Chennai: Building on its strong growth trajectory over the past two years, SimplyCash instant personal loan app, powered by Hero FinCorp, is eyeing an ambitious growth plan to expand to over 200 locations over the next two years. coming years. The lending app, which now has two million installs, has launched its services in 25 more cities, bringing the total number to 99 cities where the SimplyCash service is now available.
“Over the past two years, we have seen massive demand for digital lending platforms to take out personal loans. We started with just two cities, then the pandemic started and people started having trouble getting loans for medical emergencies, education, business survival, etc. from traditional financial institutions,” said Prashant Chopra, Country Director, Digital, Hero FinCorp. SimplyCash delivered during this time by providing a platform where people could approve a loan in minutes.
“They got the money when they needed it. Thanks to technology, we could lend to various groups of credit deserving people across India who did not have quick access to money. And that’s what we want to continue to do. We took another step 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 company’s internal data, 37% of its consumers took out an instant loan for home improvements, 28% for medical emergencies and 12% for family functions and wedding expenses, it said. he stated, according to a company statement here today.