Salary Advance Loans
As the name suggests, this loan is a short-term loan against the salary of an individual to fulfill the personal loans. The loan amount is as high as 2.5 times of the net salary.
Why You Need An Salary Advance Loan?
To make your dreams come true or to meet up your urgent financial requirements, you cannot wait for your salary to be credited in your account. In such cases, salary advance loan helps you a lot. Let’s take a look at the situations where you might needs advance salary loan:
- 1) House Rent: When you look for a place on rent to live in, you might come across a place of your choice that you just can’t let go off your hands. You might not have the salary in your account at that point of time so in this case advance salary loan helps you out to book that house on rent.
- 2) Car Repair: Car can break down at any moment and one cannot estimate the amount that is required to get it repaired. If your salary is yet to be credited in your account then you will require funds to repair your car. In such a case too advance salary loan helps to get your car going on the road.
- 3) Bills and Payments: Sometimes we might get unexpected expenses on payments and various bill payments too. When you run short of the cash, then advance salary loan helps in meeting up your expenses easily. This way, you will be able to pay bills on time without paying up any extra penalty amount.
Duration of Advance Salary Loan
Advance salary loan duration is 3 months to 12 months. An individual can choose the duration of the loan and check the eligibility as well.
Entitlement of Advance Salary Loan
An individual should be a salaried professional with a salary to meet up the interest of the loan on monthly basis.
Documents Required For Advance Salary Loan
- 1) Passport size photographs
- 2) ID proof of the individual applying for the loan
- 3) Residence Proof
- 4) Pan Card Copy
- 5) Income proof with last 3 months salary slip
- 6) 6 months bank statement
- 7) Job proof- appointment letter, Form 16