FinTech Venture EarlySalary.com Forays into Delhi NCR to Answer Month End Woes
EarlySalary.com, a Fintech startup, announces its operations in Delhi NCR today. Early this month they also launched in Mumbai after success in Pune, Bengaluru, and Chennai. Over the past 5 months, the company was piloting its Mobile app based lending product and building Algorithm based underwriting & robo decisioning system which it has successfully implemented. Within five months of operations, the app has received 150000+ downloads across both Andriod & iOS mobile app platform.
Delhi NCR has an increasing number of young salaried professionals who will always require short term loans to fill month end expenses. These professionals do not have any credit since they started fresh. The unique social worth scoring coupled system with artificial intelligence has enabled faster underwriting with minimal human intervention. Thus enabling EarlySalary to open up new markets at a faster rate. Available for Android & iOS mobile phone, the start-up provides short-term personal loans ranging from Rs. 10,000 up to Rs. 1,00,000 for a tenure of 7 to 30 days.
Commenting on the launch, Akshay Mehrotra, Co-founder & CEO at EarlySalary.com, said “Delhi NCR is one of the fastest growing markets and houses many young working professionals. With the launch of EarlySalary.com in New Delhi, Gurugram & Noida, we aim to bring a quick solution to their instant cash requirement and help them sustain their lifestyle throughout the month. We are extremely proud of our new-age technology ‘Social Worth Score System’, that allow loan decisioning in 10 minutes. With this automated machine decisioning, we hope to do inorganic growth and double our loan volume every month for next quarter.”
The co-founders Akshay Mehrotra and Ashish Goyal, each one has over a decade of experience up their sleeve. They have an expert combination of marketing and finance.
FinTech companies like these will get enough funding to grow and their flexible schemes will attract many customers. The biggest questions that come up are
- What would their interest rate be if a payment is missed by their customers
- How would they recover money if the customer dodges the payment
- How will they protect themselves from being scammed by customers
Fintech startup Kadki is also in the same space, but paused their operations since they are out looking for funds.