INE01YL07458 | 11.10% | EARLYSALARY SERVICES PRIVATE LIMITED

11.10%

YTM

₹99,921.73

Minimum investment

Monthly

Payout

09 Aug 2028

Maturity

10.50%

Coupon Rate

₹1,00,000

Face Value

Currently subscribed5 Units available

0% Sold

11.10% / +60 bpsYTM vs coupon

yield above stated coupon

99.8642 / 99.9217Clean / dirty price

Excluding / including accrued interest

About the Issuer

EarlySalary Services Private Limited is an RBI-registered NBFC-SI Middle Layer company engaged in unsecured consumer loans for salaried individuals through the Fibe app. It is a wholly owned subsidiary of Social Worth Technologies Private Limited.

Debenture trustee: Vardhaman Trusteeship Private Limited
Issuance date: 29 May 2026

Why this bond?

CARE A-/Stable rating supports credit view.
10.50% fixed monthly coupon to Aug-2028.
1.10x cover over identified loan receivables.
Corporate guarantee from Social Worth.

Monthly Interest PayoutPrincipal Paid Across Schedule

₹99,921.73Principal Invested

₹19,689.88Interest earned

₹1,19,689.88Final Payout

Interest Payout Schedule

Interest payout schedule for selected units, with payout date, interest amount, and principal amount.
Payout Date	Interest (₹)	Principal (₹)
09 Sep 2026	₹891.78	--
09 Oct 2026	₹863.01	--
09 Nov 2026	₹891.78	--
09 Dec 2026	₹863.01	--
09 Jan 2027	₹891.78	--
09 Feb 2027	₹891.78	--
09 Mar 2027	₹805.48	--
09 Apr 2027	₹891.78	--

Key Strengths

Capital Support

CARE cites regular capital infusions from SWTPL and a healthy capital buffer.

AUM Scale

AUM rose to Rs. 5,584 Cr as of 30/06/2025 in CARE's rationale.

Digital Model

Fibe's automated underwriting supports scalable origination and monitoring.

Pan-India Reach

CARE says loans were sanctioned across more than 30 states and UTs.

Liquidity Profile

CARE notes positive cumulative ALM mismatches across all buckets.

Key Risks

Unsecured Exposure

KID shows 99.31% unsecured AUM, exposing investors to consumer credit risk.

Write-Off Pressure

CARE flags elevated write-offs and evolving unsecured personal-loan products.

Regulatory Risk

Digital lending regulation remains evolving and can affect fintech operating models.

Moderate Vintage

CARE notes the operating track record is moderate across cycles and geographies.

Funding Mix

CARE says further liability diversification is critical to future growth.

CARE A-/StableAdequate liquidityDigital NBFCUnsecured portfolio

A-/ Stable21 May 2026

Rating rationale summary

CareEdge rates ESPL CARE A-/Stable, supported by capital infusion, AUM growth, digital underwriting and adequate liquidity, offset by unsecured-loan asset-quality risk.

Summary points

Capital support from SWTPL.
AUM grew to Rs. 5,584 Cr.
Digital-first underwriting model.
Unsecured loan risk monitored.

Rating history timeline

20 Oct 2023

Rating history shows earlier CARE BBB+/Stable.

04 Nov 2025

CARE press release assigned/reaffirmed CARE A-/Stable.

21 May 2026

CARE rating letter reaffirmed NCD limits at CARE A-/Stable.

Implications for investors

The Stable outlook reflects expectation of healthy business and financial parameters, plus continued operational and technology support from SWTPL.
The issue benefits from 1.10x receivables cover and a corporate guarantee, but the portfolio is predominantly unsecured consumer lending.
A rating downgrade to BBB triggers a 0.50% coupon step-up, with further 0.50% increases for each subsequent notch downgrade.

Rating Drivers

SWTPL infusion supports capital

AUM reached Rs. 5,584 Cr

Automated underwriting

GNPA and write-offs monitored

Digital lending rules evolve

How this issuer compares to peers

Benchmark yield, balance-sheet strength, and risk indicators against similar issuers to make the credit case easier to validate.

Where it stands out

Digital consumer-loan NBFC with parent support and growing AUM

Digital NBFC Consumer lending CARE A- NCD Secured NCDCARE highlights Rs. 5,584 Cr AUM, 9 lakh borrowers, parent support and adequate liquidity.

Invest

Units

Trade & Settlement

Settlement date

11 Aug 2026

Orders placed after 4 PM will be executed on the next business day. Weekends and exchange holidays are skipped.

Totals (For Selected Units)

Price per Unit

₹99,921.73

Investment amount

₹99,921.73

Total Interest

₹19,689.88

Total Receivable

₹1,19,689.88

Regulatory Assurance Panel

Blogs

Stay informed with the latest articles, news, and resources across finance, fixed income and investing.

EARLYSALARY SERVICES PRIVATE LIMITED