Hero FinCorp's SimplyCash, an instant personal loan app services, is all set to be available in more than 200 locations in the next two years.
The loan app, which now has two million installations, unveiled its services in 25 cities last month, thereby increasing the total count to 99 cities. Going forward, Hero FinCorp said it aims to have the app cover all major metros, tier-I and 2 locations across India.
“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,” said Prashant Chopra, national manager, Digital, Hero FinCorp.
"SimplyCash delivered during that time by offering a platform where people could loan approval in minutes," he said adding that the company hit a new milestone last month by launching its services in 25 more cities.
According to the firm’s internal data, 37% of its consumers availed instant loan for house improvements, 28% for medical emergencies and 12% for family functions and wedding expenses. SimplyCash, which was unveiled in early 2020, offers instant personal loan up to ₹1.50 lakh.
