Cashbean app, run by P C Financial services is a 100% subsidiary of Nasdaq-listed Opera Limited. Cashbean is a digital lending app which believes that due to the disruptions caused by coronavirus, there is a possible rise of 15% in Non-performing assets. On this note, Raghuvir Gakhar- PC Financial Services Chief Financial Officer indicated that the collections are down drastically due to the impact if Covid-19.
Coronavirus has led to unemployment of more than 1 lakh jobs thus has disrupted the income distribution. This has in turn affected the impacted collection. He also added, “some customers have gone back to their hometowns so if we do some collection their number is not reachable sometimes”.
Cashbean also helps in providing short term loans, although the amount loaned is not huge it helps fulfil short term liabilities. The tenure for which a loan is given out is 2 months, these loans are unsecured in nature. The interest rate charged is 33% per annum. Gakhar said, “We are doing small ticket loans and it’s a complete digital journey and there is no manual interference. So, once you download the app, you just do your KYC and then we check the credit score.”
According to the stats studied of the app, it is said that the lending activity is very low right now. Gakhar also added that, “We are just giving loans to our repeat customers who are having good credit history with us. So, we are only giving loans to only those and not to everyone.”
A person’s credit score and KYC help the company decide about the tenure, interest rate which shall be charged. On the basis of this risk assessment, the amount is disbursed within 10-20 minutes into the customer’s account. The data put in the app is safe as well as the cash transactions are also secured.
NEWS REPORTED BY: