In addition to Pune, Bangalore, Chennai, Mumbai, Hyderabad, Delhi NCR, Jaipur and Ahmedabad, fintech startup EarlySalary has now also launched its operations in Visakhapatnam, Mysore and Vijaywada.
While Visakhapatnam, Mysore and Vijaywada have seen an increase in the number of internet and smartphone users over the past few years, there has also been an increase in the number of working professionals settling down in these parts. EarlySalary has reported a response of 8000 loan requests in the last quarter and thus see potential from the 3 cities.
“We have seen a surge in demand from new employment hubs and IT cities across the country and hence, we are working towards providing a 10-minute loan service across these markets,” says Akshay Mehrotra, Co-founder and CEO of EarlySalary.
In May 2017, EarlySalary had announced its Series – A funding of $4Million from IDG Ventures and DHFL and this has been enabling them to grow. The company attributes their growth to improved processing capabilities resulting in the ability to disburse quick loans to young working professionals within 10 minutes.
Akshay adds, “Our current round of funding has improved our ability to help many more customers get access to instant loans and salary advances. We are working towards building a customer base of nearly 100,000 customers over the next year.”
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 anytime of the day or night. All he has to do is tap his phone to get his salary advance credited to his bank account instantly.
With the festive season around the corner, requests for loans tend to increase and EarlySalary is looking to take advantage of it, “As we approach the festive season, we are witnessing a very high demand for our offerings across the country and we are totally geared up to fulfill this increase in demand,” says Akshay.
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. The company’s 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.