|Loan amount||Rs 1,500 – Rs 60,000|
|Loan tenure||3 – 6 months|
|Interest rate||25.55% p.a. onwards|
|Processing fee||Rs. 90 to Rs 2,000 + GST|
|Age||18 – 56 years|
|Credit history||Not required|
|Lowest EMI (for Rs. 60,000 loan)||Rs. 10,758|
Features of CashBean Personal Loan
- Purpose: You can avail of a Personal Loan from CashBean for shopping, clearing credit card dues, payment of utility bills, payment of school fees, purchase of consumer durables or high-end gadgets, planning a family holiday, as a down payment for your purchases, medical expenses, and so on.
- Quantum: You can avail of a loan from Rs. 1,500 to Rs. 60,000 from CashBean.
- Rate of interest: The CashBean rate of interest is affordable, and starts from 0.07% per day (25.55% per annum). The maximum interest rate can go up to 26% p.a.
- Repayment: The loan can be repaid within a tenure of 3 to 6 months.
- Processing fees: The one-time personal loan processing fee ranges from Rs. 90 to Rs. 2,000 + a GST of 18%, depending on the loan amount and the application details.
- Prepayment charges: The loan can be prepaid at any time without any penalty.
Why Apply for CashBean Personal Loan?
Availing a loan from CashBean has various advantages, as mentioned below:
- Loan amount as per requirement: You get the convenience of availing a loan of as low as Rs. 1,000 and up to Rs. 60,000 as per the nature of requirement or emergency. It could be for making payment of utility bills before your next salary day or for the purchase of high-value gadgets.
- Minimum documentation: Since the whole loan process is digitized, it involves very little paperwork and reduces the time-consumed to avail of a loan.
- Affordable rate of interest: The rate of interest is competitive and starts from as low as 0.07% per day.
- Quick disbursement: Since no paperwork is involved, the time taken for the whole loan process is minimized, and the amount will be disbursed into your account within minutes after the approval of the loan application.
- No collateral required: Personal loan from CashBean requires no security or personal guarantee since it is an unsecured loan. This aspect makes availing of a loan from CashBean hassle-free.
- Pan India presence: CashBean is operating in almost all cities across the country. It is accessible to a major portion of the population. You can apply for a loan from any part of the country through CashBean.
- No credit score required: You can apply for a personal loan through CashBean even if you do not have a good credit score or if you have no credit score. CashBean has a proprietary tool that considers various other data points to draw the credit profile of the customer and does not depend on the credit score alone to judge the creditworthiness of the customer.
- 24×7 customer support: You get answers to all queries and also guidance from the Customer Support group that is accessible round the clock.
- No hidden charges: The charges applicable for the Personal Loan are displayed on the website and no other charges are applied at the time of loan disbursement.
CashBean Personal Loan EMI Calculation
It is easy to calculate CashBean personal loan EMI. You can use the online Personal Loan EMI Calculator available on our website for free. All you have to do is enter the three basic details, like the loan amount required, applicable rate of interest, and repayment tenure chosen by you. Hit the enter button and the EMI will be calculated instantly.
Along with the EMI, the tool also provides an amortization schedule for repayment.
Required loan amount: Rs. 60,000
Applicable rate of interest: 25.55% p.a.
Tenure of repayment: 6 months
EMI to be paid each month till the tenure ends: Rs. 10,758
Total interest to be paid: Rs. 4,550
Total amount to be paid to the lender: Rs. 64,550
Amortization schedule of the above illustration
|Year||Opening balance||Amount paid by customer (EMI*12)||Interest paid during the year||Principal paid during the year||Closing balance|
|1||Rs. 60,000||Rs. 32,275||Rs. 3,223||Rs. 29,052||Rs. 30,948|
|2||Rs. 30,948||Rs. 32,275||Rs. 1,327||Rs. 30,948||Rs. 0|
Comparison of CashBean Personal Loan with Other Lenders
|Name of Lender||Rate of Interest (per annum)||Processing Fee||Maximum Loan Limit|
|CashBean||25.55% – 26%||Rs. 90 to Rs 2,000 + GST||Rs. 60,000|
|Credy||12% – 18%||3% + GST||Rs. 1 Lakh|
|AnyTimeLoan||18.25% – 54.75%||Up to 2%||Rs. 10 Lakhs|
|EarlySalary||24% – 30%||Rs. 199 onwards||Rs. 5 Lakhs|
|CASHe||27% – 33%||Up to 3%||Rs. 4 Lakhs|
|PaySense||16% – 36%||Up to 2.5% + GST||Rs. 5 Lakhs|
Documents Required for CashBean Personal Loan
To avail of a Personal Loan from CashBean, submit minimal documents as mentioned below:
- KYC documents: Pan Card, Voter’s ID Card, and Aadhar Card.
- A photograph also has to be scanned and uploaded along with the above documents. With Pan Card, credit score and other details regarding the financial status can be verified.
