Answering your FAQs for salary advance loan in India

The modern lifestyle often puts an ordinary person in want of funds in the second half of the month. This is why many people look for immediate financing options for small amounts so as to get by. The digital lenders now offer a salary advance loan in India so as to offer such small financing to the people who may need such funds. In this article, we answer some of your most frequently asked questions about the salary advance loan in India:

Is it difficult to get a salary advance loan in India?

No. The eligibility requirement to get a salary advance loan in India is very lenient. Any Indian citizen in the age group of 22-59 years of age with a minimum salary of Rs. 10,000/- can apply for this loan as far as they fulfill the documentation requirements.

Can self-employed professionals apply for this loan?

Yes. The salary advance loan in India is available for both salaried and self-employed individuals as long as they fulfill the salary and documentation requirements.

What are the documents required for application of this loan?

The documentation required for this loan is very simple. The applicant is required to submit his/her PAN card, Aadhaar card, salary documents and co-borrower details and bank details. The documentation process is completely paperless and can be finished online. If you have all your documents at hand, then you can finish the entire documentation process in 5 to 10 minutes.

How quickly will I get my loan?

The sanction of a salary advance loan in India takes about a few hours. Once you apply for a loan, you will be notified once your loan is sanctioned. You can then expect the disbursal of your loan in the next few hours in your bank account.

What if my loan application is rejected?

In case your loan application is rejected due to some violation of lender’s rules and regulations, you can re-apply a few days later with a revised application to get your loan!

What are the repayment options available?

There are many easy and convenient repayment options available to the applicant to repay his loan. The loan tenure can be up to a maximum period of 12 months allowing the applicant enough time to repay the loan.

Can I pay my loan installment online?

Yes, absolutely. You can pay your loan installment using online payment options including net banking, credit card or debit card options. You can also pay using the digital wallets like Mobikwik and Paytm.

Where can I use this loan?

There are many potential uses of the salary advance loan in India. You can use it to cover your medical expenses, paying bills, house rent, house renovation, monthly groceries, school fees or any other expense for which you may need financing on an immediate basis.

We hope this article was helpful to you and informed you about the salary advance loan in India and the details of it. Have a great day!

I am a finance consultant who loves to write during his spare time. I have detailed information about instant personal loan. Through my work, I have provided valuable information about smart borrowing when it comes to some instant loan.