The IDC report stated a very interesting possibility of digital payments overtaking cash by 2022 in India. All of us are well aware of the fact that the young Indian population is tech-savvy and is ready to embrace fintech like never before. The fintech scene has witnessed a digital and consumer revolution in post-pandemic India as well.
Touted to be of worth USD 31 billion this year, the Indian fintech sector’s phenomenal growth has brought quite a few challenges in its wake:
- Firstly, about 20% of the citizens in India are still unbanked.
- Secondly, the earlier fintech developments had been more technology-driven rather than bringing in some kind of financial innovation.
As such, consumers were lost in the complex net banking and other such solutions that were more of a hassle than a reprieve. There was a dire need for a financial product that simplified processes via tech and AI. During the lockdown period of 6 months, The adage of ‘Never let the good crisis go to waste’ became the mantra of the team at EarlySalary to focus their attention on a single solution serving most of the financial needs of its customers.
Let’s look at what it takes to build a revolutionary financial product for everyone at EarlySalary.
EarlySalary’s journey and the launch of EarlySalary Suite
Since its inception 5 years ago, EarlySalary has made its mission to financially include the underserved and unbanked via its intuitive and user-friendly financial services. It is one of the leading fintech companies in India with 1.7 million loans disbursed to date. EarlySalary understands the nerve of salaried employees and their pain points.
Traditional financial institutions have since long drastically failed to meet the short-term credit requirements of the salaried class. EarlySalary, through its tailored products such as instant loans and salary advances, has helped millions of people to bridge temporary pay gaps, finance travel, education, marriage, and other such needs and help them shop with ease.
The team at EarlySalary monitored their customers’ financial habits and meticulously researched the markets, products and opportunities to design products according to the expectations and choices of their customers post the pandemic.
From a single product, EarlySalary has risen beyond expectations to provide a comprehensive and multidimensional credit solution portfolio for digital-first Indian consumers ‘EarlySalary Credit Suite’.
EarlySalary Credit Suite
Finding a product that solves all your financial worries in a single frame could be called a farfetched idea before EarlySalary introduced its Credit Suite. Not now, though. Akshay Mehrotra, cofounder and CEO of EarlySalary says, “As we evolve and mature as a company, we realised the need to cater to a varied set of consumer needs ranging from a short term loan to a long term personal loan, from enabling credit to providing a Buy on EMI option, we decided to build a comprehensive credit portfolio which allows us to serve to all our consumer needs for a longer period.”
The Credit Suite offers its users financial freedom to the highest degree – providing instant sound solutions to their emergency needs and helping them upgrade their lifestyle. EarlySalary Credit Suite is designed to provide a one-stop credit solution to serve all the possible credit requirements of a salaried individual.
Highlights of the Credit Suite
EarlySalary is a lifestyle financial tool that enables users to manage life’s experiences whenever and wherever they desire. It requires no formalities, no physical outdoor exposure and is available as a credit solution on the smartphone. The Suite is an all-in-one solution providing a portfolio of services including:
- Short-Term Credit Loan: Short term or instant cash loans are available to the users from INR 5,000 to 5,00,000 with a tenure of up to 24 months at interest rates as low as INR 9/day.
- Personal Loans: These loans are disbursed within minutes to help customers fulfil their small financial needs of up to INR 2,00,000. The loan can be paid back in equated monthly instalments.
- SalaryCard: The Salary Card is acceptable across India for both online and offline transactions. The customers can avail EMI options on each of the purchase they make using this card. They also get category-based dynamic limits and control via EarlySalary App. There are no annual or renewal fees involved.
- Free Credit Score: Users can also view their credit score and improve it accordingly.
- Buy on EMIs: The Suite provides the option of buying on EMIs. The monthly EMIs can be easily calculated using the EMI calculator available on the app itself.
Why would you consider the Suite a revolutionary financial product?
The EarlySalary Credit Suite is the result of sustained efforts and persevered monitoring of customers preferences and their changing needs, especially during and post the pandemic. It could be said that the Suite is the first in the industry that works to solve real-time financial issues of the masses with minimal time and effort required of them at their convenience. It upholds the 5 pillars of service that we at EarlySalary aim for:
- Product: The Credit Suite empowers the salaried class giving them the liberty to decide the whenever and wherever of their finances. The product wraps numerous innovative features. Just like a smartphone, it will relieve the customers from the need to rush, browse and search for solutions at multiple places or via multiple apps.
- Technology: EarlySalary leverages new-age technologies in the areas of data processing, AI/ML, and analytics for real-time analysis ad decision making. It also provides automated approvals on loans and product offerings according to customers’ needs.
- Data: The App uses Artificial intelligence (AI) and Machine learning (ML) to peruse the customer data collected over the app and provide a seamless customer experience with best-customized credit solutions.
- Debt: The platform receives over 75,000 applications in a month, and it has disbursed 1.7 million loans to date helping the salaried professionals to sort their finances in the fastest and easiest way.
- Partnerships: EarlySalary has 500 plus tie-ups with travel brands like MakeMyTrip.com, Shopping mammoths like Amazon, Flipkart and many other educational institutions.
The Credit Suite is all about financial independence and assistance all concentrated in a single comprehensive solution. It intends to open a host of possibilities for the users to avail and utilise in building their financial standing in the long-term. The Suite has all got it sorted for users to spend their way to success and happiness!