Salary Advance Loan in India

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Salary Loans in India

There are many types of loans available in India. Advance Salary Loan online is one of the notable loan types that play an essential role when individuals need urgent money. Salaried professionals in India can boast of the advantages of taking such a loan on salary from any financial institution. Loan based on salary comes with an interest rate which is calculated on a monthly basis or even daily basis. However, the calculation of interest rates varies from lender to lender. The most eye-catching advantage of taking a loan against salary is the flexibility to access these loans. Individuals who tend to have an average credit score can get to choose this loan type from a financing company in India. It only takes a few hours, if not minutes, to disburse these loans to a salaried individual. The fast processing time and high-risk nature set a high annual percentage rate (APR) for this type of loan.

Though the lenders can make a good amount of profit as per the repayment terms, it is still a life-savior for individuals who fall victim to dire situations. When there is no option left in your hand, you can head over to a financial institution and get an advance salary loan to cope with your emergency.

How do Advance Salary Loans work?

As long as you have the option of taking a salary advance loan in India, you do not need to swipe your credit card. These loans can help you with credit or salary up to 2.5 times of your net salary. These loans come with a short tenure of 3-12 months. You get to repay the money in monthly installments. Some companies even accept daily payments for this type of loan. Technology has been a lot advanced these days, and you can quickly get access to these loans on the internet. Besides, the disbursals are quick with minimum paperwork.

How to Apply for Advance Salary Loans

Applying for an advance salary loan is quite simple and straightforward. Most companies in India tend to have a similar system when it comes to this loan type. The steps to follow to apply for an advance salary loan are mentioned below:

  • Step 1: Head over to any financial institution on the internet and go to any nearest branch to grab an application form. The application form will want you to fill it with your personal information, professional information, and income proof. It may also want you to write the reason for the loan requirement at the same time.
  • Step 2: Once you have filled the application form and submitted it to your respective financing company, you have to wait for conditional approval. You need to have patience with this because your form will go to the desk of bank personnel and he will check it and approve it if your provided information meets the eligibility criteria. Once you are approved for taking this loan, you will receive a communication from your lender asking for documents that are discussed below in this article.
  • Step 3: Once you receive the approval confirmation, you have to collect your documents such as National ID, address proof, details of employment, income proof, age proof, and some specimen signatures. To make the process faster so that you can get the loan quickly, you can send the documents to your lender via email.
  • Step 4: The lender will have a look at your documents for the verification process. After the verification, you will receive the requested amount of money to your regular salary or business account. 

Advantages of Salary Loans

  1. Part Prepayment Facilities: Salary based loan comes with this advantage that allows the borrower to prepay the outstanding amount in part or in full. However, it depends on the lender whether they want you to repay the amount in part or in whole. Some financial institutions allow you to pay off your total outstanding loan amount after 180 days of the disbursal of the funds.
  2. Minimal or Zero Pre-closure Charges: You can pre-close the loan by paying little or no penalties. It depends on your lender.
  3. Online Account: Most financing companies come with an online presence of their business. You can sign to their website and create an account to access your real-time finances. With online access, you can get the hang of how much money you owe them, how much interest rate is compounding, how much you have to pay them within all installments.
  4. Quick Approvals: Once your documents are verified, you don’t have to wait anymore. Whether it’s Rs 5,000 or 100,000, you get the money within a few hours if not minutes.
  5. Minimum Documentation: There is no significant documentation you need to apply for this loan type. The documentations that are mentioned below in this article are enough to go with an advance salary loan.
  6. Instant Disbursal: It only takes a few hours to disburse the money for the financing company. Some lender may even provide you with the funds within a few minutes. 

Documents Required for Instant Salary Loans 

Financial institutions in India do not have a closer look at your credit score for disbursing an instant salary loan unless it is deplorable. However, there are some mandatory documents that you need to provide your lender so that they can verify your identity. 

  1. Photographic National ID: A government identity with your photo such as voter ID, passport, driver’s license, PAN card, etc. are needed to apply for this loan.
  2. Photographs (Passport and Stamp sized): Keep around five pictures with you because your lender will ask you for your photographs.
  3. Signature Proof: Your lender will ask you for a few dozen specimen signatures.
  4. Age Proof: Birth certificate could do the work for this proof.
  5. Current Employment: You can provide the appointment letter from the company that you are currently working with.
  6. Previous Employment: Transfer letter, promotion letter, form 16, or even an appointment letter could work well for this requirement.
  7. Financial Statement: A financial statement is required to determine that you are eligible to repay the money. Provide your salary slips for the last three months. If you are a non-salaried businessman, you can provide ITR, or complete audited financials as well.
  8. Bank Statement: A statement from your bank showing your credit history of the last three months. 
  9. Employment proof: An employee ID or business visiting card from your current organization. 

Can I Take Advance Salary Loan Without Salary?

Advance salary loans are designed to meet the emergency needs of salaried individuals in India. A non-salaried business person can take a salary loan from a financial institution. However, if you don’t have any income source, you are not eligible to receive this loan from any lender in the country. In simple words, taking a loan without salary is not possible with this loan type.

Best Salary Loan Apps in India

  1. EarlySalary
    If you are looking for a convenient financial institution that can help you with salary loans, you should have a look at EarlySalary. This is one of the leading platforms in India that plays a vital role in changing the way loans are taken in India. They can help you with new credit scoring systems for superior customer profiling. New in the industry but has been striking with its magic which leads the big fishes to go crazy.
  2. PayMeIndia
    Another noteworthy online organization in India happens to be PayMeIndia. It is an innovative FinTech organization that offers advance salary loans, instant payday loans, short term cash loans to the salaried corporate employees at lowest interest rates. If you need short-term financial help, then you should head over to PayMeIndia on the internet. They can surely come in handy for your medical emergency or any other personal needs. They can also help you with taking a loan on low salary.
  3. Credit Bazzar
    Being a digital finance company, Credit Bazar can provide short-term loans in India to various types of customers and self-employment services. With the helping hand of Credit Bazar in the finance market, the decisions have become easy, convenient, and transparent. The company is located in Delhi, Banglore, and NCR. However, to take an advanced salary loan minimum salary should be Rs 40,000 in Delhi/NCR. If you are looking for a trustworthy financing company for your advance salary loan needs, Credit Bazar is one of the best choices you can go with. 

Conclusion

There are times when we get hit by unexpected expenses. Borrowing money from friends and family may not be possible at times. Also, financial relations are one of the most prominent reasons in India that lead to problems in social life. Sometimes we even cannot withdraw money from our current investments. In such situations, no decision can be better than the choice of taking an advance salary loan from your preferred financial institution.

It does not matter if you are a young or old salaried professional; you can avail an advance salary loan in a simple process and repay it in less than a month. Advance salary loans are an ultimate bridge for salaried individuals that help the borrowers to move a few steps further and continue to tread the path of financial independence.

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Frequently asked questions

The citizens of India aged 20 to 65 years old.

It depends on the conditions of the particular bank or MFI. On average, from Rs.1000 to Rs.10 Lakh.

You need to submit an application on the website of the company or in a mobile app.

Processing of the application will take from several minutes to several hours, and crediting of money to your bank account will take from 1 to 5 days, depending on the selected company.

You can spend this money for any purpose: holidays, weddings, the latest gadgets, higher education, buying a car or even repairing a house.

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