Rent seekers on Magicbricks are eligible for a loan from CASHe to pay their rental security deposit, which can be repaid in six EMIs.
How many times have you found yourself planning to move into a rented home but having to pay a colossal sum as security deposit? That pain could now be eased thanks to online real estate company Magicbricks introducing short-term loans in association with CASHe, a fintech start-up.
CASHe is already lending on its platform and it is a unique product that the two companies have developed and will start with six cities: Bengaluru, Pune, Mumbai, Delhi, Chennai and Hyderabad, offering the loans on its site where people search for apartments or houses for rent. Other cities may be added later.
The way CASHe’s loan product has been structured is that there is a cap of Rs 200,000 on the loan amount and repayment can be made in six EMIs. There will also be an interest component. Homeowners require varying amounts of deposits in different cities of India. Some ask for up to 10 months rent while others insist on 6 months as is the practice in cities like Chennai or Pune.
CASHe will try to bring the technology it uses on its lending platform which enables loan applications quickly and if all the boxes are checked, the loan amount can be in the applicant’s bank account within minutes. A typical customer on the Magicbricks site looking for a home can enjoy the same ease. Magicbricks indicates that for each house displayed, the advance or security deposit will be indicated and the loan amount specified. If you intend to avail the loans, just click on the link, and it will take you to the special page created by CASHe on the Magicbricks site and the process can be completed.
Of the nearly one million properties listed on the Magicbricks website, 250,000 will have this loan vs. CASHe rental advance linked.
Magicbricks claims to have a 60% market share in terms of online property listings, for sale or for rent.
CASHe, on the other hand, claims to have disbursed short-term loans to over 250,000 customers. The startup helps employees with small amounts they may need to deal with emergencies and repay within 15 to 180 days. It is a niche loan product and it has demand potential in an economy like India.
