Cashbean is one of the best loan apps, owing to its feature of being instantly available within 24 hours of application. Loan through Cashbean is simple to avail as it requires minimal details and not past credit history records. Note that a personal loan from the Cashbean can be availed at a minimum interest rate of around 26 percent for a maximum repayment tenure of 1 year. The interest rate is extremely high for Cashbean personal loans owing to the leniency in no documented requirements and other eligibility requirements.
Crucial features of personal loan through Cashbean:
∙ Purpose: You can get a personal loan from the Cashbean for clearing credit card dues, shopping, utility bill payment, school fees payment, durable consumer purchase or high-end machines, planning a vacation, medical expenses, for a loan down payment and so on.
∙ Quantum: You can get a loan of between Rs 1,500 and Rs 60,000 from Cashbean.
∙ Interest rate: Cashbean personal loan interest rate is extremely affordable that begins from 33 percent p.a.
∙ Repayment: Loan can be easily repaid within the repayment tenure of three to six months.
∙ Processing charges: The 1-time personal loan processing charges range between Rs 90 and Rs 2,000 plus GST of 18 percent based on the loan proceeds and details of the application.
∙ Prepayment charges: Loan amount can be simply prepaid at any time without any penalty.
Why apply for the Cashbean personal loan?
Taking up a loan from Cashbean has numerous benefits, as mentioned below:
∙ Loan amount based on the requirement: You can get the convenience of availing loan of anywhere between Rs 1,000 and Rs 60,000 according to the requirement nature or urgency.
∙ Minimal documentation: As the entire procedure is digitized, it includes minimal documentation and lowers the time consumed for availing of the loan.
∙ Affordable interest rate: The interest rate is competitive and may begin from just 0.07 percent per day.
∙ Instant disbursement: As zero paperwork is involved, time availed for the entire procedure is lowered, and the amount is disbursed into your savings account in minutes after the loan application approval.
∙ No security required: Personal loan from the Cashbean needs zero security/personal guarantee as it is a kind of unsecured loan. This specific aspect makes availing of the personal loan from Cashbean thoroughly hassle-free.
∙ PAN India presence: Cashbean personal loan is operating in nearly all cities across India. It is accessible to a huge chunk of the population. You simply can apply for a loan from any country via Cashbean.
∙ Zero credit score required: Even if you apply for a Cashbean personal loan with a low credit score, you have a very high chance of availing the loan. Cashbean contains a proprietary tool that factors in numerous other data points to form a credit profile of customers and does not depend on credit score alone to judge the credibility of customers.
∙ 24 X 7 customer support: Answers for all queries and important guidance from customer care support groups are accessible 24X7.
∙ Zero hidden charges: Charges applicable for a personal loan are displayed on the site, and zero charges are applied at loan disbursement time.
Comparative analysis of Cashbean personal loan with other personal loan lenders:
|Lender name||Interest rate (per annum)||Processing charges||Maximum loan|
|Cashbean||25.55 percent – 26 percent||Rs 90 to Rs 2,000||Rs 60,000|
|PaySense||16 percent – 36 percent||Up to 2.5 percent||Rs 5 lakh|
|Cashe||27 percent – 33 percent||Up to 3 percent||Rs 4 lakh|
|EarlySalary||24 percent – 30 percent||Rs 199 onwards||Rs 5 lakh|
|Anytimeloan||18.25 percent – 54.75 percent||Up to 2 percent||Rs 10 lakh|
|Credy||12 percent – 18 percent||3 percent||Rs 1 lakh|
Documents required for the Cashbean personal loan
For availing of the personal loan from Cashbean, you must submit minimum documents as listed below:
∙ KYC documents: Voter ID card, PAN card, and Aadhar card.
∙ A passport size photo that is scanned, which must be uploaded along with the above documents. With the PAN card, your credit score and various other crucial details regarding your financial status are checked.
Eligibility criteria for Cashbean personal loan
The listed are the Cashbean personal loan eligibility criteria:
∙ Available to salaried and self-employed both.
∙ Regular income source is a must.
∙ Applicants must always be between the age group of 18 and 56 years.
∙ Applicants must be Indian residents.
∙ Applicants must have valid address proof and PAN card.
Listed below are the important charges levied by the Cashbean for availing personal loan
∙ Processing charges: Between Rs 90 and Rs 2,000 based upon the loan proceeds and application details.
∙ Late payment fee: For the nonpayment of the EMI on the due date, a penalty of 2 percent of the overdue amount for the late period is collected.
∙ Membership fee: For the primary membership, the amount is Rs 120 for a month and Rs 250 for three months. And for senior membership, the amount is Rs 300 for three months and Rs 600 for six months period.
∙ Prepayment or foreclosure charges: NIL
∙ Dishonor of EMI charges: NIL
∙ Loan cancellation: NIL
∙ Duplicate NOC: NIL
How can you apply for the Cashbean personal loan?
You can easily download the application from the Google Play store on your phone. Once done, you can register to form an account and check the loan eligibility to apply for it. You also must provide the basic details as listed below:
∙ Name & address
∙ Mobile number
∙ Employment status
∙ Email ID
∙ Employment status
∙ Monthly income
∙ Location city
∙ Other info as required in the personal loan application must be provided.
∙ Bank account details must be provided for disbursing the loan proceeds.
∙ Before loan disbursement, you are required to agree to the crucial conditions of the Cashbean on the app.
∙ Loan application then is processed and, on approval, and affixing of the e sign on the personal loan document via the mobile app, the amount is directly credited to your bank account.
Cashbean loan repayment
∙ Repayment of the Cashbean loan can be made by logging into the mobile application through your registered number.
∙ You must then choose any of the payment modes such as PayTM wallet, Razorpay, bank transfer or other important options like UPI, debit card or wallet from other gateways.
∙ In case you are repaying via net banking, then you require selecting the bank transfer option.
∙ Also, you can select the auto-debit route by performing an online mandate, i.e., execute manual or NACH mandate.
∙ You must provide accurate bank account details for auto deduction of your EMI amount.
∙ This facilitates instant repayments without having to miss out on the due date.
∙ Note that auto deduction is only honoured in the case of adequate balance maintenance by the due date in the bank account.