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Salary Advance Loan – Interest Rates, Features & Benefits

Salary Advance Loan
Earning a good salary is a key motivator that leads to a better performance. However, in today’s fast-paced world and increased cost of living, at times our monthly salary may not be enough to cover even our normal monthly expenses like house rent, medical emergencies, and so on. During such financial exigencies, a salary advance loan may come in handy. It can be availed as an advance from the employee through their employer/company or external lenders.

A salary advance loan is an unsecured short-term loan available for salaried individuals in India. It is provided to meet your expenses like education fees, house rent, etc, the payment of which cannot be delayed till your next salary arrives.  The rate of interest for a salary advance loan is calculated either on a monthly basis or a daily basis depending on the lender. 

A salary advance loan is normally provided by the company in which the individual is employed or any credible lender or NBFC. A salary advance loan can also be availed via personal loan apps like Hero FinCorp. Hero FinCorp does not offer a separate salary advance loan, but it can be availed as part of their personal loan with various benefits.
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Features and Benefits of Hero FinCorp Salary Advance Loan

 

Features and Benefits

HeroFinCorp Salary Advance Loan

Purpose of loan

 Funding for meeting immediate needs that cannot be postponed till the next salary date

Loan Type

 Short-term unsecured loan

Repayment Tenure

 6 to 24 months

Eligibility Criteria

 Salaried individuals with a stable salary are eligible to avail salary advance loans

Approval

 Instant approval and quick disbursal within a few hours

Loan Amount

 Loan from ₹ 50K up to ₹ 3 Lakh

Rate of Interest

 Interest rate starting from 11% per annum

Documentation

 Online KYC verification. No physical document required

Repayment Option

 Flexible repayment options

EMIs

 Customized EMIs suiting borrower’s repayment capacity
 
 

HeroFinCorp Salary Advance Loan

 
HeroFinCorp Instant Personal Loan offers user-friendly instant personal loans. You can also avail salary advance loan alternatively from HeroFinCorp as a part of their personal loan facility. At HeroFinCorp, a salary advance loan is offered between Rs.50,000 to 1.5 lakhs at a low rate of interest and paperless documentation.  Once the verification is done, the salary advance personal loan gets credited within few working hours, making it a very seamless and enriching experience at HeroFinCorp.
 

Eligibility Criteria for HeroFinCorp Salary Advance Loan

 
  • Indian Citizenship proof
  • Borrower’s age between 21 – 58 years
  • Minimum monthly salary required – Rs. 15,000
  • Six months’ bank statement showing the details of salary earned
  • Individuals should be working with either a private or public sector


Documents Required for HeroFinCorp Salary Advance Loan


Mandatory documents that a salaried individual has to submit for availing a salary advance loan are:
  • KYC documents for identity proof and address proof: PAN card and Aadhar card
  • Professional and financial details
 

How to apply for a HeroFinCorp salary advance loan?

 
  • Download the instant loan app from Google Play Store or visit the official website of the lender
  • Register with basic details – mobile number, email id
  • Use the Loan EMI calculator to customize the desired loan amount and EMI
  • Paperless KYC verification is conducted via a security code
  • Verification of bank account via net banking
  • Instant salary advance loan gets approved within minutes and transferred to the registered bank account
     
Though there are various benefits of availing a salary advance loan, one should be aware that the rate of interest of a salary advance loan is higher as compared to a personal loan. It also has overhead charges and any default on a salary advance loan entails a high penalty charge.
Still, an advance salary loan is useful for meeting emergency expenses till you get your next salary. However, as a borrower, you should ensure timely EMI repayments to avoid any loan defaults and penalties.
 
FAQs

  1. How to apply for a HeroFinCorp salary advance loan?

    Foremost, borrowers can install the HeroFinCorp instant cash loan app from Google Play Store to apply for the HeroFinCorp personal loan which can be used as a Salary Advance loan. Register with your mobile number and email address. Within a few simple steps, your instant salary advance loan is approved and credited to the registered bank account.
     

  1. Am I eligible for a HeroFinCorp Salary Advance Loan?

    Any salaried individual who is an Indian citizen aged between 21 – 58 years and who fulfils the basic eligibility criteria fixed by HeroFinCorp instant loan app is eligible to apply for a salary advance loan.
     

  1. What are the required documents for HeroFinCorp Salary Advance Loan?

    Key documents required are minimal and paperless. The only important E-KYC documents required are Aadhar card and PAN card for salary advance loan.
 

  1. Why salary advance is important?

    Getting a salary advance as a personal loan helps employees in meeting their immediate cash requirements till their next salary arrives.
 

  1. Is a salary advance taxed?

    A salary advance received by an employee is taxable under Section 17 of the Income Tax Act, in the year of receipt. Tax will be deducted if your employer pays salary as advance. However, if a salary advance loan is taken as a personal loan it can be flexibly used as an independent personal loan.

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Did You Know

Disbursement

The act of paying out money for any kind of transaction is known as disbursement. From a lending perspective this usual implies the transfer of the loan amount to the borrower. It may cover paying to operate a business, dividend payments, cash outflow etc. So if disbursements are more than revenues, then cash flow of an entity is negative, and may indicate possible insolvency.

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