Press Release: CASHe & Magicbricks’ Rental Security Deposits Loans

Press Release:

CASHe Partners With Magicbricks To Offer Loans For Rental Security Deposits

• Loan feature is now available for 2.5 lakh rental properties in six residential markets
• Now tenants looking for rental homes on Magicbricks can apply for a security deposit loan from CASHe and pay back in easy instalment at low-interest rates.
• This facility will be currently made available in Bangalore, Pune, Mumbai, Delhi, Chennai and Hyderabad and will be extended to other cities in phases

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 for renting a flat. The company further announced that this facility is now available on 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 a loan 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 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 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 rental security deposit is easy, fast and convenient as the loan can be in the bank account of the rent seeker within 10 minutes.

“We are excited to partner with Magicbricks to offer fast and convenient loans for 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.”

Mr. Ketan Patel, CEO, CASHe speaking on the partnership

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.”

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 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.

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 a 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 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 credit worthiness 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.

About CASHe:

CASHe is India's most preferred digital lending company for young salaried millennials. CASHe provides immediate short-term personal loans to young professionals based on their social profile, merit and earning potential using its proprietary algorithm-based machine learning platform.

In April 2016, Aeries Financial Technologies Pvt. Ltd, launched its innovative technology-driven lending platform for the young, urban millennials. CASHe provides almost instantaneous loans on-demand. Its user-friendly digital interface enables faster loan application process and quicker loan disbursals. CASHe provides hassle-free loans with its app enabled documentation and loan disbursal/repayment process. Powered by its industry-first algorithm driven credit scoring platform, Social Loan Quotient (SLQ), CASHe quickly determines a user’s credit worthiness by using multiple unique data points to arrive at a distinct credit profile of the customer. 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. CASHe’s target audience is young working professionals in the age group of 23-35 years. CASHe offers loans from Rs 10,000 to Rs 2,00,000 payable over 15 - 180 days.

About Magicbricks:

Magicbricks is India’s No.1 property site. With monthly traffic exceeding 20 million visits and with an active base of over 1.1 million+ property listings, Magicbricks provides the largest platform for buyers and sellers of property to connect with each other in a clear, transparent manner. With this in mind, Magicbricks has innovated several product features, content and research services, which have helped us, build the largest audience pool.

(The content and statements in the above press release are not attributable to Quintillion Media Pvt Ltd and do not represent the editorial views of The Quint. The Press Release section is a non-editorial platform for individuals/establishment/firm/business enterprise.)