Your Guide To Salary Advance Loan In India

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Most people live their daily lives by a fixed plan based on how much they earn, which decides how much they can spend and how much they can save. However, the unpredictable nature of life can subject them to any situation. In an unforeseen event where you need money, the fixed plan you have may cause you problems. Hence, in such a case, salary advance loans can be a blessing in disguise. There is a wide array of salary advance loans in India; each one suited to a different need. Hence, all you need to do is find the right deal from the right lender.
What is a salary advance loan?
Salary advance loan in India is essentially a personal loan that is granted against your salary. As a short-term loan, the funds from the loan are directly proportionate to your monthly income. Moreover, it can also be a multiple of your salary figure. After you receive approval from your lender, the loan amount is transferred to your bank account. A salary advance loan in India is best suited for people that are in urgent need for money.

Salary Advance Loan


Features of salary advance loan
·         Less hassles in application and disbursal
As the loan amount for salary advance loan in India is determined by your salary, the amount you can borrow is usually much lower than other types of loans. Moreover, the tenure of these loans is as short as 3 to 12 months. Hence, these loans can easily be applied for through online forms. This reduces the trouble you would generally go through while applying for a loan at a bank. Additionally, the documents needed for the loan are minimal. After you submit your documents online and the lender examines them for eligibility, the funds are transferred to your account in a matter of hours.
·         Flexibility and customization
Salary advance loan in India allows you to not only customize the amount you wish to borrow but also the tenure of repayment according your needs. However, due to the short term of the loan, foreclosure or part payment are not allowed.
·         Rate of interest
Most lenders provide salary advance loan in India at a comparatively higher rate of interest. While the rate of interest is higher than that of a long term loan, you still pay a lesser amount as interest due to the short tenure and amount borrowed.
·         No requirement for collateral
Simply put, lenders usually do not have worries about security of a salary advance loan in India. Hence, they do not ask you to pledge any asset as security or collateral.
Criteria and documents for salary advance loan in India
As summed up above, salary advance loan in India do not require much hassle to obtain due to the minimal conditions.
Here is a list of documents and criteria to be eligible for a salary advance loan in India:
·         Borrower must be a citizen and resident of India
·         Borrower must be at least 22 years old and eligible to enter a legal contract
·         Borrower must present a valid PAN card and an Aadhaar card

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