Your Guide To Salary Advance Loan In India
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.
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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