EarlySalary.com, a Pune based Fintech startup, began its Chennai operations today. EarlySalary.com introduced India’s first Mobile App for Instant Cash. The mobile app offers bridge loans to help young salaried professionals to tip over the month end. Within the first two months of its operations, EarlySalary.com has tapped Pune and Bangalore and has received an overwhelming response of about 55,000+ downloads.
As a part of its city wise organic expansion plan, EarlySalary.com is now entering Chennai. Chennai was also selected basis an internal social media city score analysis developed by EarlySalary.com. The key factor to choosing Chennai was also the fact that it is the second IT hub of India after Bangalore.
There is a huge market in a tech city like Chennai where young salaried professionals who have just began their corporate journeys need a helping hand at fag end of the month. EarlySalary.com aims at addressing this need with short-term personal loans from Rs. 10,000/- up to Rs. 1,00,000/- for tenure of 7 to 30 days. The app is currently available on Google Play Store for android smartphone users and will soon be available on iOS store.
Commenting on the launch, Akshay Mehrotra, Co-founder & CEO at EarlySalary.com, said “With the launch of EarlySalary.com in Chennai, we aim to bring a quick solution of instant cash to young working class to sustain their lifestyle throughout the month. We wanted to solve the problem of the younger population looking for short-term funds with an online solution. This was what led to the idea of EarlySalary.com. Technology savvy Chennaites will be our vital customers and we are very optimistic that EarlySalary.com will appeal them”. He further added, “EarlySalary.com uses new age technology for lending funds and promises to deliver a revolutionary new business model set to change the lending market in India”.
EarlySalary mobile app is an easy solution for ones woes for last minute cash requirement. It allows users to get instant cash into their bank account. The company uses new age technology along with a 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. User can get instant fund transfer to his bank account and can use it as per their requirement.
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 technology.
Key Highlights of EarlySalary.com:
- Rs. 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 –
a. Facebook ID
b. Linked-In ID
c. PAN number
d. Bank Log-in verification or Statements
For an illustration: Usha Rajagopalan, 25 yrs old Software Developer, Rs. 60,000 per month salary wants Rs. 30,000 for 30 days. She will have to repay Rs. 31,055 after 30 days.
After 3 months she again wants to take a short loan for 10 days for Rs. 30,000 this time she will have to repay only Rs. 30,549.
EarlySalary aims to reach 6 metro cities in next one year by adding one city in every 45 days. The iOS version of this app will be soon launched.