Denice R. Preston
There are many options to help you cover unexpected expenses. You can get a salary loan to meet your financial requirements. Borrowing money is a great option if you don’t have a lot of disposable income.
This blog will show how an advance salary loan could help salaried individuals earn INR 40,000 per month.
What’s a Salary Advance Loan?
Salary advance loans are personal loans that are short-term and available to salaried professionals. The loan amount can be up to 2.5 times your salary. It allows you to repay the loan at your own pace. Salary loans have been growing in popularity among millennials. They are a great way to obtain immediate funds for medical emergencies, paying bills, planning a trip, relocation, or any other purpose.
NBFCs and banks offer stipendiary loans to bridge the gap between lenders and borrowers in this digital age. Borrowers can now apply online for a loan through a mobile app called a salary loan app. You can repay the loan online with fixed EMIs.
Top Reasons to Apply for a Personal Loan As a Salaried Individual
You are now short of cash in your bank account. You have a long list of expenses that you need to pay by the end of the month. You must apply for a personal loan quickly to obtain emergency funds. You can get online salary loans to help with your month-end cash crunch. Are you still unsure about the personal loan? Consider these reasons it’s an excellent option for you.
Accessible Emergencies Funds
A Salary-based loan is a great way to quickly get cash, especially at the end of the month. Digitalization has made it easier to get a personal loan. The application and paperwork are quick and easy. Your credit score and financial ability will be assessed. You can obtain the loan in 24 hours if your documents and credibility are satisfactory.
Apply from Your Comfort of Home
People are spending more time online after the pandemic. The financial sector is not far behind. LoanTap and digital lending platforms like LoanTap offer a single-stop solution for all your financial needs. Borrowers can choose any loan that suits their needs without visiting any bank or financial institution. The entire application can be completed online from your home.
No Borrowing Limits
You may need extra money to cover your monthly bills or other expenses. For emergencies, however, you may need a larger amount to pay unexpected bills that arise in the middle or end of the month. LoanTap offers salary loans up to 2.5 times your net monthly salary. You can choose the amount that you need. A salary advance loan can be up to 2.5 times your monthly net salary. You can also choose the repayment term at your discretion.
Don’t be embarrassed.
It isn’t very comfortable to borrow money from friends and family. You don’t want anyone to ask when you are in financial trouble. A loan application for an advance salary can save you from the hassle of borrowing money from your friends. The loan amount can be paid off without impacting your monthly expenses.
Benefits and Features
Instant Approval & Disbursal
It is easier than going to an office to apply for a personal loan online or through an app. You must complete an application and upload documents to verify your information. Finally, you can choose the amount and term that suits your needs. The loan will be approved after you have submitted all required documents. It is usually disbursed within a few hours. The application process takes just a few minutes if your credit score exceeds 580-630.
Free Loan with Collateral
An advance salary loan is an unsecured loan without collateral or a guarantor. This is why it’s so easy for working professionals and younger generations to get an online salary loan. Many people can use it to meet their urgent financial needs without hassle.
Flexibility
LoanTap allows you to take money from the site for many reasons. Online salary loans are available for all purposes. Only you have to adhere to the repayment plan.
Flexible Repayment Options
Applying online for a salary loan is easy. Flexible repayment options allow you to switch to EMI-free loans. Salary advance loans have a repayment term of 3-12 months.
No Prepayment Fees
There will be no partial payments and foreclosures. A processing fee of Rs 2500 plus GST will be charged on loans up to Rs 50,000. If the loan amount is more than Rs 50 000, Rs 5,000+ GST will also apply.
Simple Expense Management
An instant salary loan can help you manage your monthly expenses without stress and allow you to save money. You can repay the loan with a lower EMI. A higher loan amount can be borrowed at a lower interest rate (1.5% per month), which is 18% annually.
Basic Documents Required
LoanTap does not require you to complete many papers to obtain a loan. This is a departure from traditional banks. You only need to upload the necessary documents to complete the KYC process. This is the list of documents required for personal loan products.
- Identity Proof: PAN card
- Salary slips for the past three months
- Send the most recent six-month’ salary account bank statement.
- Address Proof: Aadhar Card/ Electricity Bill/ Voter Identification
Get your Loan Eligibility Score
You should ensure that you are eligible for a quick loan to cover your salary. Your application could be rejected if you do not meet the eligibility criteria. Below are the eligibility requirements for LoanTap’s advance salary loans. These are the conditions that will allow you to get a loan.
- Indian citizen or resident.
- You must be at least 21 years old and not older than 58.
- You must have a steady income of INR 40,000.
- You must have worked in the past six months.
After you have been approved for the loan, you can apply online at this link. Enter all details and attach the documents. Wait until they have completed the KYC process. Once your KYC has been completed, the loan amount will automatically be credited to your bank account. This urgent cash infusion can be done from the comfort of your own home.
