Short-term personal loan: How to get it? This money lending startup has a easy solution - Check what it is

Have you been eyeing the fancy smartphone for a while? Or for that matter, the exotic holiday trip? But, you are not able to because you are a little low on funds or maybe on a tight budget. Well, this start up will come to your rescue. Cashe, is a digital platform, started by V. Raman Kumar, which aids in getting easy personal loans, even at unpredictable circumstances such as an overdue bill payment. It is a money lending company powered by Bhanix Fianace and Investment, an RBI registered NBFC.

With its first of a kind social behaviour-based credit rating system for salaried professionals and young salaried millennial, called the Social Loan Quotient or SLQ, Cashe determines if you are suitable to apply for a loan. In other words, Cashe requires not only your general information such as name, age, gender but also your social profile. The Artificial intelligence technology based SLQ, similar to a credit score, will position you whether you are eligible for a loan or not.  
This fin-tech based company offers a loan ranging from Rs 5,000 to Rs 2,00,000 payable over a duration period of 15, 30, 90 and 180 days. For loans for a time span of a year, one can get loans up to Rs 3,00,000 as well (exclusive for Platinum and Diamond customers).

How to use Cashe?

1. Cashe is a mobile-based application. The application is available on both Apple App store and Google Play store.

2. Once downloaded,  the user has to log in with his or her Facebook/Google+/LinkedIn account.

3. The individual has to upload his or her PAN card, latest salary slip, Aadhaar card and permanent address proof ( which includes Passport, Driver's License, electricity or water bill) and his or her latest bank account statement, showing the salary credit. The documents are to be uploaded in jpg format.

4. The application will also require a selfie of the individual. 

An individual will receive his or her loan as soon as the documents mentioned above are verified and the individual falls in the SLQ. 

Cashe, like any lending body, charges a certain amount of processing fee for the loans. 

Between a payable period of 15-30 days, Cashe charges Rs 500 for loans between Rs 5,000-Rs 15,000. Similarly, it charges Rs 750 for loan amount between Rs 16,000- Rs 30,000 and a charge of Rs 1250 on loans between Rs 31,000 to Rs 50,000. 

The firm charges 2% processing fee on the principal amount for the 90 days loans products.

For the 180 day loan plans, Cashe levies a fee of Rs 1250 to loans up to Rs 1,00,000, a fee of Rs 1750 for loans up to Rs 1,01,000- rs 1,49,000 and a fee of RS 2250 on loans between rs 1,50,000- Rs 2,00,00.

In their 1 year loan plan, they charge Rs 1500 or 3% of the loan, whichever higher.