, a Fintech startup has announced the launch of its operations in Visakhapatnam, Mysuru, and Vijaywada after a successful series of launches in Pune, Bangalore, Chennai, Mumbai, Hyderabad, Delhi NCR, Jaipur and Ahmedabad. This multi-city launch will create a distinguished presence of EarlySalary across 11 major cities in India. EarlySalary aims to support young professionals overcome their month-end financial needs. The company provides instant loans from as low as INR 8,000 up to INR 1,00,000/- for up to 30 days.
The app has received almost one million downloads already across Android & iOS mobile app platforms and has disbursed 42,000 loans to customers till date worth INR 60Cr. Visakhapatnam, Mysore & Vijaywada have seen an increase in the number of internet and smartphone users over the past few years. The company’s management decided to launch in these 3 cities, owing to an overwhelming response of 8000 loan requests in the last quarter.
EarlySalary is a Salary Advance option which allows an individual to get an instant credit limit against his/her monthly salary, which is available at any time of the day or night. Just by tapping the phone you can get salary advance credited to bank account instantly. Keeping a credit line is free for the customer. EarlySalary charges a nominal cost of INR 9 per INR 10, 000 towards interest. The interest percentage is nearly half of a credit card.
Commenting on the launch, Akshay Mehrotra, Co-founder & CEO of EarlySalary, said
“We have seen a surge in demand from new employment hubs and IT cities across the country and hence, we are working towards providing a 10-minute loan service across these markets. Our current round of funding has improved our ability to help many more customers get access to instant loans and salary advances. We are working towards building a customer base of nearly 100,000 customers over the next year. As we approach the festive season, we are witnessing a very high demand for our offerings across the country and we are totally geared up to fulfill this increase in demand.”
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