What is an Advance Salary and How to avail it?

An advance salary is a short-term loan against your income, mainly designed for salaried individuals from their employer in India. The interest rate is lower and assessed every month or sometimes even daily by some lenders. On the other hand, the interest rate and other loan terms vary from lender to lender. 
 

How does an Advance salary work?

An advance salary is a genuine loan where the employer deducts wages from the employee’s future pay checks to make repayments. Moreover, advance salary is a private deal between an employee and an employer, who agrees to share a future pay before your monthly payday. 
 
You may subtract the full repayment from one of your salary checks or deduct a smaller amount from several future pay checks.

Apart from private companies, several financial institutions and NBFCs offer advance salary loans to salaried individuals at a meagre interest rate. Advance salary helps you to pay off expenditures related to travel, education fees, utility bills, credit card bills, or sudden medical emergencies.
 
Advance salary is gaining popularity among young salaried professionals struggling for finances towards the month-end. Besides, an advance salary can prove beneficial for a variety of reasons. 

What are the Benefits of Availing an Advance Salary?

Here is how an advance salary proves beneficial and an excellent source for instant funds:

Supports Unpredictable Emergencies

Emergency situations such as medical urgency, same day travel, urgent repairs contribute to unpredictable expenses. It disturbs the set monthly budget which can be balanced again with salary advance loans.

No Collateral

There is no collateral required while availing of a salary advance, unlike a gold loan. You can get a salary advance loan without any security or guarantor like a personal loan. Your only collateral is your monthly income.

Affordable Interest Rate

Advance salary charges low-interest rate. The interest rate is charged by the company only on the money drawn. Compared to the NBFCs, the interest rate is levied on the accumulated amount when disbursed.

Quick Disbursal

Salary advances are much faster and instantly disbursed into your bank account with paperless verification. This saves a considerable amount of time that goes into physical documents verification.

Flexible Repayment Tenure

A traditional personal loan repayment method comes with strict payment dates, but the repayment scheme is easy and flexible in the case of salary advance loans. Mostly the repayment tenure is short, up to 6 – 24 months.
 
Herofincorp is an instant cash loan app launched by HeroFinCorp, a leading financial company that offers various instant loans. Moreover, Hero Fincorp provides instant solutions to all your financial crises in a paperless format. It offers a loan amount starting from Rs.50,000 to Rs.1,50,000 at a reasonable interest rate.

How can salaried individuals avail Personal loan via Hero FinCorp Instant Personal Loan App?

To avail of personal loan, you should meet the eligibility criteria set by the lender. Hero Fincorp eligibility criteria to avail personal loan are quite simple, and any individual can meet the eligibility criteria with the following parameters listed below:

• Age should be between 21 – 58 years
• Your minimum income should be Rs.15,000 per month
• Submit last six months of bank statement
• Job with a stable income is mandatory

Paperless Documents

Hero Fincorp enables loan availability with paperless and minimal documentation like E-KYC verification of Aadhar card and PAN card.

How to Apply for an Instant Personal Loan via Hero Fincorp?

The personal loan application is simple. It can be availed easily with the following steps:

• Install the Hero Fincorp loan app from Google Play Store on your android phone
• Register your mobile number and email id for OTP verification
• Use the EMI calculator to calculate the loan amount
• Enter your Aadhar card and PAN card number for personal and financial details

Instant approval and disbursal of the loan amount directly into your bank in a few working days