EarlySalary Launches New Offline Channel of Customer Engagement
EarlySalary, India’s largest consumer lending application has opened India’s first ever FinTech SmartOffice in Bagmane Tech Park, CV Raman Nagar. This SmartOffice has touch screens which will guide users on how to apply for a line of credit ranging from 50 days to 2 years, interest-free EMIs for shopping and travel, or a salary advance through the EarlySalary application. There will also be EarlySalary team members at the kiosk who will assist users and answer any queries that they have. Moreover, the facility will also act as an innovation centre for the brand.
Both first time and repeat users of the application are reviewed through a unique SocialWorth underwriting system and machine learning platform which allows salaried individuals who might be New to Credit (NTC) or do not have Credit Bureau scores to borrow. The money is then credited into their account within a day if they are first time users and in minutes if they are existing users.
EarlySalary has always focused on innovation in the lending space. As a step towards building trust among consumers, the company will be rolling out new products offline through this SmartOffice to get direct consumer feedback before the feature is available to everyone on the application. The new features will include the Travel feature with MakeMyTrip SalaryAdvance amongst others.
Speaking at the venue, Akshay Mehrotra, Co – Founder and CEO of EarlySalary said, “We started EarlySalary with the intention of providing organized financial assistance to the credit underserved groups online. Our platform provides hassle free, quick and low interest loans and credit to salaried professionals across India. We have successfully disbursed over INR 700 crores so far, making us the largest consumer lending mobile application in the country. This smart office is another feather in our cap since it is the first of its kind in India, and has opened up a new channel of customer engagement. We decided to launch the first one in Bangalore because we have our largest customer base of around 25% here. We will continue to innovate and bring the best to the country.”
EarlySalary has provided over INR 700 Crores in financial assistance to over 135,000 Unique Customers and disbursed cumulatively 400,000 loans with a small team of just about 150 people. Earlier this year in Jan, 2018 EarlySalary raised Rs.100Cr Series B founding from Eight Roads (Fidelity) Ventures.
Founded by Akshay Mehrotra and Ashish Goyal, EarlySalary is a mobile app which allows salaried individuals to avail of financial assistance. The company offers banquet of products tailor to need of young India including salary advances, instant loans, interest free EMI options and a line of credit to shop. The company conducts prudent risk assessment by leveraging machine learning to go beyond financial underwriting.
EarlySalary earlier this year raised INR 100 crores in January 2018 from Eight Roads (Fidelity) Ventures & existing investors. With more than 8 Million Downloads and loans worth Rs.700Cr already being disbursed, EarlySalary is helping customers borrow within minutes. EarlySalary has fast become the 1st line of credit for young working professionals in India.
- Instant access to funds in less than 10 minutes
- High Automation: 73% loans are Machine Approved & instantly disbursed
- Loans of values ranging from Rs. 5,000 to Rs. 2 Lac cash can be accessed for a tenor of 50 days to 2 years.
- Shop now and pay later – ability to use the loan limit to shop online on credit on Amazon, Flipkart & BigBazaar.
- Travel now and pay later – ability to use the loan limit to book holidays, air tickets & hotels on MakeMyTrip and Yatra.
- FeES: education loans to pay for your child’s school fees & education needs or pay for a skill upgradation course.
For more information please visit www.earlysalary.com