Consumer lending app, EarlySalary, has disbursed a million loans

14th November 2019
Consumer lending app, EarlySalary,  has disbursed a million loans
Akshay Mehrotra, (left) and Ashish Goyal, co-founders of EarlySalary

Pune, November 14  2019: EarlySalary, India’s largest consumer lending app for salaried individuals,  has achieved a key milestone of successfully disbursing 1 million loans amounting to over  Rs 1,850 crores (Rs 18.5 billion).
The app primarily provides young working professionals an easy line of credit, instant cash loans, interest-free EMIs and other long term loans in sectors such as education, travel, shopping, etc. Apart from working professionals, the company also acts as a financial wellness provider for blue-collar or entry-level workers and has over 400 corporates who have signed up for their Financial Wellness Offering & Salary Advances in their customer base.
Looking at the demographics of the recipients of the 1 million salary advance disbursals, it was observed that:

  • The majority of customers (67%) were millennials in the age group 26-35 years old.
  • They were mainly job beginners with a work experience of 0 - 2 years.
  • The average salary of borrowers was Rs 40,000 per month.
  • Monthly Loan Disbursal - Rs 130 Cr.
  • The highest demand was from the city of Bengaluru (27%), followed by Delhi & NCR region (21%), and Hyderabad (13%).
  • While EarlySalary does not ask its customers for their reasons to seek funds, it was observed that these spike during festivals and long weekends, which thereby imply that people want to shop for the latest gadgets, to travel, etc.

The app operates with a fully digitalized and instant decision-making system, which allows users to borrow in mere minutes rather than days. The company is focused on building a Deep Tech Machine Learning platform with data integration across multiple data sources, to help understand customer profiles better and faster to facilitate these loans. Apart from this, seamless customer onboarding, loan origination and management systems that can handle up to 250,000 monthly transactions have been built in-house.
Says Akshay Mehrotra, Co-Founder, and CEO of EarlySalary: “Completing 1 million salary advances is a major milestone for EarlySalary, as we continue to be the first line of credit for young Indians. These customers often experience a month-end cash crunch and due to lack of credit-score knowledge, they are unable to borrow money from the traditional credit facilities available. It is this gap that EarlySalary has been able to successfully mitigate for its consumers. This is further backed by hyper repeat and good retention rates of customers, and delinquency rates of less than 1%. This speaks volumes about the Machine Learning Scorecards and risk engines built by us while giving loans in seconds, and this is why the future looks bright for EarlySalary.”
Adds Ashish Goyal, Co-Founder and CFO: “At EarlySalary, upgrading lives through technology and customer experience has been at the core of every initiative we have undertaken. We are happy to have been of help to our customers a million times, who needed funds quickly and with ease, to either tide over an emergency or to fulfil their desire to upgrade their lifestyle. We thank our customers who have trusted us and believed in our product making a difference to their lives. We also take this opportunity to thank our partners and lenders for their support in this journey. We are on the path to fulfil our aspiration to become the first choice of credit for young aspiring India.”| was founded by Akshay Mehrotra and Ashish Goyal in 2015 and is India’s largest consumer lending application. The mobile-first lending application has provided financial assistance to over 250,000 unique customers through 1 million cumulative loans across 17 cities, which has made EarlySalary the first line of credit for young working Indians.