Pune-based EarlySalary.com is giving easy access to cash for salaried people online and it launched its operations in Bangalore last week to provide money to cash-crunch techies ahead of the actual payment of the salary during month-ends.
The mobile app supports young professionals overcome their mid-month and month-end financial needs. The app downloaded 32,000 times in Pune, has made its foray into techie-centric Bangalore on Monday, promising loans up to Rs. 100,000 for 7 to 30 days. The app is currently available on Google Play Store for android smartphone users. The interest rate is Rs.9 per Rs.10,000 loans on daily basis.
For an idea of the interest rate, it has given an illustration: a techie with Rs. 60,000 per month salary wants Rs. 30,000 for 30 days. He will have to repay Rs. 31,055 after 30 days. In case, he wants to take another short term loan, say after 3 months, for 10 days and the amount is again for Rs. 30,000, then he will have to repay only Rs. 30,549.
The Idea for EarlySalary.com was to give credit to by offering short term credit to salaried individuals. It allows its users to get instant cash transfer to their bank account. The Pune based Fin-tech Startup uses Social Worth Score which combines credit bureau reports to social media details of the user decides within 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”.
On real time decisioning, he 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 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. Last 3 months’ bank statements
EarlySalary said it 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.