Lesser loan tenure
Advances are generally taken for 0.6 to 3 years and doesn’t linger for years giving a burden of repayment.
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Get Salary Advance Loan Online
At Hero FinCorp, you may apply for a salary loan online for an amount between Rs 50,000 and Rs 5 Lakh. The interest rate starts at 19% per annum, ensuring the loan remains cost-effective and manageable. Follow the simple stepwise procedure to apply for an instant salary advance loan online and repay it in convenient EMIs spread across 12 to 36 months of tenure.
Features and Benefits of Salary Advance Loan
One of the best features and benefits of salary advance loan from Hero FinCorp is its hassle-free way of approval that involves minimal formalities and paperless documentation. Look at the flip side where you will have to seek approval from your workplace for a salary advance loan and here with Hero FinCorp, you can process your advance salary independently via an instant loan app.
Loan Amount
The borrowed advance loan amount varies between Rs.50,000 to 5 lakh, depending upon the loan provider. This is easy to repay when broken down into EMIs.
Loan Approval
The time taken for advance loan sanction is quick with minimal documentation whereas long term loan with a higher amount requires more verification of the borrower’s creditworthiness and assets.
Easy for Working Individuals
Salaried and self-employed individuals have an advantage over freshers/job seekers to gain advance salary loan.
Collateral free
Being an unsecured loan, no security or assets are required to be mortgaged against advances given.
Interest Rates
When you are borrowing an instant loan or an advance salary loan, interest rate forms a critical factor that directly affects the EMIs. At Hero FinCorp personal loan ,the interest rate starts at 19% to 30% per annum for a maximum amount of 5 lakh salary loan.
Quick Disbursal
It is worth taking a loan when the disbursal is done on time. When you borrow a salary advance from Hero FinCorp, be rest assured of timely disbursal directly in your bank account within a working day. This is nothing but an instant personal loan that can also be disguised as a salary advance loan, considering the flexibility of use with personal loans.
Eligibility Criteria for Salary Advance Loan
Whether the loan is for ₹50,000 or ₹5 lakh, borrowers should check the eligibility criteria before applying for an advance salary loan. Ensure that there are no cases of fraud.
Age
You must be between the ages of 21 and 58.
Citizenship
You must be a resident Indian citizen to get a loan of up to 5 Lakh from Hero FinCorp
Work Experience
Self-employed must be working in their field for at least 2 years, & salaried employees must have a work experience of at least 6 months.
Monthly Salary
You must have a minimum monthly salary of at least Rs 15,000 to qualify.
Documents for Salary Advance Loan
Proof of Photo Identity
Driver’s Licence, Passport, PAN Card, Aadhaar card
Mandatory Documents
Filled Loan Application Form, Passport Size Coloured Photograph
Proof of Income
Six Month Salary Slip & Bank Account Statement, Form 16
Job Continuity Proof
Appointment Letter From the Current Employer
Proof of Residence
Driver Licence, Passport, Aadhaar Card, Utility Bill
Rates & Charges for Salary Advance Loan
How to Apply for an Advance Salary Loan Through Hero FinCorp?
Thinking about how to apply for a salary advance loan? Applying for a salary advance loan online has never been easier. By completing a fast and secure online application process, you can find a simple and accessible way to receive quick funds.
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Frequently Asked Questions (FAQs)
The minimum or maximum amount of salary advance loan entirely depends upon the lender’s discretion. At Hero FinCorp , salaried individuals can avail a minimum salary advance loan of INR 50,000 and maximum goes up to 5 lakh.
There may be a minimal processing fee charged on availability of an instant salary advance loan. You will be charged 2.5% + GST as a processing fee when you take a salary advance loan from Hero FinCorp Instant Personal Loan.
An advance salary loan taken as a personal loan can be flexibly used to support various financial reasons. An advance salary can help with emergency situations such as a sudden medical expense or urgent travel.
A good Credit/CIBIL score will make the lenders feel confident about your repayment ability and salary advance loan approval will be done faster.
A salary advance loan is a personal loan facility that enables salaried individuals to borrow money in the form of advance to manage urgent expenses whereas a loan can be any loan such as a home loan, vehicle loan etc and can be availed by any individual, not restricted to only salaried.
An advance salary is not always a taxable income; it depends on the lender’s terms of the loan.
It is a loan essentially for salaried employees. If you are applying for salary loans online through instant loan apps, there are chances of an interest rate incurred but the loan will be approved quickly within 24hours.
Applying for an advance salary loan online makes use of an EMI calculator to know the exact advance amount taken in a stipulated repayment tenure.
A loan advance means a disbursement of the whole or some amount of loan in advance based on the urgent cash needs. Salary loan advance is an ideal example of loan advances being taken to manage mid-month expenses or emergency costs.
Salary advance loan is a personal loan facility that enables salaried individuals to borrow money in the form of advance to manage urgent expenses.
Borrowers in need of salary advance loan can apply for the same via the company itself or a trusted financial institution. There are various instant personal loan apps available on Google Play Store from where you can apply for salary advance loan.
Salary advance loan can be used to cover immediate personal expenses inclusive of rent, fees, repairs, travel etc.
If borrowed via the company itself, an advance salary loan boosts employee morale and increases retention period. Salary advance loan acquired from credible sources can reap benefits of clearing debts, handling medical expenses or any personal financial need just in time
Documents required for salary advance loan sanction are basic KYC documents/income proof inclusive of Aadhar Card and income proofs like bank statements.