A salary advance loan is used to cover little expenses before you get your paycheck. Salary advance loans are provided by digital lending companies. Some banks and NBFCs also offer advance salary facilities. You can also get a salary advance loan from your workplace if they provide it. For example, suppose you work really hard to earn your monthly pay and then spend it as you see fit. However, there are those months when your costs exceed your pay. In this instance, you might apply for a salary advance loan.
The financial crisis at the end of the month is a familiar complaint among salaried workers. Expenses have risen so dramatically that by the 20th of the month, the cash is gone and the expenses continue. In such cases, having recourse to a quick salary advance loan is a lifeline. It alleviates the stress of not having enough money to cover unforeseen bills. A salary advance loan allows you to better manage your monthly budget.
How Does a Salary Advance Loan Work?
In India, a salary advance loan is a short-term loan given to salaried persons. You may apply for a salary advance loan online. Salary advance loan applications are largely from tier one and tier two cities. Advance salary loan is more prevalent in Delhi, Mumbai, and other major cities. These cities also have digital lending firms. An advance salary loan is offered to help you get extra income whenever you need it. Some people ask for a loan in the middle of the month to meet a family necessity. You can apply for an advance pay loan to cover any costs. You may, for example, use this money to purchase everyday necessities or to repair your bike or automobile. This money can also aid you in times of need, such as a medical emergency.
The repayment of the salary advance loan will be made in the form of an EMI or a one-time payment. Salary advance loans are short-term loans that can be repaid in a single instalment by the borrower. If the loan amount is large, the payback comes in the form of an EMI. The loan term might range from 15 days to 12 months. The loan time is determined by the loan amount and the customer’s convenience.
Salary Advance Loan Characteristics
- There will be no collateral. Salary advance loans have no collateral requirements; therefore you do not have to pledge any assets. As a result, these loans are quite popular among Generation Z.
- Credit cards are more handy, but often charge 2.5-3% on outstanding amounts, making them fairly costly. Personal loans have interest rates of roughly 18%, which makes them quite appealing.
- Process is really fast and convenient. It is designed to be user-friendly with minimum paperwork. The entire procedure is smooth and enjoyable for the borrowers.
- Loans are issued within 24-36 hours, making it an ideal funding alternative for emergencies. When you compare this to a regular bank loan that takes a week, you’ll see the difference.
- Availability around the clock – Unlike traditional banks, fast loan apps operate around the clock to give you with financial aid whenever and wherever you need it. This is by far the most compelling explanation for the popularity of personal loans.
Salary Advance Loan Benefits
1. Prepayment Option
You have the choice to pay off your debt even before it is due. There won’t be any additional fees. It will enable you to avoid paying interest fees. For days when you utilise money, you must pay interest solely.
2. Minimal Credit Requirements
There is a good possibility you may acquire a salary advance loan even if you have bad credit or are new to using credit. In this kind of loan, your income and employment history count more than your credit history.
3. Minimal Document
A simple document must be presented. The method is online. For a salary advance loan, no physical documentation is required.
Service in a hurry – Salary advance loan approval happens extremely quickly. Businesses recognise how desperately you need this money. Depending on the lender, you may receive approval in 30 minutes to 48 hours.
4. Adaptable EMI
You may select EMI payments when taking out a salary advance loan. Depending on the loan size and terms, you may also make a single payment.
When your loan application is approved, money is sent quickly into your bank account. The money will be given to you immediately.
Eligibility Criteria and Documents for Salary Advance Loan
Instant salary advance loan eligibility and need of the document are changes from one company to another. Here are some common criteria which every company follows
- Should be a full-time salaried employee with a minimum take-home salary of ₹ 15,000/month (OR)
- Should be a self-employed professional with an income of at least ₹ 15,000/month. (Only certain professionals like doctors, lawyers, or business owners qualify)
- Must be above 18 years and below 60 years of age
- Must be a resident of India or NRI with clear documentation
Document required for Advance Salary Loan in India
- ID Proof
(Valid Driving License / Valid Passport / Voter’s ID / Aadhar Card / Pan Card)
- Pan Card
- Address Proof
(Valid Driving License / Valid Passport / Aadhar Card)
- 3 Month Salary Slip
- Passport Photo
- 6 Month Bank Statement
Reasons to Choose an Instant Salary Advance Loan
A salary advance loan can help you in a variety of scenarios. It’s preferable to swiping that pricey piece of plastic, which will cost you if you don’t pay it back by the due date. A salary advance loan enables you to better handle your position. You can better manage your spending now that you know you’ll receive cash within 24-36 hours.
You don’t have to deal with the unpleasantness of asking friends or relatives for money. You have the ability to handle your finances on your own.
Usage of Salary Advance Loan
1. Medical Emergency
Imagine having a medical emergency, needing to be taken to the hospital, and being without money since payday is one week away, the month is coming to an end. A salary advance loan will make the procedure easier and provide you immediate, hassle-free access to money.
2. Dream Vacation
You’ve been putting off taking that long-awaited trip to the Maldives since your budget wouldn’t allow it. The Christmas planners have now developed an alluring limited-time deal. A quick salary advance loan might quickly fix the issue!
3. Wedding Expenditures
As you plan your ideal wedding, you become aware that there may not be enough money to cover all of the costs, due to certain unavoidable additional fees. Where do you turn to when you need money quickly? Voila, a salary advance loan steps in to help you right now.
4. Big Ticket Purchase
You require a pricey item but have been delaying buying it due of the ongoing monthly financial shortage. Use the salary advance loan to satisfy your aspirational demands and put an end to these concerns.
Where to get Salary Advance Loan
Omozing helps make Smart Money Moves for a Lifetime. They strive to get lowest interest rates and best terms for your Online Applications at www.Omozing.com . We’ve made business lending smarter, faster and easier by transforming the approval process from stumbling blocks to stepping-stones. This enables borrowers to not just get access to capital, but also understand what areas they need to work on in order to enhance their credit profile. Omozing ensures that Borrowers get a secure, safe and reliable application process that be tracked online.
Personal Loan Interest Rates starting from 0.8% p.m, and Loan amount ranging from INR 10,000 to INR 25,00,000. The Minimum and maximum repayment period ranges from 1 month to 48 months. CIBIL 600+ all company categories (including LLP, Self Employed, Proprietorship)
5 Reasons to choose Omozing
1. Loans from INR 10k to INR 25 lakhs
Personal Loan Interest Rates starting from 0.8% p.m, and Loan amount ranging from INR 10,000 to INR 25,00,000. The Minimum and maximum repayment period ranges from 1 month to 48 months. CIBIL 600+ all company categories (including LLP, Self Employed, Proprietorship)
2. Cutomised Tailor Options
- Depending on your demands, we may provide quick financing of varying quantities at affordable interest rates.
- You have the freedom to utilise your loan anyway you want, whether for business or for immediate personal needs.
- Flexible repayment options from 3 months to 3 years depending on your specific cash flow and budget, as well as conditions that is beneficial to your position.
3. Lower CIBIL
While most lenders require borrowers to have a CIBIL score of over 750, at Omozing.com provide loans even with 600. Besides the CIBIL score, we also considers your age, employment status, and net monthly income.
4. Ways to apply
You can apply for a personal loan through us by 2 ways:
1. You can download our Mobile Application from Google app store.
2. Apply on portal using out Personal Loan link
5. Prompt Loan Disbursal
An easy online application process facilitates speedy verification and disbursal of loan. Get KYC verified from the comfort of your home and have our loan manager take care of an instant transfer of funds to your account. Money in Bank account in 24 hours post Loan approval.