What is Cashin?

Cashin is a mobile-based, cutting-edge Fintech platform, developed and designed to make short term borrowing a matter of few clicks. It caters to youth?s personal financing needs and makes borrowing easier and faster. The parent company is Rhino Finance Private Limited, which is a Non-Banking Finance Company (NBFC), duly registered with Reserve Bank of India (RBI).

The Fintech Company was established in the year 2016 to cater to the financial necessities of the emerging market by providing quick finance with a digitized loan process.

What are instant online loans?

An instant online loan is a loan that can be borrowed swiftly online. Herein, the entire application process is digitized, i.e., from the stage of filling up an application to collecting the required documents, drawing a credit profile, conveying the credit decision, and disbursement of the loan amount, everything is processed online.

Cashin provides one such internet platform to avail Instant Personal Loans to the extent of Rs 20000/-. It is a short term Personal Loan provided for a minimum period of 91 days and a maximum period of 365 days with an interest rate of 3% per month.

Benefits of taking Cashin Personal Loan

Availing a Personal Loan from Cashin has its benefits:

Competitive rate of interest: At Cashin, you can avail of a Personal Loan up to Rs 20000/- at an interest of 3% p.m. In other words, a 20000 loan will cost you around 20/- per day. You can repay the loan amount as and when you have funds to reduce the cost of the loan.

Quick and affordable loan: With a competitive rate of interest, the loan is affordable. The entire loan process is digitized and does not involve extensive paperwork. Even the documents required are minimal. All you need is KYC documents. Even the execution of the loan documents is completed online. This reduces the turnaround time of the loan, and you will have access to the much-needed funds within minutes.

Credit Score: Though credit score is one of the criteria to draw the credit profile of the customer, assessment is not restricted to the bureau's score. A proprietary tool is available that assesses with various data points apart from the credit score. So, applicants with low credit scores or no credit scores also are eligible to apply for the Cashin loan.

Minimum documentation: The documents required for processing the loan are minimal. You need to upload only one of the KYC documents out of the various acceptable options. Providing a Pan Card is a must since the credit score, and the details regarding the financial status can be verified with the card.

No hidden charges: No charges are collected apart from the ones displayed on the App. Cashin is very transparent in terms of the charges collected. There are no hidden charges.

Convenient tenure: The tenure for the Personal Loan ranges from 91 days to 365 days, and you can opt for the tenure as per your convenience and repayment capacity.

Types and Features of Loans from Cashin

Cashin provides instant Personal Loans that are multipurpose loans, and the salient features of the loan are as given below:

Purpose: The loan can be utilized for small size requirements like payment of utility bills, school fees, shopping, planning a budget holiday, purchasing a gift, pursuing a hobby, enrolling for short term skill development courses, etc.

Quantum: You can avail of a loan up to 20000/- from Cashin

Interest: The rate of interest on the Personal Loan availed from Cashin is 36% per annum.

Security: Cashin provides unsecured Personal Loans. No collateral or security will be required to avail of the loan.

Repayment: The repayment ranges from 91 days to 365 days. The tenure can be opted as per your convenience and your affordability.

The flexible repayment period for up to 365 days will enable you to pay back conveniently as the EMI will be much affordable. This will help to create a credit history of a responsible borrower that will work to your advantage in the future when you might have to avail of big-ticket loans like home loans, car loans, etc.

Processing charges: Nil

Foreclosure charges: Nil

What is the process to apply for a loan through Cashin?

To apply for a loan at Cashin, download the Cashin Mobile App through Google Play Store.

Now register for an account by providing basic details, such as:

  • Name
  • Date of Birth
  • Gender
  • Marital Status
  • Employment Status
  • Work Experience
  • Monthly Income
  • Current Address and Permanent Address
  • Mobile Number and Email ID

After providing the personal details, submit the application form. You will have to upload the documents required. You will then receive a call from the representative of Cashin for verification. You can view the final application on the Cashin App, and the approval will be conveyed through an SMS to your registered mobile number.

You should then affix e-signature on the loan agreement. Thereafter the loan will be credited directly into your bank account within 10 minutes, and you will get a notification through SMS.

Documents Required for Cashin Loans 

The documents required to avail a Personal Loan from Cashin are:

KYC documents like Aadhar Card, Pan Card, or Voter's ID Card.

