Cashbean provides you with a personal loan instantly. A personal loan from Cashbean can be availed for any reason, may it be shopping, payment of utility bills, school fees payment, purchase of consumer goods or high-end gadgets, planning for a family holiday, medical expenditures, and others.
Check out the crucial features of Cashbean personal loan:
- Quantum: You can get a loan ranging anywhere between Rs 1,500 and Rs 60,000 from CashBean.
- Interest rate: CashBean interest rate is affordable and begins from 0.07 percent per day (i.e., 25.55 percent per annum). The maximum rate of interest can go as high as 26 percent per annum.
- Repayment tenure: You can repay the personal loan within three to six months of repayment tenure.
- Processing charges: One-time processing charge ranges anywhere between Rs 90 and Rs 2,000 based on the loan amount and application details.
- Prepayment charges: You can prepay the loan at any time without incurring a penalty.
Why must you apply for the Cashbean personal loan?
Taking up a personal loan from Cashbean comes with the listed benefits, as stated below:
- Loan amount according to your need: You can conveniently avail of a personal loan for an amount as low as Rs 1,000 and as high as Rs 60,000 according to the urgency or nature of the need. It can be for making the payments for utility bills before your upcoming salary day or for purchasing the high-value gadget.
- Minimal documentation: As the entire loan procedure is digitized, it comes with extremely little documentation and lowers the time consumed for availing loan.
- Affordable interest rate: The Personal loan interest rate is competitive and begins from as little as 0.07 percent per day.
- Instant disbursement: As there is zero paperwork involved, the time taken for the entire personal loan procedure is minimized, and the amount is disbursed into your savings account within minutes after the loan application approval.
- Zero security needed: Personal loan from Cashbean needs no collateral or security as it is by nature an unsecured loan option. This very aspect makes a personal loan a hassle-free loan.
- PAN India presence: Cashbean operates in almost all the cities across India. This loan is accessible to a major part of the population. You even can apply for a loan from any corner of the country through the Cashbean app.
- No credit score needed: You can place your application for a personal loan through the app even if you do not hold a strong credit score or if you have a zero credit score. The Cashbean is a proprietary tool that factors in different data points to draw out the credit profile of the customer and is not based upon just one credit score to judge the credibility of the customer.
- 24 X 7 customer support: Loan seekers can get answers to their different queries and even guidance from a customer support system that is accessible any time of the hour.
- Zero hidden charges: Charges applicable for personal loans get displayed on-site, and no other charges are applied at loan disbursement time.
Other instant loan applications include:
-
- Mpokket
- Cashe
- Nira
- Paysense
- MoneyTap
- Money View
Cashbean personal loan calculation for EMI
Cashbean personal loan EMI is simple to calculate using a calculator. All you require doing is entering in 3 basic details, namely – loan amount, applicable interest rate, and repayment tenure. Once you have placed the details, enter the button to know the EMI.
Alongside the EMI, the instrument even provides an amortization schedule for repayments.
Here is an illustration using the personal loan EMI calculator:
Loan amount: Rs 60,000
Repayment tenure: 6 months
Interest rate: 25.55 percent p.a.
EMI to be repaid every month until the repayment tenure ends: Rs 10,758
Overall interest: Rs 4,550
Overall amount to be paid to the lender: Rs 64,550
Schedule of amortization:
| Year | Opening balance | Principal paid during the year | Interest component paid during the year | Amount to be paid by the customer (EMI) | Closing balance |
| 1 | Rs 60,000 | Rs 29,052 | Rs 3223 | Rs 32,275 | Rs 30,948 |
| 2 | Rs 30,948 | Rs 30,948 | Rs 1,327 | Rs 32,275 | Rs 0 |
Cashbean personal loan comparison with other lenders
| Lender name | Interest rate (per annum) | Processing charges | Maximum loan limit |
| Cashbean | 25.55 – 26 percent | Rs 90 to 2,000 | Rs 60,000 |
| Early Salary | 24 – 30 percent | Up to 3 percent | Rs 4 lakh |
| Paysense | 16 – 36 percent | Up to 2.5 percent | Rs 5 lakh |
| Cashe | 27 – 33 percent | Up to 3 percent | Rs 4 lakh |
Important documents required for the Cashbean loan
To get the Cashbean personal loan, you must submit the below-listed documents:
- KYC documents: Voter ID, PAN card, & Aadhaar card
- A photo also must be scanned and uploaded with the above documents.
Eligibility for availing Cashbean loan
Listed are the personal loan eligibility criteria for Cashbean:
- Seekers must either be self-employed or salaried
- Regular income source is mandatory
- A seeker must be in the age group between 18 and 56 years.
- The applicant must be an Indian resident.
- Applicant must hold valid address proof and PAN card.
Listed below are the charges that are incurred by the Cashbean personal loan:
Processing charges: Between Rs 90 and Rs 2,000 based upon the application details and loan amount.
Late payment charges: For the nonpayment of the EMI on the due date, a penalty of 2 percent of the overdue amount for the past period is collected.
Membership charges: For the primary membership: Anywhere between Rs 120 for a month and Rs 250 for three months.
For senior citizen membership fee: From Rs 300 for three months to Rs 600 for six months.
Foreclosure charges: Nil
Charges for the dishonour of the EMI: Nil
Loan cancellation: Nil
Duplicate NOC: Nil
How can you apply for the Cashbean personal loan?
To apply for the Cashbean personal loan, you need to download the app from the Google play store. You must register to form an account and check your eligibility to apply for a personal loan. You are required to provide the below-listed details:
- Name & address
- Email ID
- Mobile number
- Employment status
- City of location
- Monthly income
- Any other important detail, as needed for the loan application, must be provided.
- Details of the bank account must be provided where you will receive the loan amount.
- Before disbursement, you also will be required to accept the Cashbean terms and conditions on the mobile app.
- The loan application will get processed, and on approval and e-signature affixation on loan document via an app, the loan amount is credited directly to your account.