On May 11, 2021, CASHe, one of Indias leading digital lending company, launched a new product on their smartphone application called Credit Line. Users are encouraged to take advantage of this facility as it allows them to avail of a credit line ranging from INR 10,000 to up to INR 4 lakhs with a flexible loan tenure up to 1 year. Allowing for funds to be borrowed almost instantaneously, the CASHe Credit Line allows users to borrow funds within their permissible limit. With the Credit Line facility at their disposal, customers of CASHe can borrow any amount from their sanctioned limit at any time and receive the selected amount in their bank accounts instantly and repay as per the loan tenure associated with the Credit Line.
What to Expect with the Credit Line Facility Provided by CASHe
CASHes new Credit Line facility provides users with ample benefits some of which have been examined below.
- What makes the Credit Line facility stand out is the fact that it provides users with access to a personal cash reserve at their disposal. Users are allocated a certain pre-approved limit as per their eligibility which they are entitled to spend as per their discretion. They may choose to spend this pre-approved limit at one go or choose to utilize a part of the approved Credit Line to fund their immediate needs. If the user chooses to borrow a part of the Credit Line, the interest is charged only on the amount borrowed and not on the total approved limit.
- CASHes Credit Line facility provides users with the ability to choose from a set of existing personal loan products (or PL) in addition to providing them with the Buy Now Pay Later (or BNPL) loan facility available on the platform. This loan makes it possible for users to make their purchases on a host of online shopping portals including Amazon and Flipkart.
- Customers choices and preferences govern whether or not the overall credit line be split across PL and BNPL. In fact, the new Credit Line facility has grown in response to their clienteles ever-growing need for on-demand credit facilities. Armed with this Credit Line facility, customers now have access to credit at their disposal which provides them access to credit to shop on online platforms with the aid of the BNPL service.
Yogi Sadana, CEO of CASHe, has spoken out in appreciation of the new Credit Line facility and highlighted CASHes commitment to always understand, innovate, and fulfill customer expectations, demands, and evolving needs. He also recognized CASHes in-house Development and Engineering team which worked diligently in a constrained time frame to launch this product with all features and functionalities that a new age tech-enabled financial services company is expected to deliver.
Things to Remember –
It is important to bear in mind that this new Credit Line operates similar to a financial product. This means that users are required to pay regular payments made up of a principal in addition to interest. The Credit Line, however, varies from other forms of loans owing to the fact that users are entitled to continuously avail of the funds provided and may do so with repetition so long as the credit line remains active by timely repaying their existing dues. Interest is only charged on the amount if line utilized. Traditional loans however do not allow for this repetitive credit limit i.e., borrowers may only access the amount loaned once.
Conclusion
We are sure that the salaried millennials are bound to be pleased with the new Credit Line facility from CASHe as it eases up access to instant liquidity at their time of financial need. This feature is definitely worth a try.