The company provides instant loans from as low as Rs 8,000 up to Rs 1,00,000/- for up to 90 days
Salaried employees in the pink city, who find it difficult to meet the ends during the last week of the month due to shortage of money left in the bank account, can now avail of short term personal loans through a fintech mobile app - Early Salary.
The company provides instant loans from as low as Rs 8,000 up to Rs 1,00,000/- for up to 90 days. These loans are similar to salary/cash advances or credit card cash withdrawal.
The user needs to install the application ‘early salary’ on the smartphone then fill-in the essential details for registration. These details include basic details, Facebook login, PAN Card number, and a digital copy of the latest bank statement. The user can then apply for a credit after completing the digital Know Your Customer (KYC).
The machine algorithm set up by the startup then analyses the application within seconds, and the advance salary, if approved, gets credited to the user’s bank account within few minutes.
“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,” said, Akshay Mehrotra, co-founder and CEO of EarlySalary.
As far as the interest rate is concerned, the fintech startup charges Rs 9 per Rs 10,000 or 0.09 per cent per day. This works out to be about 2.5 per cent per month, which is equivalent to the average interest charged by banks for credit card usage.
The borrowing limit for the first time users is 50 per cent of his/her salary amount. However, from the second time onwards, he/she has the liberty to borrow amount worth 100 per cent of the monthly salary. Jaipur is the seventh market for Early Salary after successful series of launches in Pune, Bangalore, Chennai, Mumbai, Hyderabad, and Delhi NCR.
@2.5% per month
The company provides instant loans from as low as Rs 8,000 up to Rs 1,00,000/- for up to 90 days. The fintech startup charges R s9 per Rs 10,000 per day, which works out to be about 2.5 % per month equivalent to the average interest charged by banks for credit card usage.
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