Lesser loan tenure
Advances are generally taken for 0.6 to 3 years and doesn’t linger for years giving a burden of repayment
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.
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 5 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 5 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.
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
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 19% to 30% per annum for a maximum amount of 5 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: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:
- 1
Install Hero FinCorp Instant loan app from Google Play Store
- 2
Register with basic details – mobile number & email address
- 3
Enter the desired loan amount and customize EMI using the loan EMI calculator
- 4
Paperless verification of KYC details using a security code
- 5
Bank account verification through net banking or 6 month’s account statement
- 6
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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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 an 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.