Lesser loan tenure
Advances are generally taken for 1 to 3 years and doesn’t linger for years, giving a burden of repayment.
Personal Loan EMI Calculator
Get a Salary Advance Loan Upto 5 Lakh
As a salaried employee, you may face certain situations when your salary seems insufficient to cover emergency expenses. That is when you may resort to a Salary Advance Loan from Hero FinCorp. It is a short-term loan you may use to cover the costs beyond your monthly budget, such as urgent home repairs, education fees, travel plans, etc.
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.
Features and Benefits of Salary Advance Loan
One of the best features and benefits of a 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
Loan amounts range from Rs. 50,000 to 5 lakhs, repayable via EMIs.
Loan Approval
Advance loans are quick with minimal documentation; long-term loans require more verification.
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
Interest rates for Hero FinCorp personal loans start at 1.58% per month for up to 5 lakh.
Quick Disbursal
Hero FinCorp offers timely salary advance disbursal directly to your account within a day.
Eligibility Criteria for Salary Advance Loan
Whether the loan is for 50,000 or 5 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:
Age Requirement
You must be between 21 to 58 years to be eligible for the loan.
Citizenship
You should be a citizen of India.
Work Experience
You should have at least six months experience in your current job.
Monthly Income
The minimum monthly income required is Rs 15,000.
Documents Required for a Salary Advance Loan
Whether you are a salaried individual or self-employed, understanding and gathering the correct documents beforehand can simplify your application process and improve your chances for quick approval. Here, we provide a detailed list of the required documents for both salaried and self-employed individuals seeking a salary advance loan.
Proof of Photo Identity
Driver’s Licence, Passport, PAN Card, Aadhaar card
Mandatory Documents
Filled Loan Application Form, Passport Size Coloured Photograph
Proof of Income
Six Month Salary Slip & Bank Account Statement, Form 16
Job Continuity Proof
Appointment Letter From the Current Employer
Proof of Residence
Driver Licence, Passport, Aadhaar Card, Utility Bill
Interest Rates and Charges on Salary Advance Loan
To make informed financial choices, it's essential to understand the interest rates and associated expenses of any loan under consideration. Here's an overview of the fees and interest rates applicable to our personal loan:
How to Apply for Salary Advance Loan?
Applying for a Salary Advance Loan is easy and efficient with Hero FinCorp’s instant personal loan service. Follow these simple steps to get started:
- 1
Visit the Hero FinCorp website or install the Personal Loan app.
- 2
Go to the Personal Loan page and click ‘Apply Now’
- 3
Enter your mobile number and verify with the OTP received
- 4
Choose the loan amount you need
- 5
Verify your KYC details to check income eligibility
- 6
Click ‘Submit’ to complete your application
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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.