Chennai , Mar 23: 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 two 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”, Prashant Chopra, National Manager, Digital, Hero FinCorp, said.
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”, he said.
“In the next 2 years, we want to be present in all major Metro, Tier 1 and 2 locations across India,” he added. 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 and wedding expenses, he said, according to a company release here today.
UNI