You are required to upload any one of these documents. The Pan Card is mandatory as it is required to verify the credit score and other details in respect of your financial status.

Eligibility for Cashin Loans

Eligibility for Cashin Loans 

The applicant has to comply with the following eligibility criteria to qualify for a Cashin Personal Loan:

  • The applicant should be between 21 to 56 years of age.
  • The applicant should be a resident Indian.
  • There should be a regular source of income.
  • The applicant should also possess a valid Pan Card.

How to repay an instant online loan?

Cashin enables repayment of the loan by executing a NACH or ECS mandate for auto-debit to your bank account. You will have to provide the details of the bank account, the loan account, the EMI amount, and the due date of the EMI payment in the mandate. Your responsibility lies in maintaining sufficient balance in the bank account on the due date for honouring the auto-debit instructions so that there are no.

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Cashin Personal Loan FAQs

What are the types of instant online loans available through Cashin?

Cashin provides an instant Personal Loan that can be utilized for any purpose, ranging from payment of utility bills, to providing vehicle servicing expenses, to enrolling for any skill development courses, for shopping, to pay school fees, etc. There is no capping on purpose by the lender.

What is the quantum of loan provided by Cashin?

Cashin provides a personal loan up to Rs 20000/-

What is the repayment period provided for Cashin Personal Loan?

The Cashin Personal Loan should be repaid within 91 days to 365 days.

What are the factors considered by Cashin for drawing the credit profile of the customer?

The personal information, the employment information, and the financial information provided by the customer along with the credit score and other data points accessed through social media are the factors that are considered for drawing the credit profile of the customer for Cashin lending.

What are the eligibility criteria to be complied with to qualify for a loan from Cashin?

To qualify for a loan at Cashin, you need to comply with the following criteria-

  • You should be a Resident Indian.
  • You should have a regular source of income.
  • You should belong to the age group of 21 years to 56 years.
  • You should hold a valid Pan Card.

What are the documents required to avail of a Personal Loan from Cashin?

To avail of a Personal Loan from Cashin, you will have to submit minimum documents. The documents required are KYC documents like Aadhar Card, Voter's ID Card, and Pan Card. The Aadhar Card and the Voter's ID card are required to establish the proof of residence and the photo identity of the applicant. Pan Card is required to verify the credit score and other details in respect of the financial status.

What are the advantages of availing a loan from Cashin?

The following are the advantages of availing a loan from Cashin.

  • The maximum amount provided at a time will be 20000/- which is an affordable sum that can be repaid promptly within a given period. You can avail of a loan multiple times by repaying the previous one instead of getting into a huge debt trap by availing a big-ticket loan.
  • The rate of interest is 3% per month, that is a nominal rate for an instant loan category.
  • Flexible repayment period ranging from 91 days to 365 days. Repayment of an amount of 20000/- in 12 EMIs will be affordable. You will be able to make the repayment promptly and create a good credit score that will help you avail loans of higher value from other financial institutions.
  • Submission of minimum documents.
  • Quick turnaround time that makes funds available almost instantly.
  • You can apply for a loan anytime from anywhere.
  • No processing and pre-payment charges are involved.

What are the modes of repayment for Cashin Personal Loan?

You can make the repayment of the Personal Loan availed from Cashin by giving auto-debit instructions. You should raise a request for auto-debit of the EMI on the due date to your bank account by executing NACH, an online mandate or ECS, a manual mandate wherein you provide the details of your bank account, the loan account, the EMI amount and the due date of auto-debit to the account.

Are there penal charges for delayed EMI?

Yes. If the EMI is not serviced on the due date, you will be liable for a penalty as stipulated by the lender over and above the regular interest charged on the balance amount for the overdue period. If the delay in servicing the EMI becomes a regular feature, it will be viewed seriously and may even involve legal action. Such defaults will impact your credit score as well. The Credit Bureau will update your credit profile as a defaulter which will make it difficult for you to procure loans from any financial institutions in the future.

What all information should I provide when applying for a Cashin Loan?

You are required to provide the following information while applying for a loan from Cashin.

Personal Information: Name, Date of Birth, Gender, Marital Status, etc

KYC Information: Current Residence Address, Permanent Address

Work Information: Employer's Name, Work Experience, Monthly Income

Contact Information: Mobile Number, Email ID