Lesser loan tenure
Advances are generally taken for 1 to 3 years and don't linger for years giving a burden of repayment.
Salary Advance Loan
Loan up to ₹5 Lakhs
Minimum Salary Required ₹15K
Instant Approval in 10 Minutes
Personal Loan EMI Calculator
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.
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
At Hero FinCorp, the loan is approved within 10 minutes when you apply on our website or loan app.
Easy for Working Individuals
Salaried and self-employed individuals have an advantage over freshers/job seekers to gain advance salary loans.
Collateral free
Being an unsecured loan, no security or assets are required to be mortgaged against advances given.
Interest Rates
The Personal Loan interest rate at Hero FinCorp starts from 1.58% per month, making the loan EMI manageable.
Quick Disbursal
Once your instant personal loan is approved, the loan amount is disbursed to your bank account in no time.
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.
In order to get a Personal Loan from Hero FinCorp, you must meet the eligibility criteria for the loan. The following are the personal loan eligibility criteria for salaried individuals.
Monthly Salary
You must have a minimum monthly salary of at least Rs 15,000 to qualify.
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.
List of Documents Required for Salary Advance Loan
Documentation is an important part of the loan application process. Let's take a look at the documentation required to apply for a personal loan at Hero FinCorp.
Mandatory Documents
Filled loan application form, passport-sized photograph
Identity Proof
Driving Licence, Passport, PAN (mandatory), Aadhaar
Residence Proof
Driving Licence, Passport, Aadhaar, Ration Card, Utility Bill
Residence Ownership Proof
Electricity/Maintenance Bills, Property Documents
Income Proof
3 months’ salary slips, 6 months’ bank statement (salary account), Form 16
Job Continuity Proof
Appointment Letter From the Current Employer
Interest Rates & Charges for Salary Advance Loan
Hero FinCorp offers Personal Loans online from Rs 50,000 to 5 Lakh with instant approvals. The personal loan interest rates offered are reasonable, and so are the processing charges. However, it's important to know all applicable fees and charges before applying so you can gauge your actual cost of borrowing. Here is a quick recap.
| Fees & Charges | Amount Chargeable |
| Interest Rate | Starting from 1.58% per month |
| Loan Processing Charges | Minimum 2.5% + GST |
| Prepayment Charges | N.A. |
| Foreclosure Charges | 5% + GST |
| EMI Bounce Charges | Rs 350/- |
| Interest on Overdue EMIs | 1-2% of the loan/EMI Overdue Amount Per Month |
| Cheque Bounce | Fixed Nominal Penalty |
| Loan Cancellation | 1. Online loan app does not charge any cancellation charges 2. Interest amount paid is non-refundable 3. Processing charges are also non-refundable |
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.
- 01
Visit the Hero FinCorp website or install the personal loan app
- 02
Go to the personal loan page and click ‘apply now’.
- 03
Enter your mobile number and verify with the OTP received
- 04
Choose the loan amount you need
- 05
Verify your KYC details to check income eligibility
- 06
Click ‘Submit’ to complete your application
Salary Advance Loan Related Blogs
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 a personal loan 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.
The EMI of a loan changes based on the amount of loan, rate of interest, and repayment tenure. You can use a Personal Loan EMI Calculator online before you apply.
The salary requirements might vary from lender to lender. At Hero FinCorp, the income requirement to apply for a salary advance loan is Rs 15,000.
Yes, even if you do not have a salary slip, you can get a loan. You can submit other proofs such as bank statements, ITRs or a Form 16 with your loan application.
You can apply online through the Hero FinCorp website or loan app. If you are eligible, the loan sanction can be done within 10 minutes followed by a quick disbursal.
Yes, income documentation is necessary for loan applications. This helps the lender assess your repayment ability. In the absence of salary slips, a lender can accept Form 16, bank statements or income tax returns (ITRs) as alternatives.
Yes, it's possible. But the lender may offer a higher interest rate or require additional documentation depending on your income and ability to repay.
You can fill out your online salary advance application at the Hero FinCorp app and expect approval in 10 minutes with only KYC details and income proof.
No. Documentation is required as it is an integral part of the loan approval process. But when you apply online with Hero FinCorp, you may not have to provide documentation offline. Just provide PAN and Aadhaar numbers and proof of income.
Yes, loan apps such as Hero FinCorp can approve your loan in 10 minutes provided you meet all eligibility requirements and provide necessary information.