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
MITCON Credentia Trusteeship Services Limited
Issuance date
13 Oct 2026
Key terms
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.
Returns & Cashflow
Units
1
Monthly Interest PayoutPrincipal Paid Across Schedule
₹1,00,442.44Principal Invested
₹20,291.64Interest earned
₹1,20,291.64Final Payout
Interest Payout Schedule
Interest payout schedule for selected units, with payout date, interest amount, and principal amount.
Payout Date
Interest (₹)
Principal (₹)
02 Nov 2026
₹546.58
--
02 Dec 2026
₹863.01
--
02 Jan 2027
₹891.78
--
02 Feb 2027
₹891.78
--
02 Mar 2027
₹803.28
--
02 Apr 2027
₹889.34
--
02 May 2027
₹863.01
--
02 Jun 2027
₹891.78
--
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₹4,535.48 CrAUM
₹5,584 CrCARE AUM
0.69%Secured AUM
99.31%Unsecured AUM
4173.04 CrTotal Assets
22.92%Tier I CAR
1.25%Tier II CAR
₹98.98 CrPAT
₹1,110.48 CrNet worth
Financial Trend
YoY +11.7% ↑
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Issuer and structure highlights
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.
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.
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Summarised from the issuer's disclosures and the rating rationale. Read the full offer document and rating rationale before investing.
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
Capital Support
Supportive
SWTPL infusion supports capital
AUM Growth
Positive
AUM reached Rs. 5,584 Cr
Digital Model
Positive
Automated underwriting
Asset Quality
Monitored
GNPA and write-offs monitored
Regulatory Risk
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.
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Invest
Selected investment units: 1
Trade & Settlement
Settlement date
15 Oct 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
₹1,00,442.44
Investment amount
₹1,00,442.44
Total Interest
₹20,291.64
Total Receivable
₹1,20,291.64
Regulatory Assurance Panel
Credit Rating
Debenture Trustee
Key Information Document
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