What is a Salary Advance Loan?

:Salary advance loan is a personal loan facility that enables salaried individuals to borrow money in the form of advance to manage urgent expenses.

How to apply for a Salary Advance Loan?

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.

Where can I use my Salary Advance Loan?

Salary advance loan can be used to cover immediate personal expenses inclusive of rent, fees, repairs, travel etc.

What are the benefits of applying for a Salary Advance Loan?

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.

What are the documents required for applying for a Salary Advance Loan online?

Documents required for salary advance loan sanction are basic KYC documents/income proof inclusive of Aadhar Card and income proofs like bank statements.

Salary Advance Loan

Salary is one prime factor that keeps us motivated to work and perform better. But there are unforeseen situations where one month’s salary is not enough. During such times, employees can take advantage of an advance salary loan from their company itself or external sources such as financial institutions and non-banking financial companies (NBFCs). So, you can easily avail salary loan online in advance till your next salary arrives.

House rent, children’s school fees, repairs, utility bill payments etc. can be covered under a salary advance loan. Since, salary loan is taken for a shorter period, the EMI incurred is quite affordable and easy to repay. This makes salary advance much viable than a long-term loan.

No stress or embarrassment of asking for extra finance from elsewhere when you can apply for a salary loan online on your own. The instant loan facility from Hero FinCorp can work as a source of advance salary loans with the simple paperless application.

Salary advance loan or advance salary loan by Hero FinCorp helps salaried individuals to cope up with financial emergencies when their salaries are not sufficient. This is seamlessly done via instant personal loan approval that can be flexibly used as an advance salary loan to deal with existing financial contingencies.

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Why Hero FinCorp Instant Personal Loan for Salary Advance Loan?

Hero FinCorp is an instant personal loan app. It is a right online platform to expect quick approvals for salary advance loan. Borrowers in need of immediate advance money can apply for a loan between Rs.50,000 to 3 lakh via Hero FinCorp. The procedure for availing instant salary advance loan involves paperless documentation and real-time verification. Once verified and approved, disbursal is done within 24 hours.

Download Hero FinCorp on your smart phone in seconds from Google Play Store. It is simple to manage the advance loan taken and check important details like interest rate, EMIs and repayment tenure from anywhere at the tip of your finger. So, take a risk-free short-term loan via Hero FinCorp and pay at your convenience in a flexible tenure of 6 to 36 Months.

Use the in-built loan EMI calculator tool in the Hero FinCorp personal loan app to get the desired EMI on advance salary loans, based on the loan amount, interest and tenure.

An advance salary loan online is a saviour when a current month’s salary gets exhausted. Applying for a salary loan online makes it even better as there are no hassles of personally visiting the branch for formalities. Short-term loans between 50,000 to 3 lakh are enough to manage a month’s expense unless you have an emergency. A salary loan taken in advance enables budget planning for the rest of the month. Hence, it is always a good idea to apply for advance salary loans online through instant personal loan app like Hero FinCorp.

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.

Lesser loan tenure

Advances are generally taken for 0.6 to 3 years and doesn’t linger for years giving a burden of repayment

Loan Amount

The borrowed advance loan amount varies between Rs.50,000 to 3 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 25% per annum for a maximum amount of 3 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 and Documents for Salary Advance Loan

Whether the loan is for 50,000 or 3 lakh, borrowers should check the eligibility criteria for salary advance loan beforehand to avoid rejections in the process of loan availability. It is to ensure there are no cases of fraud:

1

Age criteria: Applicant should be between 21-58 years
2

Minimum monthly income for salaried: Applicant should at least earn a minimum amount of Rs.15,000 monthly
3

Minimum monthly income for self-employed: Minimum earning should be Rs.15,000 monthly and six months bank statement is compulsory
4

Income proof: 6 months bank statement of salaried or personal account

5

Aadhar card or any other digitally enabled KYC documents are the first important document that cannot be missed
6

In the absence of Aadhar card, you can provide your Driving License
7

Other important documents include your professional and financial details inclusive of 6 months bank account statement
8

Your account should be in any of the accepted banks as suggested by the financial institution

How to Apply for Salary Advance Loan via Hero FinCorp Instant Personal Loan App?

The process of advance salary loan online is very easy, follow the steps below:

Install Hero FinCorp Instant loan app from Google Play Store
Register with basic details – mobile number & email address
Enter the desired loan amount and customize EMI using the loan EMI calculator
Paperless verification of KYC details using a security code
Bank account verification through net banking or 6 month’s account statement
Instant loan approved in minutes and transferred to the bank account

Note: Hero FinCorp documentation and eligibility criteria is much simpler, to know details click here

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