PUNE: As many as 67 per cent of millennial in the age group of 26-35 years have taken loans for various reasons. Interestingly, the average salary of the borrowers was Rs 40,000. This was revealed by EarlySalary, India’s largest consumer lending app for salaried individuals.
Recently, EarlySalary achieved a key milestone of successfully disbursing one million loans amounting to over Rs 1,850 crore. 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.
“Completing 1 million salary advances was a major milestone for us, 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 was this gap that EarlySalary has been able to successfully mitigate for its consumers. 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,” said Akshay Mehrotra, Co-Founder and CEO of EarlySalary.
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 and Salary Advances in their customer base.
To celebrate this milestone, EarlySalary has launched a campaign where customers can do a virtual handshake with the app and get exciting rewards in return.
OBESERVATION OF RECIPIENTS
- The majority of customers (67%) were millennial in the age group 26-35 years.
- 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 crore.
- 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.
