CASHe lists medical care, home improvement and marriage as top reasons for taking out loans
Fintech lender CASHe said on Tuesday it had disbursed loans worth ₹1,550 crore in FY 2021-22, a 168% growth from FY 2020-21. Some of the top reasons for using loans included medical bills, home renovations, marriage, and education funding.
In terms of loan volume, the company said it recorded a 237% year-on-year growth in disbursed loans, which stood at 4.3 lakh in FY21-22 from 1.27 lakh in FY21-22. of fiscal year 20-21.
CASHe, headquartered in Mumbai, disbursed 1.2 million loans ₹4,000 crores since its inception in 2016.
“Crossing the 4,000 crore mark is a significant milestone on our roadmap for CASHe Vision 3.0 and demonstrates our commitment to providing easy and affordable credit to young India. We have consistently recorded more than 10% MoM growth in loan disbursements and expect to close FY22-23 with disbursements worth over Rs. 3,600 crore,” Joginder Rana, Vice President and MD, CASHe.
Major cities experiencing peak demand on the platform are Bangalore, Delhi, Hyderabad, Ahmedabad, and Ghaziabad.
Users can borrow up to ₹1 lakh on CASHe’s instant line of credit facility, which disbursed about 1.96 lakh in loans worth ₹416 crores in fiscal year 21-22. “While the average note size of credit products on the CASHe platform is around Rs. 40,000, the same is around Rs. 22,000 for its line of credit,” CASHe said in its communicated.
The company’s Buy Now Pay Later (BNPL) facility, for which the company has partnered with brands including Amazon, Flipkart, Myntra, Uber, Apollo, Urban Company, and Big Basket, among others. grew by 30% year-on-year.