Insights

22 October 2020

Since its inception five years ago, EarlySalary has enabled rapid, simplified credit access to millions of young working professionals. Be it assisting someone adjusting to a new town or helping them upgrade their skills. As Mr. Akshay Mehrotra, CEO and Co-Founder at EarlySalary puts it, “over the past 5 years, we have built one of the largest consumer lending FinTech Company of India and have disbursed over 1.7 Million loans, have built a fully automated & ML based decisions system which allow thousands of loans to be disbursed each day.”

The journey so far has been an exhilarating one. Acceptance by customers has been another challenge, but with time, we have been able to establish ourselves in the Indian credit ecosystem. We’d like to walk you through our fascinating journey.

Five Years of EarlySalary 

A primary goal at EarlySalary has been to provide an amazing borrowing experience for the salaried class. With offerings such as the SalaryCard and low-cost EMI options for shopping, the attempt has been to allow consumers to spend unrestricted, unhindered. Even when their credit scores may not permit traditional credit access. Simultaneously, importance also had to be placed on the convenience of the process. With a secure, entirely digital application procedure and 24*7 availability, the convenience of the customer while seeking instant loans has always been a top priority.

In these five years, the pillars of the business that have got EarlySalary where it is today include the following.

• Customer Partnerships – Over the years, EarlySalary has been part of some great partnerships. The employer tie-up program allows employers to partner with us and be part of the financial wellness program. We also provide loans for consumers to be able to spend on Amazon, Flipkart, or Makemytrip.
• Data – EarlySalary has kept its pace with the data revolution, and it’s this data that has helped to extend a seamless experience to the customers.
• A Stellar Tech Team – For a company providing a fully digital experience, technology has been the backbone of EarlySalary’s success. From the latest app updates to a secure payment process, technology will continue to remain a central aspect of this journey.
• Exciting Products – EarlySalary products include instant cash loan, SalaryCard, personal loan, free credit score, and salary advance. The aim is to continue working on the optimization of these products.
• Lending Partners– Our new and existing lenders have also played a crucial role in our success.

The Indian Credit Ecosystem Needs a Giant Leap

Despite our successes in the sector and the strides we’re proud of, getting access to short-term credit can often be extremely difficult for many in the country. A low credit score is often synonymous with rejected loan applications and the consequential, cascading effect on an individual’s life, such as the opportunity costs in upskilling oneself, or even difficulties in renting the right house. 

The loan process itself remains wedded to the past. While at EarlySalary we’ve been entirely digital for as long as we can remember, credit access in India should ideally be as simple as swiping a card, shouldn’t it? 

These challenges are compounded further during times of an economic crisis. Such a scenario necessitates the presence of trusted creditors that can provide easy access to short-term credit.

The global pandemic brought life to a halt, and overcoming it has been an independent challenge in itself. With Reboot 2020, EarlySalary has helped customers have a fresh start. And as local economies resume and open up, customers are once again returning to a credit system that’s quite frankly, in need of an overhaul.

And that’s exactly what we’re here to deliver as we enter our sixth year. In the words of Ashish Goyal, Co-Founder and CFO of EarlySalary, “ the saying goes – ’Never let the good crisis go to waste’ and we did exactly that. In the last 6 months during the pandemic & lockdown period, we had invested our time in building new customer relationships, new products, and new opportunities at EarlySalary.”

We’re Starting with #OneSmallStep – The EarlySalary Credit Suite

This month, we’re marking our five-year celebrations with a special campaign aptly titled #OneSmallStep. And on that note, we’re bringing you the EarlySalary Credit Suite. The Credit Suite represents our product array of free credit score checks, short-term loans, personal loans, SalaryCard, and the option to check out and pay later. Here’s a quick list of the features we’re packing in this giant leap:

• Short term, Instant loans with ₹8000 to ₹5 lakhs limit
• Long Term Personal Loans with the 12-months to 36-months EMI options
• Free credit score facility for a detailed snapshot of your credit financial position 
• All-new digital EarlySalary Card with customized credit solutions customized features
• Buy on EMI functionality so you can ‘Pay Later’ during checkouts.

And the best part about this is that the entire credit suite is only a tap away – no formalities and completely digital. All on your smartphone!

While the EarlySalary Credit Suite is only a small step amongst many others that we have taken over these five years, it reflects a big leap for the Indian credit ecosystem as a lifestyle finance tool. With it, customers will be able to manage their life’s experiences with the utmost convenience. 

Thank you, India!

Over the years, massive efforts have gone into making this journey possible. All the lines of code written, every customer helped out, and every new product launched, has led us to where we are now. For the people who never hold back from their aspirations, who love going places, and who want to fulfill their ambitions by upskilling themselves, EarlySalary has been a blessing. We shall continue to improve, innovate, and remain committed to excellence.

Feel free to get in touch with us for any questions on credit, loans, and your instant cash needs! We’re listening all day on:
– Our Facebook Page
– Our Twitter Page
– Our Instagram Page
– Our LinkedIn Page
Download the EarlySalary app here, or simply log in to our website and be a part of the #OneSmallStep experience.