From Rahul Dravid waving his bat on the streets of Indiranagar to Madhuri Dixit’s Kathak routine – CRED’s brand films have grabbed a lot of attention from the audience. Using CRED has become synonymous with paying your credit card bills, but what else does the platform offer to members?
Nearly three years after its launch, the CRED community has more than 7.5 million members—all of whom have credit scores over 750. While CRED’s lifestyle offerings Store and Rewards are featured in detail, it is time to put the spotlight on some financial products. Launched by CRED in partnership with banks and NBFCs.
Credit Mint and Cred Cash
Cred Mint is an investment product launched in partnership with Liquilons, an RBI registered P2P NBFC. Cred Mint allows members to make the most of their idle money, allowing them to invest between Rs 1,00,000 to Rs 10,00,000 and earn interest of up to 9% per annum. They can withdraw their money at any time and deposit it within one working day, and earn interest for the period invested without any penalty.
CRED Cash is a flexible credit line launched in 2020 with regulated partners. With CRED Cash, members are pre-approved for an active credit line of up to Rs 5,00,000 with no forms, documents, phone calls or physical visits. In three steps, CRED members can withdraw any amount from their available limit at any time of the day, and get the selected amount in their bank accounts instantly.
How do these products work together?
CRED Mint is powered by the CRED community. Investments made in CRED Mint will be loaned through CRED Cash. Over the past year, members have come to rely on credit cash for emergency expenses; Over Rs 2,415 crore was disbursed by regulated partners. Even on the scale of CRED Cash, the default rate on loans has historically been less than 1%.
Through CRED Mint, members can invest money with confidence knowing that it will only be given to others like them: India’s most creditworthy individuals who CRED knows are true to their word. To further reduce the risk, the invested funds will be directly remitted into an escrow account maintained by CRED’s NBFC partner, Liquilons, and will be diversified across an average of 200+ borrowers. You Can Apply for Early Access to Credit Mint Here.
What does all this mean to you? Well, now you have the incentive to be a part of the CRED community, to be financially responsible and become a credit worthy member. Apply to become a member and gain access to CRED’s financial and lifestyle products created in partnership with brands and institutions.
Cred this article. Written on behalf of Studio18 Team
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