CASHe, a digital lending platform for salaried millennials today announced its launch of an immediate individual Credit Line facility for its prospects. The Credit Line facility will enable people to borrow funds beginning from Rs 10,000 to up to Rs 4 lakhs.
The digital lending platform will offer you a versatile loan tenure of up to 1 year. The enterprise claims, with the Credit Line facility at their disposal, prospects of CASHe can borrow any quantity from their sanctioned limit at any time and get the chosen quantity in their bank accounts instantaneously and repay as per the loan tenure linked with the Credit Line.
What precisely is the Credit Line facility?
In uncomplicated terms, the Credit Line facility enables prospects to have a individual money reserve at their disposal. One can either make use of the total authorized limit at one go or opt for to make use of a component of the authorized Credit Line to fund one’s instant requires. The interest will be charged based on the borrowed quantity only, if one chooses to borrow a component of the Credit Line, and not on the total authorized limit.
The Credit Line facility also presents prospects to opt for an current individual loan solution (PL) from CASHe as component of the Credit Line and also opt for a Buy Now Pay Later (BNPL) loan to fund their purchases from well-liked on line purchasing websites like Amazon or Flipkart. Further, the split of the general credit line involving the PL and BNPL is fully up to the client.
The newly launched Credit Line providing from CASHe is a strategic response to the customer’s ever-increasing want to have an on-demand credit facility at their disposal as nicely as to provide them with anytime access to credit to shop across on line platforms with its BNPL facility.
Yogi Sadana, CEO, CASHe says, “The Credit Line facility is one of the many successful value additions to our portfolio. CASHe’s Credit Line was designed with an aim to solve customers’ problem by providing them with access to credit and by solving their need for having liquidity on the spot.”
Features of the Instant Credit Line Facility provided
- The app-based Credit Line facility will provide customers with immediate funds for up to Rs 4 Lakh.
- Based on every customer’s eligibility, the Credit Line facility will enable one to borrow as substantially as expected from the authorized limit and repay in versatile EMIs for up to 1 year.
- The Credit Line facility can be used to take a individual loan and/or a purchasing loan with flexibility to the borrower on the general split of the Credit Line.
- The enterprise also presents ranges of retail loans – the tenure begins from 2 months to up to 1.5 years with loan presents beginning from as tiny as Rs 7,000 to Rs. 4 Lakh.
Difference involving a line of credit and immediate credit
Loans have what’s referred to as a non-revolving credit limit, which suggests the borrower only has access to the quantity loaned when, exactly where they subsequently make principal and interest payments till the debt is paid off.
A line of credit, on the other hand, performs differently. The borrower receives a set credit limit—just like with a credit card—and tends to make normal payments composed of each a principal and interest portion to spend it off. But in contrast to a loan, the borrower has continuous access to the funds and can repeatedly access it although it is active.