With CASHe, you can now avail instant loan on WhatsApp
What's the story
CASHe, a Mumbai-based fintech platform, has launched an instant credit line service on WhatsApp. The company will provide loans to customers within 30 seconds using its AI-driven chat capabilities on the instant messaging platform. Loan seekers can obtain loans without any documents, app downloads, or filled forms. All you need to do to access this "industry-first" service is to just drop a "Hi."
Context
Why does this story matter?
CASHe has used two services in vogue in India for its new initiative: WhatsApp and instant credit lines. WhatsApp has over 487 million users in the country, while instant credit lines' popularity has been skyrocketing. Combining these two and adding an AI-powered bot to the mix is a recipe for success. We will surely see more services along these lines in the near future.
How to
An AI-powered bot will guide you through the process
WhatsApp users can initiate the loan process by dropping a "Hi" to CASHe's WhatsApp number +918097553191. The service is available to all salaried customers. Once you drop the message, an AI-powered bot will match the customer's inputs and automatically complete a formal application along with a KYC check. After verification, the bot will set up a credit line in a few clicks.
Details
Name entered in the beginning is the only crucial input
Customers can obtain an instant loan from CASHe without any documents. Once the loan is approved, the borrower's data will be generated and displayed based on the name entered, which is the only crucial input required, in the beginning. The company claims that, during its beta testing, the service had a "near-zero delay" in the approval process and saw great traction.
Information
What is CASHe?
CASHe is a mobile-only credit-led financial wellness platform that was founded in 2016 by V Raman Kumar. Since its launch, the company has disbursed loans of more than Rs. 400 crore to over four lakh customers.
Official words
'CASHe aims to expand its credit footprint using WhatsApp'
Kumar, CASHe's founder and chairman, said, "Today's smart consumers demand instant gratification and contactless support. Our AI-enabled chat product introduced on WhatsApp is a step in this direction." "We believe an industry-first and innovative service like this will not only empower our customers...but will also significantly expand our credit footprint using the humongous user base of WhatsApp," he added.