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Want to Cash in Your Salary Early? Now there is an App for that..

156 Days ago

Business Wire India
No more broke month-ends! EarlySalary.com, a Pune-based Fin-tech Start-up, today launched its operations with a revolutionary mobile app that aims to support young professionals overcome over their mid-month and month-end financial needs. The company provides unsecured loans from as low as Rs. 10,000 up to Rs. 100,000/- for upto 30 days. In the beta phase of its launch, the app is currently available on Play Store for android smartphone users in Pune.


The rationale behind this technology led financial business is to provide an easy to use mobile application interface that is designed to help the consumers to apply for a short term loan to meet their immediate needs. Coupled with a fast and secure application process, lightning speed decision-making capabilities and precise data analytics, EarlySalary aims to ensure that the money you request is available within a shortest possible amount of time.

 
The company is co-founded by Akshay Mehrotra (CEO), Ashish Goyal (CFO) and Jay Jain (COO) all of whom have over a decade of experience up their sleeve. The three bring to the table an expert combination of marketing, finance and technology. EarlySalary had received its seed funding from Ashok Agarwal of Transcorp Group of Approx. USD 1.5 million in November last year.

Akshay Mehrotra, Co-founder & CEO at EarlySalary, said “We recognize a recurring need among young professionals- they reach out to their friends and colleagues or even their companies for advance salary. We are here to become that friend or colleague from whom you can easily access the funds. Traditional banking instruments don’t cater to short term needs and also very slow to cater to this urgent need. We have worked towards building a product backed with technology to help customer to their need of instant money.” He Added, Young India have strong social profiles, we aim to combine this social profile to financial underwriting models to decision faster and provide ease of availing loans to our customer.”
 
Key Highlights of EarlySalary:

  1. Rs.10,000 to Rs.1,00,000 loan
  2. Instant approved Credit Limit
  3. Monthly interest rate of upto 2.5%
  4. Decisioning in Few minutes
  5. 4 things to apply with –
       a. Facebook ID
       b. Linked-In ID
       c. PAN number
       d. Last 3 months’ bank statements

     
For an illustration: Saili Bhide, 25 years old Software Developer, Rs.60,000 per month salary wants Rs.30,000 for 30 days.

She will have to repay Rs.31,355 after 30 days (Interest Rs.739 + Processing Fee including Stamp Duty Rs.600).

After 3 months she again wants to take a short loan for 10days for Rs. 30,000 this time, she will have to repay Rs.30,549 (Interest Rs.246 + Processing Fee of Rs.300).

The company plans to expand its reach to Bangalore, Hyderabad, Chennai and other cities in the next few months. The iOS version of this app will be soon launched in March.
 
App Store Link: http://bit.ly/erslr 
 
About EarlySalary

Headquartered in Pune, EarlySalary is a Fintech Start-Up that uses new age technology for lending funds. The company aims to deliver a revolutionary new business model which is set to change the lending market in India.

EarlySalary.com is an innovative lending platform that will change the way loans in India are taken. Being a new age online brand, we bring together new credit scoring systems for superior customer profiling; our mobile first strategy will help customers get loans within minutes. The online platform is backed by a strong leadership team that aims to build a new credit scoring platform that combines traditional credit scoring with new social and online scoring technology-linked risk assessment concepts.

EarlySalary.com is the first financial product from Social Worth Technologies which was founded in October 2015 and operates in Pune with a team of 30 young professionals who are working towards a solution to cater to your daily financial needs!

For more information please visit www.earlysalary.com
Like us on Facebook: fb.com/EarlySalary
Follow us on Twitter: twitter.com/early_salary

Photo Caption: App screenshot of EarlySalary Loan calculator

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