EarlySalary reaches the milestone of one million loans

(Eds: Disclaimer: The following press release has been sent to you under an agreement with Business Wire India. PTI assumes no editorial responsibility in this regard.) Pune, Maharashtra, India – Business Wire India EarlySalary, India’s largest consumer loan app for individuals, recently reached a milestone by successfully disbursing 1 million loans amounting to over Rs 1,850 crore. The app mainly provides young working professionals with easy line of credit, instant cash loans, interest free IMEs and other long term loans in industries like education, travel, shopping etc. . well-being provider for blue collar workers or entry-level workers and has more than 400 companies that have subscribed to their financial well-being offer and their payroll advances in their clientele. To celebrate this milestone, EarlySalary is launching a campaign where customers can do a virtual handshake with the app and get great rewards in return. Looking more closely at the demographics of the recipients of the million payday advances paid, it was observed that: · The majority of clients (67%) were millennials in the 26-35 age bracket. · They were mainly beginners with a professional experience of 0 to 2 years. · The average salary of borrowers was Rs 40,000 per month. · Monthly loan disbursement – Rs 130 Cr. · The highest demand came from the city of Bengaluru (27%), followed by the Delhi and NCR region (21%) and Hyderabad (13%). Although EarlySalary does not ask its clients why they are fundraising, it has been observed that fundraising increases during festivals and long weekends, implying that people want to buy the latest gadgets , travel, etc. Adoption and Implementation of The latest technologies in the digital lending industry have greatly helped EarlySalary achieve this milestone of 1 million disbursements. The app works with a fully digital and instant decision making system, which allows users to borrow in minutes rather than days. The company is focused on building a Deep Tech Machine Learning platform with data integration across multiple data sources, to help better understand customer profiles and faster to facilitate these loans. Apart from this, transparent customer integration, origination and loan management systems that can handle up to 250,000 monthly transactions have been built in-house. “Achieving 1 million salary advances is an important milestone for EarlySalary as we continue to be the number one line of credit for young Indians. These clients often face a cash shortage at the end of the month and, due to Due to a lack of credit score knowledge, they are unable to borrow money from the traditional credit facilities available. It is this gap that EarlySalary has succeeded in bridging for its consumers. additionally supported by hyper-repetition and good client retention rates, and delinquency rates below 1%. That says a lot about the machine learning scorecards and risk engines we have created while granting ready in seconds, which is why the future looks bright for EarlySalary, “said Akshay Mehrotra, co-founder and CEO of EarlySalary. Ashish Goyal, co-founder and CFO, added:” At EarlySalary, improving lives through technology and customer experience has been at the heart of every initiative we have undertaken. We are happy to have helped our clients a million times over, who needed funds quickly and easily, either to overcome an emergency or to fulfill their desire to improve their lifestyle. We thank our customers who have trusted us and believe our product is making a difference in their lives. We also take this opportunity to thank our partners and lenders for their support in this adventure. We are on the right track to realize our aspiration to become the first choice of credit for young Indian aspirants. EarlySalary.com was founded by Akshay Mehrotra and Ashish Goyal in 2015 and is the largest consumer loan app in India, surpassing the INR 1850 Crores disbursement mark. The mobile first loan app has provided financial assistance to over 250,000 unique clients through 1 million cumulative loans in 17 cities, making EarlySalary the premier line of credit for working young Indians. About EarlySalary.com Founded by Akshay Mehrotra and Ashish Goyal, EarlySalary is a mobile application that provides employees with financial assistance. The company offers a bunch of products tailored to the needs of young Indians, including salary advances, instant loans, interest-free EMI options, and a line of credit for shopping. The company conducts a prudent risk assessment by leveraging machine learning to go beyond financial underwriting. EarlySalary previously increased INR 100 crore in January 2018 led by Eight Roads Ventures (Fidelity). With over 10 million downloads and loans worth Rs. 1,850 crore already disbursed, EarlySalary helps customers borrow in minutes. EarlySalary quickly became the 1st line of credit for young professionals in India. Key Features · Instant access to funds in less than 10 minutes · High automation: 73% of loans are approved by machine and disbursed instantly · Loans valued at Rs. 5,000 to Rs. 2 Lac cash is accessible for any duration from 50 days to 2 years. · Buy now and pay later – the ability to use the loan limit to buy online on credit at Amazon, Flipkart and many other partners. For more information, please visit www.earlysalary.com Like us on Facebook: Facebook.com/EarlySalary Follow us on Twitter: @Early_Salary To view the image, click on the link below: Akshay Mehrotra, Co-Founder and CEO of EarlySalary (left) with Ashish Goyal, co-founder and CFO of EarlySalary (right) PWR PWR

Warning :- This story has not been edited by Outlook staff and is auto-generated from news agency feeds. Source: PTI

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