Pune: EarlySalary.com, a Fintech startup, announces its operations in Delhi NCR today. Over the past 5 months, the company was piloting its Mobile app based lending product and building Algorithm based underwriting & robo decisioning system which it has successfully implemented. After a successful beta phase in Pune & Bengaluru it has started to go live with real time loans processing capabilities and added Chennai & Mumbai operations in quick succession and now include cities like – New Delhi, Gurugram, Noida. Within its five months of operations, the app has received 150000+ downloads across both Andriod & iOS mobile app platform.
Large Metro cities like Delhi NCR has an increasing number of young salaried professionals. New/young working professionals have many instant cash and loan requirement and not many credit instruments are available to them. A mobile app based product like EarlySalary can come to their rescue which allows them to instant get a short term loan approved in minutes and cash transferred to their bank with-in hours of applying. The unique social worth scoring coupled system with artificial intelligence has enabled faster underwriting with minimal human intervention. Thus enabling EarlySalary to open up new markets at a faster rate. Available for Android & iOS mobile phone, the start-up provides short-term personal loans ranging from Rs. 10,000 up to Rs. 1,00,000 for a tenure of 7 to 30 days.
EarlySalary operates similar to cash advance or cash withdraw from a credit card or salary advances and is targeted at young working professionals who run out of salary money during the month end. This helps them sustain lifestyle without the need to borrow money from friends and relatives. Earlysalary.com uses new age technology along with the user’s Social Worth Score to approve and process loans. Social Worth Score combines credit bureau reports & social media details of the user and helps the company in decision-making. The loan approval takes 10 minutes with the successfully developed and implemented a regressive social algorithm and score card. User can get instant fund transfer to their bank account and can use it as per their requirement.
Commenting on the launch, Akshay Mehrotra, Co-founder & CEO at EarlySalary.com, said “Delhi NCR is one of the fastest growing markets and houses many young working professionals. With the launch of EarlySalary.com in New Delhi, Gurugram & Noida, we aim to bring a quick solution to their instant cash requirement and help them sustain their lifestyle throughout the month. We are extremely proud of our new-age technology ‘Social Worth Score System’, that allow loan decision in 10 minutes. With this automated machine decision, we hope to do inorganic growth and double our loan volume every month for next quarter.”
The co-founders Akshay Mehrotra and Ashish Goyal, each one has over a decade of experience up their sleeve. They have an expert combination of marketing and finance.
Key Highlights of EarlySalary.com:
Rs. 10,000 to Rs. 1,00,000 loan
Machine Decisioning System Powered by Social Underwriting System and Score Card
Instant approved Credit Limit
Same day cash transfer
Interest rates avg at Rs. 7 per day per Rs. 10,000
Decisions in few minutes
3 things to apply with –
a. Facebook ID
b. PAN number
c. Bank Log-in verification or Statements
For an illustration: Shilpi Taneja, 25 yrs old Software Developer, Rs. 60,000 per month salary wants Rs. 30,000 for 30 days. She will have to repay Rs. 30,900 including processing fees and interest after 30 days.
If she repeats her loan, she again wants to take a short loan for 10 days for Rs. 30,000 this time she will have to repay only Rs. 30,349.
EarlySalary aims to reach 6 metro cities very soon.
Google Play Store: http://bit.ly/erslr
Apple App Store: http://apple.co/1WoLalT