FinTech Venture EarlySalary Forays into Chandigarh and Mangalore
- India’s First Mobile App for Instant Cash, EarlySalary offers instant loans to young working professionals
- Get instant salary advance in 10 minutes
- Crosses 75Cr of loan disbursal
- Now available in 13 cities
EarlySalary.com, a Fintech startup, today announced the launch of its operations in Chandigarh & Mangalore which leads to the company’s presence in 13 key cities across the country. EarlySalary aims to support young working professionals overcome their month-end financial needs. The company provides instant loans from as low as Rs. 8,000 up to Rs.1,00,000/- for up to 30 days. The app has already disbursed more than Rs.75Cr of loans and is currently giving out 14000 instant advances & loans a month. The company believes that there is a high dependency on friends & family for short term needs of youngsters and EarlySalary is here to remove that embarrassment of asking friends and family.
Over the past few years, cities like – Chandigarh & Mangalore have seen a surge in the number of internet and smartphone users. ‘Chandigarh’ has emerged as one of the booming markets in the Northern belt with a large number of young working professionals settling down in the city. While on the other hand, ‘Mangalore’ is a growing IT regional hub with a constant progress in the banking sector. It has also emerged as the fastest growing non-metro city in Southern India. The company’s management decided to launch in these 2 cities, owing to an overwhelming response of 6,000 app downloads followed by incessant loan requests in the last month. Hence, these markets seem to be quite lucrative for the FinTech startup to launch their product.
EarlySalary is a Salary Advance option which allows an individual to get an instant credit limit against his monthly salary, which is available to him 24×7. All you need is a smart phone, a Facebook profile & minimum salary of Rs. 20,000 per month to get a Salary Advance from EarlySalary. All a customer needs to do is complete the 60 second app journey & eKYC and get a loan. Keeping a credit line is free for the customer. Only on disbursement, EarlySalary charges a nominal cost which works out to be less than Rs.9 per Rs.10, 000 towards interest. EarlySalary has already helped thousands of customers borrow without asking for help from friends and family members. EarlySalary’s unique social media based underwriting system and machine learning platform allows even a person who is New to Credit (NTC) or Customer without Credit Bureau scores to borrow.
Commenting on the launch, Akshay Mehrotra, Co-founder & CEO of EarlySalary, said, “The growth momentum in smaller cities has begun to pick up especially due to the abundant job openings in IT, education, financial services, manufacturing and real estate sectors. This in turn has led to a surge in demand for our product offerings across the country and hence, we are working towards providing a 10-minute loan service across these markets. Our aim has been to offer instant loans in the most convenient mode from the very beginning. The 10-minute loan service feature of our product has received an overwhelming response. We are working towards building a customer base of nearly 100,000 customers over the next year.”
Adding to this, Ashish Goyal, Co-Founder & CFO of EarlySalary said, “Our ability to lend across the country is fueling our next leg of hyper growth. We are seeing high demand & high acceptance across the country today. We believe our ability to give real time instant loans and salary advances fueled with stronger risk decision supported by Social Media Underwriting system will help grow a strong business across the country.”
EarlySalary is a short term small amount Loan given to Salaried Individuals on a mobile app. These loans are similar to salary/cash advances or credit card cash withdrawal.
EarlySalary is a mobile app which allows you to apply and get a loan approval within minutes and instantly get money transferred to your account. Coupled with social profiling which gives better risk assessment, helps go beyond financial underwriting and IndiaStack; EarlySalary aims to do more prudent risk assessment and lend better and is today fast becoming the fastest lender in the country.
- Instant Salary Advance upto 50% of monthly Salary in under 10 minutes
- Super Fast: 70% loans are given in under 10 minutes
- Instant CASH: Salary advance/cash loans transferred to bank anytime instantly
- Short duration: Cash loans from 7 days to 40 days.
- Instant Transactions: From Rs.8,000 to Rs.2Lac Cash transferred to Bank
- Shop on Amazon and Pay Later in 3 Months EMI at Zero Cost
* Existing customer on repeat loans get 3 EMIs options and upto Rs.2Lac limit
Key Founding Members Include:
Akshay Mehrotra, CEO, previously served as the Chief Marketing Officer at Big Bazaar, Future Retail Limited, CMO at PolicyBazaar.com & Marketing Head at Bajaj Allianz Life Insurance.
Ashish Goyal, CFO, is a chartered accountant by education and previously served as the Chief Investment Officer at Bajaj Allianz General Insurance.
Vimal Saboo, CBO, previously served as the Business Head of Edelweiss Capital and also served in senior roles at Axis Bank.
Vivek Jain, CTO, who previously served as the Principal Technology Architect at Infosys.