In any salaried household, the monthly salary is the primary source of income. As part of prudent financial planning, setting aside some contingency funds for unforeseen expenses is necessary. Even with the most meticulous financial planning, sometimes you can fall short of your funds to meet any planned or emergent financial requirements.
Salaried employees may get overwhelmed with unnecessary financial obligations if some unanticipated scenario emerges, especially towards the end of the month. Waiting for your salary to be credited and handling the situation may not always be possible. In such cases, borrowing from friends and family is a little embarrassing and may label you as an irresponsible person. The most practical option left here is to apply for a short-term loan on salary or a salary advance loan. Quick and easy, this can be done using the fastest instant loan app in the market today.
Salary Advance Loan – What is it?
Salary advance loans function as personal loans for salaried employees in India. Salary advance loans are unsecured, collateral-free loans that can be borrowed for a short period and paid back quickly. Borrowing salary advance loans from online lenders is safe, quick, and easy using the fastest instant loan app.
In some cases, you can avail of loans as much as two to three times the value of your monthly salary. This serves as a temporary loan ahead of your salary to meet your immediate financial requirements. Even an average credit score will suffice if you plan to avail a salary advance loan. Situations, where personal loans for salaried employees might come in handy, are mentioned below.
- Vehicle repairs
- Medical expenses
- School expenses for children
- Purchase of home appliances
- Payment of house rent or deposit
- Paying off Utility and other outstanding bills
Eligibility Criteria – Personal Loans for Salaried Employees
Before you apply for a loan using the fastest instant loan app, check to ensure that you meet these eligibility requirements:
- You need to be an adult citizen and resident of India.
- You need to have an active Indian bank account registered in your name.
- You must have completed at least 21 years of age (at the time of loan on salary application).
- You must be a salaried employee with a regular monthly income.
- Some lenders expect a minimum in-hand salary of INR 15,000 for non-metro cities and INR 18,000 for metro cities.
The above criteria broadly apply to most lenders across India. However, exact requirements might differ between financial lending institutions. It is advisable to read all terms and conditions thoroughly before finalizing your lender.
Once you’ve understood the eligibility requirements, the KYC and income documents, along with other formalities, are completed online. Paperless applications and minimal documentation are required when applying through the fastest instant loan app. Documents required include:
- PAN Card
- Address and ID Proof
- Salary Slip of past three months (may not be mandatory for all customers)
Benefits of Salary Advance Loan via Instant Loan App
- Convenient monetary backup during emergencies to handle your financial obligations while waiting for your salary.
- Easier and faster approval where money gets disbursed to your account within a couple of hours of the loan application approval.
- Lenders provide you access to online EMI calculators that allow you to preempt your monthly EMI and plan your budget accordingly.
- This loan can be availed despite having a relatively lower credit score (compared to credit score requirements for other types of loans).
- Short-term loans can be applied with a repayment tenure ranging between 90 days to 730 days.
- You can easily avail yourself of funds in the range of 2 to 3 times the value of your net monthly income (as much as INR 5,00,000)
- Unlike personal loans with fixed limits from banks, you have the liberty to borrow even small amounts dynamically. Personal loans for salaried employees allow you to avail of loans as low as INR 8,000 to INR 30,000 based on your need.
- Borrowers are welcome to prepay and foreclose the loan before the end of their tenure without paying penalties or charges.
- Competitive interest rates as low as INR 9/day on a principle of INR 10,000.
The rising cost of living, inflation, and economic uncertainties only add to your financial burden as a salaried employee. Your expenditures and financial obligations are variable, but your overall income remains fixed. Any monetary emergency could drain you of your savings or add to
your financial liabilities in such a situation The most practical way to avert such a fiscal crisis would be to apply for a salary advance loan using the fastest instant loan app.
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