EarlySalary consumer loan platform exceeds 4,000 crore in disbursements

With strong demand for credit from salaried professionals, who were hardly affected by the second wave of the pandemic, the EarlySalary consumer loan platform has crossed 4,000 crore in disbursements and expects to be paid 5,000 crore by December of this year.

“EarlySalary has expanded its presence in 27 Level II and III regions to meet the region’s demand for credit solutions,” he said in a statement.

“Over the past six years, we have disbursed over 1.9 million loans and are expected to reach 2 million by September 2021,” said Akshay Mehrotra, co-founder and CEO of EarlySalary.

“No drop in demand”

In an interaction with Activity area, Mehrotra said there was no drop in demand during the second wave of the pandemic, and the company was also under no pressure in terms of delinquency.

“We paid around 130 crore in April, which was 165 crore in July and is expected to hit 180 crore in August,” he added.

He also expects his balance sheet to almost double to around 800 crore by December, from ₹ 475 crore now. It aims to bring the balance sheet to around 1,100 crore by March 2022.

The company is also betting big on the Buy Now Pay Later segment and expects it to reach around 35% of its business by March.

“A lot of the current growth is due to BNPL,” he said.

EarlySalary offers BNPL in three segments, including education, insurance and healthcare technology, and plans to launch consumer technology within a month, Mehrotra said.

The company also offers a digital card for payments and has launched the RuPay powered SalaryCard.

Source link

Previous Tight weave: East side artisans welcome new Fiddlesticks Knits wool boutique | Local News
Next Xiaomi India Delays Crypto Offers With Launch Of Lending Platform

No Comment

Leave a reply

Your email address will not be published. Required fields are marked *