EarlySalary.com, a Mobile app which access gives easy access to cash, launched its operations in Bengaluru today. The mobile app aims to support young professionals overcome their mid-month and month-end financial needs. In its 1st month of pilot launch in Pune, EarlySalary App has seen 32000 downloads and has received an overwhelming response. Now, EarlySalary is extending its wings to Bengaluru to answer the huge customer demand coming in from this Tech Savvy city. EarlySalary offers short term personal loans up to Rs. 100,000 for 7 to 30 days. The app is currently available on Google Play Store for android smartphone users and will launch the iOS version this week.
The Idea for EarlySalary.com was founded to give credit to youth of India by offering short term credit to salaried individuals. Its unique product positioning allows its users to get instant cash transfer to their bank account. The Pune based Fin-tech Startup uses new age technology which power first of its kind Social Worth Score which combines credit bureau reports to social media details of the user & decision within few minutes. User can get instant fund transfer to his bank account and can use it every month anytime he likes.
Commenting on the launch, Akshay Mehrotra, Co-founder & CEO at EarlySalary.com, said “Traditional banking instruments don’t cater to short term needs, they are also age biased when you are young. We wanted to solve the problem of the younger population needing access to short term funds and the idea of EarlySalary took shape. We are very happy that we were able to give life to this idea and getting overwhelming acceptance from customers.” He also spoke out real time decisioning and said “we have developed a unique social worth score which allows to judge the credit in non- traditional way and provide a better assessment of risk. It also broadens the target group. Technology savvy Bangaloreans are our key customers, we are very sure EarlySalary will appeal them”
The company is co-founded by Akshay Mehrotra, Ashish Goyal and Jay Jain each one has over a decade of experience up their sleeve. The three bring to the table an expert combination of marketing, finance and techn
Key Highlights of EarlySalary.com:
- 10,000 to Rs.1,00,000 loan
- Instant approved Credit Limit
- Interest rates avg at Rs.9 per day per Rs.10,000
- Decisioning in Few minutes
- 4 things to apply with –
- Facebook ID
- Linked-In ID
- PAN number
- Last 3 months’ bank statements
For an illustration: Sameer Reddy, 25 yrs old Software Developer, Rs. 60,000 per month salary wants Rs. 30,000 for 30 days. He will have to repay Rs. 31,055 after 30 days.
After 3 months he again wants to take a short loan for 10 days for Rs. 30,000 this time he will have to repay only Rs. 30,549.
EarlySalary aims to reach 7 metro cities in next one year by adding one city in every 45 days. The iOS version of this app will be soon launched.