PUNE: EarlySalary, a mobile application for lending has gone on to become India’s largest consumer lending application by crossing the INR 550 Crores disbursal mark.
The large demand for the products that the start-up offers, helped achieve this milestone. EarlySalary has provided over Rs. 550 Crores in financial assistance to over 135,000 Unique Customers and disbursed cumulatively 350,000 loans which has made them the first line of credit for young working Indians. Also, it is now disbursing Rs.80 Crores a month. The platform processes 60,000+ loan applications every month and disburses 35,000+ loans with a small team of just 150 people.
In the current market, a very small percentage of users have access to instant credit, EarlySalary is helping to bridge that gap which is why the mobile application generated over 7 million downloads and helps build more affordable credit and financial inclusion to young underserved working professionals in the country.
Akshay Mehrotra, Co – Founder and CEO, EarlySalary said, “We are a customer focus organization and our mission is to provide financial assistance to the underserved classes. Today, our Machine Learning Algorithms have evolved to the next level and help us cater in real-time to many more customers than what we had initially anticipated. We are happy that we have crossed loans disbursals of Rs.550Cr in such a short span and believe that in the next 18 months we can disburse 10x of this and cross a billion-dollar worth disbursal.”
Adding to the announcement, Ashish Goyal, Co-Founder & CFO, EarlySalary said, “Consumer lending is fueled by an immense rise in the young working population, our ability to lend to young first time customers helps create a strong niche yet provides a large underserved market potential, giving EarlySalary a unique opportunity. We are extremely proud that we have disbursed over 350,000 loans in such a short duration.”
The mobile first application has a presence in 17 cities across the country. The EarlySalary 2.0 Mobile Application has also recently been introduced to provide simpler interface to accommodate complex product needs of the customers in a simple and elegant way which include customer service requests, limit management, self - serving platform, chatbot etc.
Users can currently avail loans of up to Rs 2 lakhs; a line of credit ranging from 50 days to 2 years and interest-free EMIs for shopping. Early Salary’s unique social media based underwriting system and machine learning platform allows even a person who is New to Credit (NTC) or a Customer without Credit Bureau scores to borrow.