CASHe lists medical care, home renovations, and marriage as top reasons for taking out loans
Fintech lender CASHe said Tuesday it had paid off loans worth €1,550 crore in FY2021-22, representing a 168% growth over FY2020-21. Some of the top reasons for taking out loans were for medical expenses, home renovations, weddings, and to fund education.
In terms of loan volume, the company said it had seen a 237% year-on-year growth in loans disbursed, which totaled 4.3 lakh in FY21-22 versus 1.27 lakh in FY20-21.
CASHe, based in Mumbai, has disbursed 1.2 million worth of loans €4,000 crore since its inception in 2016.
“Passing the 4,000 crores mark is a significant milestone on our CASHe Vision 3.0 roadmap and testifies to our commitment to providing easy and affordable credit to young India. We have consistently seen over 10% MoM growth in loan disbursements and expect to close FY22-23 with over Rs worth of disbursements. 3,600 crores,” Joginder Rana, Vice Chairman and MD, CASHe.
Top cities with maximum demand on the platform are Bengaluru, Delhi, Hyderabad, Ahmedabad and Ghaziabad.
Users can borrow up to €1 lakh on CASHe’s instant credit line, which disbursed loans worth approximately 1.96 lakh €416 crore in FY21-22. “While the average ticket size of the credit products on CASHe platform is around Rs. 40,000, the same is around Rs. 22,000 for its line of credit,” CASHe said in its statement.
The company’s Buy Now Pay Later (BNPL) facility, for which the company has worked with brands such as Amazon, Flipkart, Myntra, Uber, Apollo, Urban Company, and Big Basket, among others. posted year-on-year growth of 30%.