India’s largest consumer lending platform for young professionals – EarlySalary has disbursed 2.5 million loans worth Rs. 5,000 crores since its inception. The company was launched in 2015 and has grown 300% since last year.
The segment of young professionals is one of the fastest-growing segments in the economy. With less than 5% of the market captured by traditional lends, it is safe to say that this segment is grossly under-served. EarlySalary identified this gap and is focused on creating a line of financial products that cater to all credit needs of this segment.
They offer loan options with minimal paperwork and instant approval. EarlySalary is committed to providing a seamless customer experience at affordable costs. By leveraging new-age technologies such as a proprietary ML algorithm and real-time analysis for decision making – it offers loans to its customers in seconds. The company has been successfully able to acquire and manage loans even new to credit customers. This is something that most traditional lending institutions haven’t been able to do.
The company had launched EarlySalary Credit Suite to create a comprehensive credit solution that helps its aspirational customers meet all their financial needs easily and help upgrade their lifestyle. The product offerings include convenient Instant loans & Salary Advances, Instant Personal loans of up to 3 years, a free credit score check, a SalaryCard for credit payments and a ‘Buy Now Pay Later’ feature across thousands of merchants.
EarlySalary 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. Today, the company boasts of the highest-rated lending app in the country, the highest retention rate, and customer retention enhancing customer life every day. Today, the company disbursed nearly 1 lakh lending transactions a month and is confidently emerging as a market leader in financial solutions for aspirational young working Indians.
Speaking on the occasion, Akshay Mehrotra, Co-Founder and CEO of EarlySalary said, “The Rs. 5,000-crore loan disbursement milestone is a testament to our remarkable resilience as an organization that has made digital credit possible which has consistently helped millions of young individuals. EarlySalary has evolved and matured as a company. The products developed are customer-centric, which has helped in anticipating the customer’ needs and delighting them with better services.”
To this, Ashish Goyal, Co-Founder and CFO of EarlySalary added, “We have been able to double our AUM every quarter and are profitable in doing so. We have managed to capture the fast-growing young professional segment that’s new to credit successfully through our new-age tech. Almost 90% of our loans were auto-decisioned, meaning customers get their loan in seconds.”