EarlySalary Celebrating 6th Year Anniversary; Witnessed 6.1x Growth in Loan Disbursement

28 Feb 2022 , 04:05 PM

Business Wire India

Mr. Akshay Mehrotra, Co-Founder and CEO, EarlySalary

India’s highest-rated lending app – EarlySalary, witnessed a 6.1x growth in AUM since the Q1 of FY2021. EarlySalary has disbursed over Rs.5,400Cr since inception has now grown up to 426 employees.

EarlySalary offers products easy financing solutions to young middle-income aspiration Indians like cash loans, personal loans, Buy Now Pay Later schemes & Credit linked Cards with disbursals in just 10 minutes.

EarlySalary’s proprietary AI/ML credit risk analysis systems enable the company to effectively underwrite and manage a range of products small ticket-size loans to card products to offer right customized product offering to suit its customer segments and credit needs. What’s more, through this robust risk assessment system, EarlySalary has been able to offer a credit line even to new-to-credit customers – a segment that is underserved by other financial services providers. More than 90% of the loans disbursed by the company are auto-decisioned, enabling quicker loan disbursals.

Over the past year, the company also forayed into the affordability segment and introduced BNPL offerings to its customer segment. Within a short span of time, hundreds of partners merchants across sectors like EdTech, HealthTech, E-Commerce platforms and insurance companies have tied up with EarlySalary.

EarlySalary core focus on customer centricity has led to an industry-beating performance in customer rating and posed as one of the highest-rated lending apps in the country with the highest retention rate, and customer retention enhances customers’ lives every day. The company is confidently emerging as a market leader in financial solutions for aspirational young working Indians. It operates with a fully digitized and instant decision-making system that allows its customers to borrow funds in seconds. Its affordable interest rates, instant processing, flexible repayment options make it a preferred credit option for its customer.

Speaking on the occasion, Mr. Akshay Mehrotra, Co-Founder and CEO of EarlySalary, said, “We at EarlySalary, have successfully made digital credit possible and providing a seamless customer experience at affordable costs. EarlySalary aims to make credit access easier to India’s digitally-savvy young generation, which drives the major consumption of products and internet services. Over the past 6 years, we have built one of the largest consumer lending FinTech companies in India and have disbursed over 2.4 million loans. The company delivered customer-centric products, which fulfilled their needs and delighted them with better services.”
 
To this, Mr. Ashish Goyal, Co-Founder and CFO of EarlySalary added, “We have been able to exponentially grow our AUM and are profitable in doing so. Our product facilitates the changing demands of the consumers and significantly drives their confidence in digital transactions. We firmly believe that the services provided will facilitate the changing demands of the consumers and significantly drive their confidence in digitizing the monetary transactions.”
 
In this 6-year journey, EarlySalary has touched the lives of millions of people and has successfully helped a lot of first-time working professionals. As consumers’ aspirations are growing, EarlySalary hopes to cater to more and more consumers and become a lender of preference for every professional in India. Over the years, the brand has taken many steps to offer an enhanced credit experience to customers.

About EarlySalary
 
EarlySalary is one of India’s leading consumer lending apps focused on young working professionals. It is a financial ecosystem that enables the mid-income group to upgrade their lifestyle. It has launched a host of financial products short-term Instant Cash Loans, long-term Personal Loans, Buy Now Pay Later plans and the SalaryCard. It offers a 100% digital loan application process that takes just seconds to complete. The company has already disbursed nearly 2.4 million loans worth Rs. 5,400 crores.