Personal loan platform CASHe launches instant line of credit on WhatsApp

CASHe, a Mumbai-based personal loan and financial wellness platform, has announced the launch of its Whatsapp-enabled line of credit service for customers wishing to access instant lines of credit. The platform will use the AI-driven Whatsapp Business interface to interact with users looking for instant loans, requiring them to type only their name, in what it calls an “industry-first” offer. “.

The company claimed to be the first fintech company to provide instant credit without the need for documentation, app downloads or application forms. Whatsapp users in India can get a pre-approved credit limit from CASHe in less than a minute every day. Anyone can use the service by simply typing “Hi” on CASHe’s official WhatsApp number and initiating a conversation stating their needs, the company said in its press release.

An AI-powered bot supports this service, which matches customer inputs and automatically activates a formal request, as well as KYC verification, then sets up a line of credit with a few clicks via a guided conversational flow. once validated. Borrower data will be generated and displayed based on the given name, which is the only crucial input required at the start of the chat from the person applying for a loan.

The company claimed to have witnessed tremendous traction during beta testing of the service, saying there was “near zero delay” in credit limit approvals for KYC-compliant customers using the platform. form.

V. Raman Kumar, Founder and Chairman of CASHe, while commenting on the launch of the service, said, “It is our ‘Customer First’ approach that is at the forefront of our product innovation strategy. 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 that an innovative and groundbreaking service like this will not only enable our customers to have a top-notch experience in their credit application, but will also significantly expand our credit footprint by utilizing the enormous database of WhatsApp users, bringing us closer to our vision of achieving financial inclusion for the underserved in India,” he added.

With over 487 million Whatsapp users in India, according to data from June last year, the messaging platform has rapidly gained popularity in India. Businesses across the country have been rapidly experimenting with and deploying WhatsApp-enabled chatbots to build closer ties with consumers and deliver their services more efficiently.

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Rosalie M. Dehner