EarlySalary Starts Offering Instant Salary Advance in Kolkata
Business Wire India
|L to R: Vivek Jain (CTO), Akshay Mehrotra (CEO), Ashish Goyal (CFO) & Vimal Saboo (CBO)|
- Offers instant cash ranging from Rs. 8,000 up to Rs. 2 lacs
- Ultra Short Term Loans on Mobile Apps are becoming a fast reality for Millennials and Gen Z
- EarlySalary is the only lender which helps young working professionals get access to credit without Credit Bureau history, boosting their financial confidence
EarlySalary, India’s largest tech enabled digital lender & FinTech start-up launches its operations in the city. The start-up focuses on helping young working professionals get Instant loans and salary advances in minutes for their last minute cash requirements.With over 2 Million app downloads & having disbursed nearly Rs.250Cr of instant loans across the country, EarlySalary is fast becoming the 1st line of credit for young working Indians.
EarlySalary is a short-term, small amount loan given to salaried Individuals. These loans are similar to a salary/cash advance or credit card cash withdrawals. Coupled with algorithm-based decision making which gives better risk assessment and helps go beyond financial underwriting, EarlySalary aims to do more prudent risk assessment and lend better. EarlySalary also allows its users to shop for products and services whilst using the EMI option across key online and off-line retailers. Customers can get up to 3 months instant credit to make bookings for movie tickets, travel tickets, hotels and pay their utility bills via a simple chatbot interface.
EarlySalary will offer a quick fix ‘Fatafati cash’ solution (Super-fast instant cash) for month-end cash crunch needs to young working professionals in Kolkata. Kolkata offers a large market potential for consumer FinTech companies, being the third most populated city in India. Recently, it has also been announced that the government will be setting up ‘Silicon Valley Asia’ in Rajarhat, to attract investments and create employment in the IT industry. EarlySalary foresees a significant possibility of being successful in Kolkata, where young salaried professionals who have just begun their career need a helping hand at the end of the month. In fact 50,000 potential users from Kolkata have already downloaded the app.
Commenting on the launch, Akshay Mehrotra, Co-founder & CEO of EarlySalary.com said,
“We are excited to start our operations in Kolkata and introduce instant salary advances and loans to India’s third largest metro city. Pohela Boishakh, the first day of the Bengali calendar, is indeed a significant day for each and every Bengali. Hence, EarlySalary with its launch in Kolkata aims to multiply this festivity & cheer by offering Kolkatians instant cash loans. We are confident that EarlySalary will become the preferred choice of instant credit for young working professionals in Kolkata.”
He also added, “EarlySalary uses machine learning based decision making for better risk assessment and go beyond financial underwriting. It also combines credit bureau reports with social media details of the user and takes a decision of granting a loan within few minutes.
Thus, with the incorporation of this new age technology for lending funds, EarlySalary promises to deliver a revolutionary new business model, so as to change the lending market scenario in India. With real time processes, machine learning enabled scorecards, alternate data for decision making & real time transfers, EarlySalary aims to further expand its customer base.”
EarlySalary aspires to join the unicorn club this year following a Rs100 crore funding round in January 2018 from Eight Roads Ventures & existing investors IDG Ventures India & DHFL.
While concentrating on providing instant loans to young working professional, EarlySalary is now also focusing on introducing more features like PayLater options, Credit Limit transfers for digital wallets and EMI options for shopping.
With the Kolkata launch, EarlySalary will now have a presence in a total 15 cities in India. Other than Kolkata, EarlySalary is present in Bangalore, Chennai, Mumbai, Pune, Delhi/NCR, Hyderabad, Vijaywada, Ahmedabad, Jaipur, Coimbatore, Visakhapatnam, Mysore, Mangalore & Chandigarh.
Founded by Akshay Mehrotra and Ashish Goyal, EarlySalary is a mobile app which allows salaried individuals to avail of instant loans for a few days or till the next salary cycle. These loans are similar to salary advances or credit card cash withdrawals, empowering consumers with ready cash when it is most needed. The company conducts prudent risk assessment by leveraging machine learning to go beyond financial underwriting. With over 2 Million app downloads & disbursed nearly Rs.250 Cr of instant loan across the country, EarlySalary is fast becoming the 1st line of credit for young working professionals in India The company has been working on introducing multiple products, line of credit functionality, EMIs and other products focused towards helping young working professions with credit needs.
- Instant Salary Advance up to 50% of monthly Salary in less than 10 minutes
- Super-fast: 70% loans are granted in less than 10 minutes
- Instant Cash: Salary advance/cash loans transferred to bank anytime instantly
- Short duration: Cash loans from 7 days up to 30 days for the first loans and repeat customers can get longer tenure loans also.
- Instant Transactions: From Rs. 8,000 to Rs. 2 Lacs cash transferred to the customer’s bank account
- Shop now and pay later – ability to use the loan limit to shop online on credit.
About the Senior Management
Akshay Mehrotra, CEO: Previously served as the Chief Marketing Officer at Big Bazaar, Future Retail Limited. Also worked as CMO at PolicyBazaar.com and Marketing Head at Bajaj Allianz Life Insurance.
Ashish Goyal, CFO: 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: Previously served as the Principal Technology Architect at Infosys.
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