EarlySalary Fintech

Gone are the days when lending used to be a month-long monotonous process. New-age digital lenders like EarlySalary are banking on Artificial Intelligence and Machine Learning (AI/ML) based processes for instant and paperless approvals. With its AI enabled tech backbone, EarlySalary makes loan approvals easy and quick along with reducing operational costs.

Intelligence, be it human or artificial, is a core enabler in developing revolutionary products and services across multiple industries. Almost all CIOs and tech evangelists will now accept that Artificial Intelligence (AI) is creating the single biggest revolution the world has seen. AI is now transforming financial service companies to completely redefine how they work, how they create innovative product and services, and in the process, transforming end-to-end customer experience altogether.

We all must have been in a scenario when we have an urge to spend/invest on something but later realise that we are super low on cash. The concept behind EarlySalary is based on the urge to solve the problem of low bank balance during month ends. EarlySalary has become India’s largest fintech lender that helps give young professionals an easy line of credit and instant cash loans. Application of EarlySalary includes Salary Advances for salaried individuals, Cash Loans, and Pay-Later option for e-commerce transactions.

The true reason behind this patronage is AI/ML enabled loan disbursal process which analyses the creditworthiness of an individual within minutes. EarlySalary has developed the in-house algorithm which goes beyond Credit Bureau Scores and calculates Social Worth Score to understand the customer better. The Social Worth Score is generated by combining social media data with the user profile and credit scores. Users have to download the EarlySalary app and then share data like social media login details, PAN Card number, and bank statement. Most importantly, the data you share is fully secure with the sole purpose of getting a loan approval. After getting the necessary clearance, the amount which is approved will reflect in your bank account within minutes.

The choice of Millennials and Gen Z

Instant’ is the new buzzword. Tech-savvy youngsters are more inclined towards digital lending platforms. Paperless simple processes, instant lending, low interest rates and enhanced customer experience are some of the prime reasons on choosing digital lending platforms over outdated credit cards. Lending via digital platforms was almost zero until four years ago, but today online loans comprise about 15-20 per cent of the total personal loan market and it is likely to grow at 50-60 percent in next 3-4 years, says a KPMG report.

Digital lending platforms like EarlySalary are changing the way people travel, shop, eat and give gifts. Their app is available on both Google Play and the iOS store and has achieved over 7 million downloads. A new EarlySalary 2.0 version was launched which has made loan application process even simpler and faster. Similarly, a chatbot named Earl will help users with KYC processes and support. EarlySalary’s self-serve app also allows users to request for limit increase, pre-pay, review loan performance and other ancillary functions. The app charges Rs.9 per Rs.10,000 per day towards interest; thus for Rs.20,000 borrowed for 10days only Rs.180 is charged towards interest.

24 to 30 year olds are the largest user base of this digital only platform. Interestingly, 13% of Early Salary users are below the age of 24. Our Gen X and Gen Z customers believe in the instant loan facility of the EarlySalary app and most spends are on electronics, fashion, pubs or on a backpacking trip. – Akshay Mehrotra, CEO and Co-Founder, EarlySalary.

Most of us have the urge to upgrade flagship phones in every 3 years. And, the yearly change of wardrobe is a must-have. No need to pay at once as EarlySalary offers interest free EMIs to buy products from online retailers like Amazon, Flipkart and Big Bazaar.

EarlySalary is a brand name of Social Worth Technologies Pvt Ltd. Established in 2016 by Akshay Mehrotra and Ashish Goyal, EarlySalary was India’s first fintech start-up to offer salary advances and largest instant cash loans player. So far, EarlySalary has provided over INR 550 crores in financial assistance to over 1,35,000 unique customers and disbursed cumulatively 3,50,000 loans to the young user base. EarlySalary was awarded ET BFSI Innovation Award 2018 in the start-up category.

– Chaitanya Kulkarni.

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