CASHe claims of reaching the mark in 33 months since its launch in 2016, with annual growth of more than 80% for unsecured loans.
CASHe, a digital lending startup for salaried people, has disbursed over Rs 650 crore in loans through its mobile-only lending platform, its chairman V Raman Kumar told FE Online. The startup crossed the mark in 33 months since its launch in 2016, with annual growth of more than 80% for unsecured loans ranging from Rs 10,000 to Rs 2 lakh.
“The disbursements have been growing at a rate of 10-15% per month. Also, our number of default rate is just around 1%,” said Kumar. The platform has received over 3 lakh loan applications so far and has disbursed loans to over 75,000 customers, with an average daily disbursal of around Rs 2 crore.
Currently, It receives over 2,500 loan applications per day out of which around 10% are approved for a loan.
“Our retention rate is 75 per cent as there are lots of repeat transactions. The number of loans disbursed is around 30-35K every month,” Kumar added. CASHe currently has more than 2.3 million app downloads. It recently tied up with mobile point-of-sale solution provider Mswipe to launch EMI cards that give customers instant credit of up to Rs 10,000.
“We are getting around 300-400 EMI card applications per day which is 8-10% of the downloads,” said Kumar. CASHe receives maximum loan applications from tier 1 and tier 2 cities.
The company plans to disburse Rs 2,000 crore in loans in coming fiscal year with the rise in its average loan ticket size and demand for loans. The company’s proprietary credit scoring AI-based algorithm, Social Loan Quotient helps in making the lending decision.
CASHe last raised Rs 20 crore in debt funding from IFMR Capital in October 2017.
“We will continue to aggressively pursue tie-ups with corporates for employee loan facility, add more channel partners, introduce referral programs and further increase digital footprint by launching cross-platform products to attract more potential borrowers,” said Ketan Patel, CEO, CASHe.