All You Need To Know About CRED Cash, CRED Mint And How They Work Together
From Rahul Dravid swinging his bat on the roads of Indiranagar, to Madhuri Dixit’s Kathak routine- CRED’s brand films have gained a lot of attention among audiences. Using CRED has become synonymous with paying your credit card bills, but what more does the platform offer members?
Nearly three years into its launch, the CRED community has over 7.5 million members- all of whom have credit scores over 750. While CRED’s lifestyle offerings Store and Rewards have been featured at length, it’s time to put the spotlight on some of the financial products launched by CRED in partnership with banks and NBFCs.
CRED Mint and CRED Cash
CRED Mint is an investment product launched in partnership with Liquiloans, an RBI registered P2P NBFC. CRED Mint allows members to make the most of their idle money, enabling them to put in between Rs 1,00,000-Rs 10,00,000 and earn interest of up to 9% per annum. They can withdraw their money at any time and have it credited within a working day, and earn interest for the period invested with no penalties.
CRED Cash is a flexible credit line launched in 2020 along 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 draw down any amount from their available limit at any hour of the day, and instantly receive the selected amount in their bank accounts.
How do these products work together?
CRED Mint is powered by the CRED community. Investments made in CRED Mint will be lent out through CRED Cash. Members have grown to trust CRED Cash for emergency spends over the past year; with over Rs 2,415 crore disbursed by regulated partners. Even at the scale of CRED Cash, the default rate on loans has historically been less than 1%.
Through CRED Mint, members can confidently invest money knowing that it will only be lent out to others like them: India’s most creditworthy individuals whom CRED knows are good for their word. To reduce risk further, the invested money will be routed directly to an escrow account held by CRED’s NBFC partner, Liquiloans, and diversified across 200+ borrowers on average. You can apply for early access to CRED Mint here.
What does this all mean for you? Well, you now have an incentive to be financially responsible and be a creditworthy member, part of the CRED community. Apply to be a member and get access to CRED’s financial and lifestyle products created in partnership with brands and institutions.