Comments
EarlySalary.com, a Pune-based startup, announced start of its operations in Chennai on Thursday.
The key factor for choosing Chennai was also the fact that it is the second IT hub of India, after Bangalore.
EarlySalary.com introduced India’s first Mobile App for Instant Cash, which offers bridge loans to help young salaried professionals to manage cash crunch during the month end.
Within the first two months of its operations, EarlySalary.com has tapped professionals in Pune and Bangalore and claims to have received a strong response of 55,000+ downloads.
“With the launch of EarlySalary.com in Chennai, we wanted to solve the problem of the younger population looking for short-term funds with an online solution. Technology savvy Chennaites will be our vital customers and we are very optimistic that EarlySalary.com will appeal to them,” said Akshay Mehrotra, Co-founder & CEO at EarlySalary.com
“There is a huge market in a tech city like Chennai where young salaried professionals who have just began their corporate journeys need a helping hand at the fag end of the month. EarlySalary.com aims at addressing this need with short-term personal loans from Rs 10,000 up to Rs.1,00,000 for tenure of 7 to 30 days. The app is currently available on Google Play Store for android smartphone users and will soon be available on iOS store,” the company said.
EarlySalary mobile app allows users to get instant cash into their bank account. The company uses new age technology along with a user’s Social Worth Score to approve and process loans. Social Worth Score combines credit bureau reports & social media details of the user and helps the company in decision-making. User can get instant fund transfer to his bank account and can use it as per their requirement, it added.
The average interest will be Rs 9 per day per Rs 10,000 and people can apply for a loan with four things -- Facebook ID, Linked-In ID, PAN number and bank log-in verification or statements.
The company is co-founded by Akshay Mehrotra, Ashish Goyal and Jay Jain. With over a decade of experience, the three bring to the table an expert combination of marketing, finance and technology.
Comments
COMMENT NOW
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.