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Salary Advance Loan In India

For every salaried individual, there is one date every month, which they most wait for and yes, you guessed it right, it’s a salary day. They manage all their monthly expenses with the salary they receive. But, as we know, time changes and so does the scenarios. No matter how handsome your salary is, there might come situations where you will be required some extra pennies to manage your expenses. You might find yourself wanting more cash for a variety of reasons. This can be anything from debt consolidation, credit card bill payments, medical expenses, festival expenses, etc.

Today, we are living in the age of inflation and every year several people migrant to metro cities in the hunt of handsome salary, so that they can keep up with their living standards and economic hierarchy. But, practically things are not as easy as they seem to be and managing accommodation arrangements can actually burn a whole in your pockets.

At such scenarios, you always look for quick and affordable solution, so that you assist your short-term financial burden. One such solution is salary advance loan, which comes handy to manage all such expenses without any worries. Since unexpected expenses can pop-up anytime without waiting for the pay-day.

What Is Advance Salary Loan?

As the phrase suggests, an advance salary loan is a loan ahead of your pay-day at anytime of the month. Any eligible salaried individual can avail salary advance loan as a quick solution to get a hassle-free loan when the needs arise without having to go through the embarrassment of borrowing funds from friends or relatives.

Situations where you can give a call to salary advance loan:  
  • House rent/deposit
  • Child's school expenses
  • Car repairs
  • Electricity and other bills
  • Buying an anniversary gift for your spouse
  • Benefits of Advance Salary Loan

    Quick Processing and Disbursal –  As emergencies are quick, they need a quick solution as well. A traditional loan process is a bit tedious, but, salary advance loan comes handy with easy documentation, quick processing, and swift disbursal.

    Interest Rates –  This is a key benefit and feature of salary advance loan, where the rate of interest is computed only on the portion of loan amount being withdrawn and utilized.

    Convenience and Flexibility –  In this fast-moving world, it has now become more convenient and flexible to get the loan. From choosing the loan amount and lender to repayment tenure, everything about the loan seems to be easier.

    Easy Repayment –  With the traditional loan, the due date is fixed every month by the lender, whether you have funds available or not, you have to pay the EMI on the due date only. In case of salary advances, you can decide your instalment due dates in alignment with your payday. Hence, there are much lesser chances of you running out of money to repay the instalments.

    Small Amounts Can Be Borrowed –  Generally, a personal loan is provided by the bank for higher borrowing amount with higher interest rates. Though, this is not the case with advance salary loan. Applicants can borrow funds based on their needs, whether lower or higher loan amount. This will save them from paying extra pennies in the name of interest rates.