“SalaryDost Would Like to Boost The Vision Of Digital India”

“SalaryDost Would Like to Boost The Vision Of Digital India”

Getting loan used to be a very difficult task, but now the scenario has changed and many fintech players have emerged rapidly to bridge this gap. In addition, during tough situations such as COVID-19 when people are in crisis, demand for small loans for small expenditures has seen a rise. One of the fintech players, SalaryDost is helping people through fast and easy loan disbursements. During an interaction with Rajeev Ranjan, Editor, Digital Terminal, Mr. Mrityunjay Shahi, Founder & CEO, SalaryDost spoke about the market ecosystem, challenges and growth opportunities. Read below excerpts:

Rajeev: Please brief about SalaryDost. What services do you provide to the customers? 

Mrityunjay Shahi: SalaryDost was started to revolutionize the small loan market of India. Till salary enters the customer’s account, Salarydost.com plans to provide a simple small bridge loan to tide over the short difficult time. The mobile app is the perfect program to help customers get loans in a blink of an eye. The online platform is supported by a large technology-savvy team that strives to develop a fast response system for their prospective customers. Salary Dost promotes open banking culture by, providing hassle-free lending options to the underserved customers. The process is simple, no paperwork, no-hassle, No waiting in the queue, Unsecured Loan just on Click. The Thane based start-up is supported by innovative credit scoring algorithm, customer profiling, digital discovery platform and touch less workflows with a strong vision of- loans - easy & fast. Salary Dost provides unsecured loans, ranging from INR 5,000 to INR 1,50,000/- with easy and affordable EMI options of 3 to 12 months through its mobile application. Company uses customer social data to fill up most of the application forms and sanction loans based on social score. The loans are given by our partner Banks/NBFCs registered with RBI. The procedure for the approval is simple, one needs to submit a Pan Card, Aadhar Card, & Bank statement for the loan approval. 

Rajeev: When and how did you think of this business idea? What sort of challenges did you face in establishing SalaryDost?

Mrityunjay Shahi: Dabbling with my ventures first in the personal financial advisory space and currently into the digital lending space, I wanted to eliminate the complications with SalaryDost which I identified while working in different finance sectors. In 2018, we started the company with a vision to serve the customers from all backgrounds. As the name suggests, SalaryDost is a call away friend, providing the customers lesser value personal loans to deal with mid-month or month-end financial crunches. The initial challenges include adapting the ecosystem, understanding the regulations of the Fintech sector, marketing the brand in front of right customers.       

Rajeev: Where do you see SalaryDost in the competitive Indian market? How does SalaryDost stand apart from its counterparts? 

Mrityunjay Shahi: At SalaryDost, our target is not only to serve the customers with a nimble personal loan but also to guide them financially & support them in the challenging times. We are considering all segments of the market including the underserved as well. The major USPs include, Loan approval within 30 minutes, services accessible by lower income groups ( 10-12 thousand per month), Early fraud detection algorithms using device demographic & other information, etc. We are growing 125% on a month-on-month basis. Many players are competing with us including Kreditbee, EarlySalary, etc but SalaryDost offers the agile and versatile services at comparatively lower interest rates. 

Rajeev: What is your total consumer base across India? How much loan do you often disburse quarterly? 

Mrityunjay Shahi: So far 1 Million plus app downloads, 10 thousand plus customers with 10 Crore plus of loan disbursement. Our daily app download is nearly 5K, 100K Monthly Active Users with 3.7M sessions. We are actively providing our services in 5000+ cities. 

Rajeev: What kind of opportunities do you see in the market? What are your further expansion plans for the Indian market for CY 2021? 

Mrityunjay Shahi: Fortunately, SalaryDost is growing at a dizzying speed and we feel humbled to be able to assist our patrons during one of the toughest times mankind has faced. As a start-up, we set our targets to beat. With nearly 70% of the Indian population living in rural and semi-urban areas. We are planning to penetrate tier II & III cities with features in our applications that will assist the users in their regional language. We are currently in the process to streamline the same. We have plans to touch upon countries like Brazil, Vietnam, Indonesia, etc. in the coming years. SalaryDost would like to boost the vision of digital India and make the best of it to upscale our brand. We are also planning to support small vendors with the help of digital lending. We are a part of Digital Bharat and would like to contribute to making lending easier for small vendors too. PM Modi’s lending scheme is already taking place and SalaryDost will soon roll it out. 

Our ultimate aim will always remain to penetrate the Indian and International market so that no one suffers to make ends meet. Our prime aim is to provide the best in class service to our customers which will lead to customer loyalty.

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