Partnership will allow SME employees to obtain personal loans without the need for extensive company related documentation.
Mumbai, November 7, 2019: CASHe, India’s most preferred digital lending company for young salaried millennials, today announced that it has entered into a strategic tie up with SME MaXX, India’s leading online platform for SMEs, to provide on-demand personal loans for SME employees across the country.
Unlike employees of larger companies, SME employees often face problems in getting loans and other advances from banks and other traditional lenders due to company size and reputation related issues. Many SMEs also face problems in paying salaries on time due to cash flow problems.
Due to these issues, SME employees are often forced to seek financing from informal sources of credit at unfavorable terms or end up defaulting on EMIs or high interest credit card payments. This leads to financial distress amongst the employees as well as harms their credit rating.
Through this tie-up, CASHe will now offer SME employees quick and easy personal loans through processes that are transparent, innovative and tuned to the times. CASHe utilizes sophisticated algorithms and machine learning capabilities to deliver an amazing and improved lending experience, thereby helping SME employees achieve their financial goals effortlessly.
The CASHe app offers instant transfer of funds for approved applicants. CASHe disburses multiple short-term loan products ranging from Rs 10,000 to Rs 3,00,000 with a repayment tenure ranging from 62 days to 1 year. Since launch of operations, CASHe has disbursed loans worth Rs 1500 crore, of which Rs 520 crore was disbursed in the 2018-19 fiscal. CASHe has disbursed 3,00,000 loans cumulatively to over 2,00,000 customers with an average daily disbursal of Rs 3 crores.
The partnership will consider SME employees at par with Corporate Employees for loan disbursement. Evaluation will be done at an individual level and the smaller size of their companies will not place SME employees at a disadvantage.
“We are very excited to work with SME MAXX to help SME employees get the credit they need to support their urgent financial needs” said Mr. Ketan Patek, CEO, CASHe. “With a digital first approach, CASHe and SME MAXX are perfectly aligned and we look forward to liberate SME employees from the problems they face in accessing quick credit through traditional sources.”
Dr. Anand Bidarkar, CEO of SME MaXX said that “We are glad to be solving an important pain point for SME employees”. He added “ This partnership marks yet another important milestone in our quest of creating a single platform for SMEs to access all types of financial products”.
SME employees can avail of CASHe services through SME MaXX at: https://www.smemaxx.com/partners-cashe
Notes to the editor
CASHe is India's most preferred digital lending company for young salaried millennials. CASHe provides immediate short-term personal loans to young professionals based on their social profile, merit and earning potential using its proprietary algorithm-based machine learning platform.
In April 2016, Aeries Financial Technologies Pvt. Ltd, launched its innovative technology-driven lending platform for the young, urban millennials. CASHe provides almost instantaneous loans on-demand. Its user-friendly digital interface enables faster loan application process and quicker loan disbursals. 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, 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. 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. CASHe’s target audience is young working professionals in the age group of 23-35 years. CASHe offers loans from Rs 10,000 to Rs 3,00,000 payable over 62 days – 1 year. Visit www.cashe.co.in for more information.
About SME MAXX:
SME MaXX is a one stop shop focused on increasing SME productivity. Founded in 2015, SME MaXX is a group buying platform that offers Fintech, InsureTech & HRTech solutions to SMEs (Small and Medium Sized Enterprises) & their employees. Through its partnership & reward based model, SME MaXX provide best deals & lower the cost for SMEs. With multiple fintech players coming in SMEs are not aware of all the sources of credit available to them, end up approaching the wrong or expensive lender for their needs. They have developed Recommendation Engine to solve this problem. Visit www.smemaxx.com to get registered & earn rewards for every transaction.