  • Click on the Current due tab and the amount due will be indicated
  • Choose on the "Repay with UPI". Here the amount to be transferred and the UPI ID for which the amount has to be transferred will be indicated.
  • Choose the option 'Repay'

The processing of the transaction may take 60 minutes. If the transaction does not complete within 60 minutes, then the whole process has to be repeated.

Are there any benefits for referrals?

Yes, any number of referrals can be made, provided the referrals made are all salaried persons. Every referral will fetch you 200 and the person referred will get a discount of 50% on the processing fee for the loan applied from CASHe.

What is the procedure to transfer money from CASHe into Paytm account?

The PayTM Account should be integrated with CASHe app to make the transfer. You can transfer a part of the amount as intended by you with a maximum of 19,500 into your PayTM account directly from CASHe and the balance can be transferred to your bank account. There is a cap on monthly wallet funding for PayTM, which is 19,500 and so you can transfer only to the extent of 19,500 to PayTM from CASHe.

Can the amount be transferred even if there is no PayTM account?

Yes, the money can be transferred to any valid phone number or email ID. An SMS will be sent to the beneficiary asking him/her to register for PayTM and claim the amount. If the registration is not done and the amount not claimed within 7 days, the amount will be transferred to the borrower's bank account that is registered on CASHe on the 9th day.

What happens if the money transfer to PayTM fails?

If the money transfer to Paytm fails, the amount will be recredited to the bank account registered on CASHe.

What is CASHe Buddy Transfer and how it works?

CASHe Buddy Transfer is a feature wherein money can be transferred from CASHe app to the friends and family members who are listed in the phone contact.

You have to access the Get CASHe screen on the CASHe app and request for a loan. Under the option for transfer of funds, you can either choose a transfer to Paytm or Transfer to Friend. You can choose the Transfer to Friend option and 5 people from your phone contact list. You will have to next specify the amount to be transferred to each of them and confirm. The amount will then be transferred to the selected beneficiaries.

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