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
A salary advance loan is an easy funding option that employees with stable jobs can obtain to handle unexpected expenses and immediate financial needs. It allows you to quickly access a small amount without paperwork or delays. You can repay the loan after receiving your next salary, making it useful for short-term financial obligations.
These loans are suitable for emergency medical expenses, unexpected travel, home renovation, or other urgent payments. You can also use a Personal Loan as a loan against salary to manage planned or urgent expenses. All you need to do is fulfil simple eligibility requirements and maintain a decent credit history and good credit record to qualify.
As a regulated NBFC, Hero FinCorp offers digital lending through an easy-access online process to help you get instant funds when you need them the most.
Loan up to ₹5 Lakhs
Minimum Salary Required ₹15K
Instant Approval in 10 Minutes
Calculate Personal Loan EMI
Get Salary Advance Loan Online
At Hero FinCorp, you can get an advance salary loan for a loan amount between Rs 50,000 and Rs 5 Lakh. The interest rate starts at 19% per annum, offering low interest compared to many short-term options.
The loan comes with a flexible tenure ranging from 12 to 36 months, allowing comfortable repayment through monthly instalments. The disbursal process is quick, and funds are usually disbursed within 24 hours of approval. This makes it a reliable option among loans online in India and even advance salary loan options in India.
Features and Benefits of Salary Advance Loan
One of the key benefits of Hero FinCorp’s salary advance loan is its quick approval process with minimal documentation and paperless verification. Unlike workplace advances, you do not need employer approval or an early salary request. Check out the key features and benefits of our instant loans.
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 starting from 19% p.a., 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
Before you apply, it is important to check the eligibility criteria for an advance salary loan. Whether the loan amount is Rs 50,000 or Rs 5 Lakh, you must meet the standard eligibility criteria. To qualify, salaried professionals must meet the following personal loan eligibility criteria.
| Criteria | Requirement |
|---|---|
| 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 | Salaried employees must have a work experience of at least 6 months. |
| Monthly Income | You must have a minimum monthly salary of at least Rs 15,000 to qualify. |
The eligibility also includes factors such as credit history, including credit score or CIBIL score, which may impact your credit score if repayments are delayed.
List of Documents Required for Salary Advance Loan
There is no documentation required to apply for a salary advance loan. Hero FinCorp follows a simple paperless process. To apply, you only need your KYC details, including PAN and Aadhaar, to complete your application smoothly.
Interest Rates & Charges for Salary Advance Loan
The loan interest rates offered by Hero FinCorp are competitive, 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 are the details.
| Fees & Charges | Amount Chargeable |
|---|---|
| Interest Rate | Starting from 19% p.a. |
| 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. The online loan app does not charge any cancellation charges 2. The interest amount paid is non-refundable 3. Processing charges are also non-refundable |
Before applying, you can use online tools like the loan EMI calculator or Personal Loan EMI Calculator available to choose your repayment tenure and manage repayment better.
How to Apply for an Advance Salary Loan Through Hero FinCorp?
You can apply for an advance salary loan online through our website or app using easy steps. This offers instant approvals often in a matter of minutes.
- 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 Personal Loan amount you need
- 05
Verify your KYC details to check income eligibility
- 06
Click ‘Submit’ to complete your application and get a Personal Loan offer
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Frequently Asked Questions
You can receive approval for an instant salary advance loan within minutes. Hero FinCorp offers quick Personal Loan approval to provide access to quick funds.
Yes. Some lenders offer a salary advance loan without a CIBIL check. However, you may not get a higher loan amount or lower interest rate.
No, a salary advance loan is not considered taxable income in India because it is a borrowed amount that must be repaid.
The minimum salary varies by lender, but most require a stable monthly income. A Hero FinCorp Personal Loan requires a minimum monthly salary of Rs 15,000.
Late repayment may lead to penalties and a negative impact on your credit score. Therefore, it is important to repay your salary advance loan within the agreed timeline.
Yes. A salary advance loan is typically unsecured, meaning you don’t need to provide any collateral to access funds.
Most salary advance loan products are designed for salaried individuals. Self-employed professionals may explore Personal Loan options at Hero FinCorp.
Hero FinCorp’s salary advance loan offers quick approval, simple eligibility, clear charges, and flexible repayment, making it easier to manage short-term cash needs compared to many lenders.
A salary advance loan already has a short repayment tenure of a few weeks or months. However, if you borrow a Personal Loan from Hero FinCorp with a tenure of 12 to 36 months, you may prepay or foreclose the loan, depending on the loan terms and applicable charges.