Apply for a Salary Advance Loan

Please Choose the best suitable salary advance loan as per your income and get amazing facilities with these loans.

Early Salary Advance Salary Loan

INTEREST RATE

24-30% per year

PROCESSING FEE

Nil

TENURE

2 years

Edelweiss Salary Advance Loan

INTEREST RATE

₹11,500 INTEREST PER ₹1 LAC

PROCESSING FEE

Nil

TENURE

2 years

Lenden Club Salary Advance Loan

INTEREST RATE

6.5% to a maximum of 20.95%

PROCESSING FEE

4% of the loan amount 

TENURE

3 years

Loan Tap Salary Advance Loan

INTEREST RATE

4%-5% Per month

PROCESSING FEE

Flat processing fee of Rs 2500 +GST

TENURE

15 – 60 Days

ADVANCE SALARY LOAN

Shortage of funds occur many times before getting salary from the employer and in such situations advance salary loan really helps. Small job workers or daily workers can easily go to their employers and ask for advance salary. But sometime requesting an advance salary frequently from your employer doesn’t feel good.

Advance Salary loan at competitive low interest rate starting from 10.99% for short period. With the help of Advance Salary Loan from  you can clear out your sudden financial requirements that come your way.

.

ELIGIBLE FOR ADVANCE SALARY LOAN

  • The borrower must be an Indian citizen and Resident of India
  • Should be above 18 years of age and capable of entering into a legal contract as per the Indian Contract Act.
  • Should have a valid Bank Account, Aadhaar Card and a valid PAN number.

HOW MUCH AMOUNT?

  • You can get quick loan online for any value between INR 25,000/- to INR 5,00,000/- (T&C Apply).

DOCUMENTS REQUIRED

  • PAN Card
  • Address Proof – Valid Aadhaar Card / Driving License / Voter ID / LPG Bill
  • Passport size photograph
  • For Salaried Person – a) Last three months’ bank statement into which salary is credited b) Form 16 / Last three months’ salary slips
  • For Self-Employed Person – a) Last twelve months’ bank statement b) Last two years’ Income Tax Returns (ITR)

Apply for advance salary loan on  – India’s leading peer to peer lending platform.

BASIC STEP TO APPLY FOR ADVANCE SALARY LOAN

Most banks and lenders have a similar system when it comes to applying for an advance salary loan. The broad steps to follow are:

Step 1: Fill in the online application form or a hard copy of the application form available at the nearest lender’s branch office. This contains your personal information, professional information and details of income. It also contains information about your loan requirement and reason for the same.

Step 2: Wait for conditional approval. All you do here is wait for the application to make its way to the desk of the bank official who has to scrutinize it and approve it. Once approved, a communication will be sent to you from the lender saying your application has been approved and asking for a set of documents (as mentioned above).

Step 3: Know Your Customer (KYC) and document collection. Once you receive your approval, you must collect the required documents – identity proof, address proof, age proof, details of employment, proof of income and some specimen signatures. You can also send these across via e-mail, which makes the process a lot faster.

Step 4: Credit to your account. Once the documents have been verified by the lender, the amount requested will be credited to your regular salary / business account.

There are many lenders who approve the application and credit the amount in your bank account in matter of a few hours, once they establish your identity. It is recommended to anyone who’s considering advance salary loans to explore all other available options first. If none of the other options available (including asking family and friends, or even getting a second job) prove to be unfeasible, or work out more expensive, only then are borrowers advised to take advance salary loans. The interest rates are high, and so are the stakes.

Some banks waive off processing fees and other additional charges. It is important to choose the right combination of lender, approval time, interest rate, repayment schedule and loan amount in order to judiciously plan out your finances and make sure you are not making the wrong decision.

FEATURES OF ADVANCE SALARY LOAN

  • Part prepayment facilities– which mean that you can prepay your outstanding amount, in part or in full – depending on your lender. Some banks even offer you the facility to pay off your entire outstanding loan amount after 180 days of funds being disbursed.
  • Minimal or zero pre-closure charges– Loans can be pre-closed, by paying little or no penalties, depending on your bank.
  • Online account access– from most banks and lenders enable you to keep a real time check on your finances, how much you owe, how much interest is compounding, and how much you will eventually pay in total.
  • Insurance cover– some lenders give you complimentary personal accident cover and credit shield facilities, to sweeten the deal.
  • Cover financial emergencies– any financial emergency you may have, which is pressing in terms of the time you have to clear it – can be sorted out with advance salary loans. The entire purpose of advance salary loans from the customer’s point of view is to be able to clear all financial liabilities and have a more flexible time period in which to pay back the loan taken.
  • It’s an unsecured personal loan.