The Major Products Offered by The Early Salary Are:: Unsecured Loans Are Surging in Popularity and May Other Topics

EarlySalary is India’s largest consumer lending mobile application.
They provide easy and

convenient short-term loans as per the requirement of the users. EarlySalary provides loans
from 8000 up to 2 lakh rupees for up to 12 months at a rate of 2.5% per month, the line of credit
ranges from 50 days to 2 years. The application has a credit scoring system for customer
profiling. The user has to fulfill their eligibility norms to avail the facility. They need to have a
valid identity proof such as PAN card, Driver’s License, Aadhar Card, Passport or Voter ID Card
(any one of them) to take a loan. They also provide multiple loans and non-chargeable early
payment of loan features. The application has more than 8 million downloads till today and over
500,000 loans worth Rs. 850 crores have been disbursed. Early Salary also works as wellness
partners for more than 350+ companies.
EarlySalary has a Blog page on their website which post articles to guide and educates people
with latest financial trends and what’s going around the financial sector or how unsecured loans
are surging in popularity and may other topics. Common problem of many people how impulsive
shopping is hurting their budget. The language and terms used there in the blog is easily
understandable and you don’t need in depth financial knowledge to understand what they are
saying. It is a good read to develop interest in finance for a beginner and acquire financial
knowledge.
The company currently operates only in tire-1 cities and there nearby areas in India. Such as
Delhi NCR, Mumbai, Pune, Hyderabad, Chennai, Bangalore, Kolkata etc.
The main competitor of EarlySarly are ZestMoney, Lendr which are based here in Indian and
Broadway Technology, ForUsAll these two are US based companies. So EarlySalary has both
domestic and global competitors. The Fintech companies are emerging very rapidly now a days.
To be in business the companies need to be dynamic with time and have a connect with their
customers beyond a certain level. This problem was seen during the recent Covid 19 pandemic
when the company posted that they are temporary not lending any loans due to Covid situation.
The customers were not happy with this decision of the company, this was the time when they
required financial help. Reading about their comments one can figure out that their customer
loose the trust that they have developed.
The major products offered by the Early Salary are:

1. Instant Cash
2. Shopping Loan
3. Travel Loan
4. Education Loan
Instant Cash: In case of emergency getting loans can be very difficult and time consuming.
EasySalary saw an opportunity to cater to this problem. Generally, young people don’t have
someone, form whom they can lend money as their peer group also have the same financial
condition. The bank loan would take plenty of paper works and time. This product solves the
instant cash requirement of the people in no time.
Shopping Loan: EasySalary provide no-cost or low-cost EMI loans for shopping in
collaboration with online shopping platforms Flipkart and Amazon. This kind of loan makes it
easy for users to make an instant purchase without restrictions and pay it back in easy no-cost
or low-cost 3-6 EMIs.
Travel Loan: The travel loan gives users the opportunity to travel now and pay back the amount
later in no-cost or 3-6 low-cost EMIs. The company has a tie up with MakeMyTrip to provide gift
vouchers for flight and hotel bookings.
Education Loan:
The User Base

EarlySalary caters to salary professionals above 21 years of age (young working professional)
with a monthly salary of at least Rs.18,000. The company claims 24 to 30-year age groups are
their largest user base. Among their user base, around 55% of the borrowers work for the top
200 corporates in the country.
What kind of problem does the product solve?

EarlySaraly’s core target group is young working professionals and they cater to their needs
which are mainly cash crunch at the end of the month. The solution to this problem is provided
by their Instant Cash product. The company saw increasing demand for travel and shopping in
this age group and they partnered with big giants in the online market such as MakeMyTrip,
Amazon, and Flipkart and introduced Shopping and Travelling loans.
The platform plays the role of a friend to these working professionals from whom they borrow
money as per their needs. It provides a sense of security and a helping hand to fulfill the desires
of young people.
What kind of financial knowledge is required to understand

the product?
 Loan and its terms.
 Understanding Interest rates.
 EMI
 Credit Score.
 Budgeting- So that they will be able to cope up with the monthly payment and don’t get
into the debt trap.
 One should have basic knowledge about Net Banking.
Training Course:
For School Students
 Budgeting
 Prioritizing
 Saving
For College Students

 Financial Planning
 Debt management
 Credit counseling
References:
https://www.earlysalary.com/
https://www.earlysalary.com/FAQ
https://www.earlysalary.com/blogs/factors-that-affect-your-personal-loan-interest-rate
https://www.google.com/amp/s/www.outlookindia.com/newsscroll/amp/earlysalary-launches-a-
new-tool-to-check-your-financial-wellness/1682139
https://www.earlysalary.com/blogs/debt-traps-in-2019-how-to-avoid-them
https://www.earlysalary.com/blogs/powering-financial-wellness-for-corporate-india-earlysalary-
employer-tie-ups

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EarlySalary is India’s largest consumer lending mobile application.

They provide easy and

The major products offered by the Early Salary are:

The User Base

What kind of problem does the product solve?

What kind of financial knowledge is required to understand

For College Students

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