CASHe, India’s most preferred digital lending company for young salaried millennials, today announced that it has entered into a strategic tie-up with Magicbricks, India’s No.1 property portal, to enable tenants to avail short-term loans to finance their rental security deposits while renting a flat. The company further announced that this facility is now available on the Magicbricks platform for rental residential in six cities namely Bangalore, Pune, Mumbai, Delhi, Chennai and Hyderabad with further expansion planned for other cities.
A tenant’s biggest worry is to arrange a rental security deposit while renting an apartment. The quantum of rental deposit amount varies from city to city. The deposit amount charged by a landlord in a city like Mumbai could be 9-10 month’s rent; whereas it could be 5-6 months in a city like Pune or Chennai. Rent seekers on Magicbricks can now avail loans from CASHe to pay for their rental security deposit. The new feature offers a convenient option to choose a loan for up to Rs.2,00,000 for a security deposit. Rent seekers can pay back in six easy EMIs thereby maintain better financial stability.
CASHe’s loan facility has been integrated into the description section for rental properties on the Magicbricks platform. It automatically indicates the exact amount needed as a loan for a security deposit. Rent seekers can apply with a simple click of a button that would take them to the CASHe page on Magicbricks.com. The page features all the information – like how to apply for a loan, documentation required and etc. Choosing to avail a loan for a rental security deposit is easy, fast and convenient as the loan can be in the bank account of the rent seeker within 10 minutes.
Excited at the launch of the new innovative feature, Mr. Sudhir Pai, CEO, Magicbricks, said: “Innovation has been the cornerstone of Magicbricks and we have consistently come up with new value propositions aimed at helping consumers in a tech-driven marketplace. Our latest loan offering for rental security deposit with CASHe is yet another innovative product that helps rent-seekers enjoy fast hassle free loans without disturbing their financial stability. This integration is available across 2.5 lakh rental properties in the key residential markets of India.”
Speaking on the partnership, Mr. Ketan Patel, CEO, CASHe, said,” We are excited to partner with Magicbricks to offer fast and convenient loans for a rental security deposit to potential property tenants. Our partnership with Magicbricks will further enhance the value proposition for thousands of tenants who now have a viable solution to finance their security deposits through CASHe. We are confident that this partnership will create a win-win situation for the tenants and give them an ideal platform to borrow money and choose their ideal home.”
Magicbricks is the runaway leader in India’s real estate market with more than 1 Million active property listings and is the preferred online real estate platform for all buyers and sellers. Out of 1 Million active properties, 58% are for sale and 42% for rent and 2.1 lakh exclusive listings posted only on its platform by individual property owners from across 700 towns and cities. With monthly traffic exceeding 20 million visits, the portal covers 16,000+ localities in the country and offers property seekers a wide range of options in residential, luxury, rental, commercial and in PG/co-living. With a widespread of properties, Magicbricks now enjoys more than 60% of all online listings in India.
CASHe disburses multiple short-term loan products ranging from Rs 5,000 to Rs 2,00,000 with a repayment tenure ranging from 15 to 180 days. Since the launch of operations, CASHe has disbursed loans worth Rs 1200 crore to over 2,50,000 customers. The platform receives over 1000 applications in a day from young salaried millennials across India with an average loan request ranging from Rs 35,000 to Rs 40,000. The platform has registered over 2.5 million app downloads on iOS and Android app stores.
CASHe provides hassle-free loans with its app-enabled documentation and loan disbursal process. Powered by its industry-first algorithm driven credit scoring platform, The Social Loan Quotient (SLQ), CASHe quickly determines a user’s creditworthiness by using multiple unique data points to arrive at a distinct credit profile of the customer. SLQ is transforming the traditional credit rating measurements thereby providing immediate loans to the under-served young professionals who are kept out by traditional credit rating and banking systems. 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 10 minutes, subject to proper submission of all documents.