Tushar Aggarwal, Founder & CEO, StashFin

StashFin was established with a vision to disrupt traditional lending systems in India.

March 04, 2021 10:21 IST | India Infoline News Service
In an interaction with Shweta Papriwal, Editor, indiainfoline.com, Tushar Aggarwal, Founder & CEO, StashFin said, "Personal loans are often taken under pressured circumstances or emergencies and can be extremely stressful. As a team, we believe that financial freedom is a basic right". 

What is the difference between a credit card & a credit line card?

Plastic money has been around for a while, but a Stashfin Credit Line Card is a complete game changer when it comes to cash withdrawals and payments. Credit cards promote reckless consumption and most users don’t really know or understand what borrowing rates they are getting into. A StashFin Credit Line Card permits users to have control over their expenses, for each purchase they understand exactly what they are paying in interest and the monthly payment obligations they are taking on, as opposed to credit cards, that are opaque and lead people into perpetually carrying debt which is not good for them.

There are many features associated with a StashFin Credit Line Card that makes it unique. A StashFin Credit Line Card offers cardholders 24x7 access to funds at zero annual fees and zero ATM cash withdrawal charges. Typically, credit cards charge a hefty cash advance fee every time an ATM cash withdrawal is made. StashFin Credit Line Card, however, lets you withdraw 100% of your funds at zero ATM withdrawal charges. The ATMs can be any bank ATM, which means users no longer have to worry and hunt for their own bank ATM. You can load as low as Rs. 1000 on your card in just 90 seconds and use it for online payments, swipe at any POS terminal or make instant transfers to your mobile wallet. A limit of upto Rs. 5 Lakh is offered and all purchases can be converted into flexible EMIs of upto 36 months.

Unlike credit cards which charge heavy interest rates as much as 54% annualized, Stashfin credit line rates are much lower. Not just that, the StashFin Credit Line Card is entirely app-driven. Cardholders can manage their credit, track transactions, change PIN and even block their card from the StashFin App in real-time. With the convenience of easy online application, quick processing time and immediate fund transfers at affordable interest rates, StashFin Credit Line Card is clearly a superior alternative to credit cards as the power and freedom lies in the hands of the customer and not the bank.

What are the different methods StashFin is aiming to provide better customer satisfaction?

At StashFin, we have always followed a customer-centric approach to provide unique and relevant services that are easy to use and avail. When I call a bank, I often find them promising something different than the reality, which is not the case with StashFin. Our chat-based support allows users the peace of mind by having every query documented. The chat support also reduces the long wait time and lets the user engage with StashFin at their own convenience, it can even be while commuting in a bus or a metro, which is not possible with traditional voice-based support.

We also have a language option on the app which allows the customers to interact with the App in Hindi. With this feature, we saw an instant uptick with users from Tier 3 cities and the borrowing process became much simpler leading to greater financial inclusion. As I already mentioned, the ability to
block/unblock their cards, change pin and track transactions on the App in real-time also makes the whole App experience very user-friendly.

What makes them offer credit to people at a low-interest rate?

Personal loans are often taken under pressured circumstances or emergencies and can be extremely stressful. As a team, we believe that financial freedom is a basic right. It’s why we do what we do, working to reduce this stress and burden that comes with taking out a personal loan. The first step is offering our customers credit at low-interest rates. This is an important step, as a fintech pioneer in India, we are doing our best to leverage the advancements in technology and encourage this important drive towards digitization of the economy to provide citizens with the financial independence and resources they require smoothly and efficiently. 

In short - we offer hassle-free credit to individuals at a low-interest rate and ensure that they are easily available, with online applications, quick processing time, and immediate fund transfers. And we do this because of our core belief in financial freedom and inclusion.

When can one avail for a credit line card?

StashFin was established with a vision to disrupt traditional lending systems in India. We wanted to do this by leveraging tech in ways that were only possible in today’s times - with data, faster access, and more market demand than ever before. Of course, the service also had to be the best in class while offering true convenience to our customers. This is why our Credit Line Card was developed with a more inclusive eligibility criteria. One can avail the benefits of a credit line card if they are Indian citizens over 18 years old and has a source of income.

They also need to have a valid bank account and address proof, and for self-employed individuals, the IT returns of the last two years are required. We have minimised the documentation process by a huge margin, to make our credit line cards more accessible and affordable so that more customers can reap the benefits of this innovative technology.

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