Hero FinCorp’s SimplyCash, an instant personal loan app service, plans to be available in more than 200 locations over the next two years.
The credit app, which now has two million installs, rolled out its services in 25 cities last month, bringing the total to 99 cities. Going forward, Hero FinCorp said it aims for the app to cover all major metro, Tier I and 2 locations across India.
“Over the past two years, we have seen massive demand for digital lending platforms for personal borrowing. We started with just two cities, and then the pandemic started, and people started getting credit from traditional financial institutions for medical emergencies, education, business, survival, etc.,” said Prashant Chopra, National Manager, Digital, Hero FinCorp.
“SimplyCash has delivered during this time by offering a platform where people could approve loans in minutes,” he said, adding that the company reached a new milestone last month by turning its services into 25 years old introduced to other cities.
According to the company’s internal data, 37% of its consumers used instant loans for home renovations, 28% for medical emergencies, and 12% for family reunions and wedding expenses. SimplyCash, launched in early 2020, offers an instant personal loan of up to 1.50 lakh.
