Chennai /22 March 2022: Buoyed by its strong growth trajectory in the last two years, instant personal loan app SimplyCash, powered by Hero FinCorp, is eyeing an ambitious growth plan of expanding to over 200 locations in the next two years. The loan app, which now has 2 million installs, has launched its services in 25 more cities – increasing the total count to 99 cities where SimplyCash service is now available.
“In the last two years, we have seen a massive demand for digital lending platforms for taking personal loans. We started with only two cities and then the pandemic started and people began struggling to get loans for medical emergencies, education, businesses survival etc from traditional financial lending institutions. SimplyCash delivered during that time by offering a platform where people could loan approval in minutes. They got the money when they needed it. Because of technology, we could lend to various clusters of credit-deserving people across India, who did not have quick access to money. And that is what we want to continue doing. We hit a new milestone last month by launching our service in 25 more cities. In the next 2 years, we want to be present in all major Metro, Tier 1 and 2 locations across India,” says Prashant Chopra, National Manager, Digital, Hero FinCorp.
According to the firm’s internal data, 37% of its consumers took out an instant loan for house improvements, 28% for medical emergencies and 12% for family functions & wedding expenses.
According to Chopra, the increase in popularity of SimplyCash was also because of the ease with which it helped consumers get loans. “Consumers simply prefer the ease with which they could get a loan through our mobile app than going to a bank, meeting officials, waiting for hours, doing so much paperwork. It’s just more convenient.”
Top reasons for SimplyCash’s continued growth
The following are a few factors that have pushed forth SimplyCash’s strong growth trajectory.
– Customers’ Trust
SimplyCash’s growth is driven by customer trust and satisfaction. The platform has managed to disburse loans to the tune of hundreds of crores in a very short span. The easy of accessibility of funds during difficult times has helped this platform retain its existing consumers while also connecting to new ones.
– Trust of Hero FinCorp
According to an internal survey conducted by SimplyCash last year, 51% of customers preferred taking a loan from SimplyCash because it was a part of the Hero Group, a group that is largely trusted by Indians. It currently has over 2 million customers onboard.
– Simplified Lending Process
SimplyCash’s user-friendly platform is the reason why 57% of its customers transact with them. The entire financing process is fairly simple, whether it is for applying for a loan or for paying EMI. The interface of the mobile app have designed in a way that it is extremely simple to apply for a loan even for a first-time user.
– Quick Disbursement
Personal loans are mostly taken to meet emergency fund requirements. That is why the SimplyCash platform deploys AI, ML, and ACD models to determine in only 20 seconds, whether or not an applicant qualifies for a loan. SimplyCash attributes this aspect as a foundation for its growth because 62% of its existing customers prefer this platform for its speedy disbursement feature.
Outlook for the next two years
SimplyCash is aggressive about reaching its targets of 200 cities in the next 2 years, backed by rising demand for personal loans. With a larger footprint across India, SimplyCash believes it can assist more people in getting the financial help they need, as the economy comes out of a pandemic.
