Empwel is an employee financial wellness platform which provides interest free access to earned salary, personal loans and support in elevating financial literacy.
Feeling cash-strapped renders employees helpless and debilitates their ability to perform optimally at work. With Empwel on-demand pay solution, you can get instant access to your earned wages whenever you need it without having to wait till the end of the month – at zero interest cost and no processing fee.
Empwel also supports in providing financial literacy free of cost so you can make better monetary decisions on taxes, investment etc.
Why EmpWel?
• Real time access to earned salary at 0% interest cost and no processing fee.
• Completely paperless, fast, easy and flexible.
• Money credited in bank account in seconds
• 24/7 instant access to cash
• Helps in building credit score.
• Gain access to Financial literacy
• Cashback and rewards
To illustrate, your salary is credited in your account on the last working day of the month but you need liquid cash in the middle of the month for any purpose. Rather than resorting to high interest rates loans, you will now have the option see and withdraw the money that you have earned, or as it is called, Earned Salary Access
For example, An employee who earns INR 32,000 every month would be able to withdraw INR 16,000 (or the limit set by the employer) 15 days before their salary payment day.
On every transaction, there will be a nominal charge as technology usage charges which can be ranging from Rs. 5 to Rs. 100 excluding GST.
Without having to wait for payday, gain access to earned salary whenever you require - whether it is your mortgage payment, school fees or expenses for something else, with EmpWel never miss another payment or resort to high interest rates.
At Empwel, we are also committed to build a digital lending ecosystem that offers quick and hassle-free personal loans to salaried individuals at affordable interest rates without having to worry about physical verification, multiple calls, complicated & long processes followed by an even longer waiting period for approval.
Loan Range from Rs. 15000 to Rs. 2,00,000. Tenure: 90 days to 24 months. Processing fee: 2% to 4% or Rs 500. Empwel offers very competitive interest rates as per industry standards that range between 14%-24% per annum on reducing balance i.e. interest amount keeps on decreasing with payment of every EMI.
Example: If the amount of Rs. 25,000 is borrowed for 6 months at 16% interest rate per annum on reducing balance then EMI for each month will be Rs. 4365 for 6 months. Total repayment amount is Rs 26190 which is equivalent to loan granted at flat interest rate of 9.52% per annum.
We have partnered with the latest technology to provide a superior user experience while respecting your privacy to offer a seamless journey. Hence, we do not ask for access to your contact list, SMSs, location tracking, call history, spend data, etc.
How EmpWel Works:-
The journey is divided into 3 steps –
• Register with a few basic details such as Name; Email; mobile number.
• Log in to the App, complete your profile data and KYC. On real time, you will be notified about the approval status.
• Once your profile is approved, It will hardly take 2 minutes to apply for earned salary/loan and get the money instantly in your bank account without any further verification.
Key information required to complete profiling and KYC:
- Pan No.
- Aadhaar details
Eligibility criteria for accessing Empwel App:
- Employees of the partnered organisations/companies
- Must be an Indian Resident above 18 years of age.
- Must be a salaried individual
- Must have an active Indian Salaried Bank Account Security
Data Privacy and Security is our priority at Empwel. Our backend API’s comply with mandated security standards.
Customer support details:
Email: [email protected]
Phone: 8766348546