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.
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
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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 penal
FAQs
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.
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.
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.
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.
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.
Manya is a seasoned finance professional with expertise in the non-banking financial sector, offering 3 years of experience. She excels in breaking down complex financial topics, making them accessible to readers. In their free time, she enjoys playing golf.