CashBean Personal Loan Eligibility Criteria
The following are the CashBean personal loan eligibility criteria:
- Easily available personal loan for salaried & for self-employed
- A regular source of income is mandatory.
- The applicant should be in the age group of 18 to 56 years.
- The applicant should be a resident Indian.
- The applicant should have a valid Pan Card and Address Proof.
Cashbean Personal Loan Charges
- Processing Fee: Rs. 90 to Rs. 2,000 + GST, depending on the loan amount and the application details.
- Late fee: For non-payment of EMI on the due date, a penalty of 2% of the overdue amount for the late period will be collected.
- Membership Fee:
- For Primary Membership: Rs. 120 for 1 month and Rs, 250 for 3 months.
- For Senior Membership: Rs. 300 for 3 months and Rs. 600 for 6 months.
- Foreclosure charges: Nil
- Charges for the dishonor of EMI: Nil
- Duplicate NOC: Nil
- Loan cancellation: Nil
How to Apply for CashBean Personal Loan?
You can download the CashBean Mobile app from Google Play Store. You will have to register to create an account and check the eligibility to apply for the loan. You will be required to provide some basic details as given below:
- Name and address
- Mobile number
- Email ID
- Employment status
- Monthly income
- City of location
- Any other information, as required in the loan application, has to be provided.
- The details of the bank account have to be provided to disburse the loan amount.
- Before the disbursement, you will also be required to agree to the terms and conditions of Cashbean on the Mobile App.
- The loan application will be processed, and on approval and affixing e-signature on the loan document through the App, the amount will be credited directly to the bank account.
CashBean Loan Repayment
- To make CashBean loan payment, you will have to log in to the Mobile App using the registered mobile number.
- You should then select any of the payment options like Razorpay, bank transfer, PayTM Wallet, or other options like Debit Card, UPI, or Wallet from other payment gateways.
- If you are paying through net banking, then you will have to choose the bank transfer option.
- You can also choose the auto-debit option by executing an online mandate, i.e., the NACH mandate or execute a manual mandate, i.e., ECS mandate for the debit of the EMI amount from your bank account on the due date.
- You will have to provide accurate bank details for the debit of the EMI amount.
- This facilitates prompt repayments without missing a due date.
- The auto-debit will be honoured only if sufficient balance is maintained on the due date in the account.
CashBean Customer Care
You can reach personal loan customer care team through any of the following ways:
- Email to Customer Service at: [email protected]
- Call at Customer Service Hotline Number: 180 0572 8088 or 0124 – 603 6666, Daily from 9AM to 8PM, except public holidays.
How does CashBean assess loan eligibility? Can I improve my Cashbean credit limit?
The factors considered to assess Cashbean Loan eligibility are monthly income, repayment capacity, and credit score of the applicant. If you intend to increase the credit limit, you will have to avail loans frequently through Cashbean and make prompt repayments every time. You will be eligible for a higher credit limit provided the other factors like monthly income, repayment capacity, and credit score are satisfactory and support the company’s credit policy.
What are the advantages of availing a loan from Cashbean?
Availing a loan from Cashbean has various advantages, as mentioned below:
- Flexible loan amount up to Rs. 60000.
- No paperwork as the whole process is 100% paperless.
- Rate of interest is competitive.
- Fast disbursal of loan.
- No collateral or security required.
- Wide outreach enables you to apply for a CashBeanloan from any part of the country.
- No credit score or history is required to avail of the loan.
- Customer support at Cashbean is available on all days for any queries or assistance.
Why is my CashBean loan disbursal pending?
The pending disbursements may be due to some technical issues faced by the bank. The disbursement may be delayed by a day in some cases. If the disbursement does not happen as scheduled, wait for 1 day. If the matter is still not resolved, write to the Cashbean support group at: cashbe[email protected].
What are the benefits of Super Bean?
The following are the benefits of Super Bean:
- Concession in the processing fee
- Special Coupon Package
- Quicker disbursal of loan
How to apply for a Personal Loan through Cashbean?
To apply for a Personal Loan through Cashbean, you need to create a Cashbean account by downloading the Cashbean Mobile App from Google Play Store. You should then check the eligibility by providing some personal details like Name and address, Mobile Number, Email ID, City or Location, and other details listed in the loan application. The bank account details also have to be provided. The disbursement will be made only after you agree to the terms and conditions and e-sign the loan document on approval of the loan application.
What is Super Bean, and how to get the Super Bean Membership?
Customers with satisfactory dealings with Cashbean will qualify for a Privilege Membership with Cashbean. This Privilege Membership is Super Bean. To become a member of Super Bean, you will have to follow simple steps as given below:
- Click on the Super Banner to access the membership details.
- Select either the Basic Membership or the Premium Membership
- Accept the ‘terms and conditions’ to give your consent.
The membership fee will be based on the type of membership chosen. The membership starts at Rs. 100.