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All about a salary advance loan

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  1. All about a salary advance loan

  2. You may be really particular about managing your finances. But no matter how organized and careful you are, there are always possibilities of instances where you will be required to spend a surplus amount. These are situations that you cannot avoid. The reasons could be anything like an overdue bill, repairs of the house/car, or medical reasons.  • The bills could be too huge to take from your savings, or may even overshoot it. Such situations are bound to put you in a spot. In these cases of urgency, you may look at the prospect of taking a loan.

  3.  However, this, may not work in your favour, as the banks have a long procedure, where they require a lot of your documents and take a long time to sanction the loan. This would be useless for you since you need the funds on an immediate basis.  • What would be a huge help for you is to go for a salary advance loan, as they instantly process the funds for, where you just have to submit a minimum of documents. Let us understand all about salary loans:

  4. Eligibility criteria of these type of loans

  5. There are several things you need to keep in mind for being eligible to get a salary advance loan. First, you need to be aged between the age of 23 to 55 years to avail this loan. Age criteria may differ for each lender, but this is the standard age that they set usually. For any kind of loan, the credit score of the applicant is something that is always reviewed, so it always helps to maintain a good one. A credit score above 600 is always considered to be an ideal score. For the applicant to get the loan, he/she has to earn a minimum of INR 15,000. And the last thing, you should have no bank defaults. 

  6. The special features of a salary advance loan

  7. Ideally speaking, you are able to get this loan for a period of 2 to 36 months, however, this may differ from lender to lender. Unlike the usual loans, these types of loans usually keep a very low processing fee. It is the same in the case of interest rates, but these type loans generally between 1.08% to 6% per month. The exact rate will, however, differ as per the creditor of the loan. The standard minimum amount of the loan is usually INR 35,000, and the maximum amount one can get is INR 5 lakh. This could again vary as each creditor will offer a different sum.

  8. How does one apply for a salary advance loan?

  9. The process of applying to these kinds of loans is very easy. You just have to go to the website of any creditor and check for the loan details. You can check all the details of that specific creditor and also the exact eligibility criteria that they require. After you check many websites, compare them and then choose the best one which works out for you.  • We hope this article helps you if you are going for a salary advance loan. All the best!

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