, launched its operations in Jaipur, the seventh market after successful series of launches in Pune, Bangalore, Chennai, Mumbai, Hyderabad and Delhi NCR. EarlySalary aims to support young professionals overcome their month-end financial needs. The company provides instant loans from as low as Rs. 8,000 up to Rs. 1,00,000/- for up to 30 days. The app has received half a million downloads in short span of time across Android & iOS mobile app platforms and has disbursed 25,000 loans to customers till date.
EarlySalary sees a huge potential in the Jaipur market, where a good number of promising companies have opened up offices in the past few years. This has attracted young professionals who have settled here in corporate careers and need a helping hand at the end of the month. Over the last one month, the company has received more than one thousand loan requests from Jaipur alone, which led to the management’s decision to launch in the city. In May 2017, EarlySalary had announced its Series – A funding of $4Million from IDG Ventures and DHFL.
EarlySalary is a Salary Advance option which allows an individual to get an instant credit limit against his monthly salary, which is available to him at anytime of the day or night. All he has to do is tap his phone to get his salary advance credited to his Bank account instantly. Keeping a credit line is free for the customer. Only on disbursal, EarlySalary charges a nominal cost which works out to Rs.9 per Rs.10,000 towards interest. The interest percentage is nearly half of a credit card. Today, EarlySalary is India’s 1st Salary Advance and instant cash mobile app and has already helped thousands of customers borrow without asking anyone or telling why he is taking an advance. EarlySalary’s unique social media based underwriting system and machine learning platform allows even a person who is New to Credit (NTC) or Customer without Credit Bureau scores to borrow. Today for nearly 35% of customers, EarlySalary is their 1st line of credit.
Commenting on the launch, Akshay Mehrotra, Co-founder & CEO of EarlySalary, said “Jaipur is fast becoming a booming information technology corridor and an emerging new hub for job seekers. There is a demand for lifestyle oriented products & to fulfil the lifestyle needs there’s a need for a service like EarlySalary. And with this launch, we are happy to bring our innovative offering to young professionals of Pink City who would be needing a helping hand. Technology savvy people from Jaipur are our key customers and we are very enthusiastic and hopeful for positive response here”.
Elated about EarlySalary’s launch in Jaipur, Dr.Ashok Agarwal, Transcorp International Limited and IIHMR, said “We are happy to be associated with EarlySalary which aims to deliver a revolutionary new business model that is set to change the lending market in India. EarlySalary has always connected well with customers. With its launch in Jaipur, we are confident that the company definitely will make a difference in young working professional in the city’’. Dr.Agarwal is the Seed Investor to EarlySalary and has invested $1.5 Million in the start-up.