Reasons To Choose Personal Loan Over Salary Advance Loans
Posted: Nov 25, 2021
Salary advance loan is very popular among working professionals due to flexibility and easy availability. A salary advanced loans helps you to meet your short-term financial needs.
If you cannot manage your loans properly, there are also significant disadvantages of salary advance loans that can hurt your financial stability. Therefore, this is the loan option you cannot depend on too often and should use when you don’t have other finance options.
A personal loan is the best alternative to a salary advance loan
Salary advance and personal loans are both unsecured types of loans, but a personal loan is always better in terms of availability and affordability.
Compared to salary loans, we can use personal loans for various purposes like meeting financial emergencies. Financing weddings or higher studies, financing vacation, etc., there is no limit on the usage of the loan amount.
Personal loans are straightforward to apply and quickly approved if your credit history is good.
Characteristics of Personal Loan
You Can Avail Higher Amount :
You can avail yourself of higher amounts in personal loans as compared to salary advance loans. Lenders disbursed personal loan amounts based on applicants’ repayment capability. As reputed private financers in Delhi, we offer instant personal loans from a few thousand rupees to 15 lakh rupees.
Competitive Interast Rate :
Interest rates are low in personal loans as compared to salary advance loans. The interest rate of salary advance loan goes up to 50% as APR. You can avail of the personal loan easily at a low-interest rate if your credit score is higher.
No need for collateral :
A personal loan is an unsecured type of loan; hence you don’t need any kind of collateral to avail of a personal loan. A personal loan is approved based on your repayment capacity, employer reputation, credit score, and your income.
Flexible Loan Tenure :
You can choose your repayment tenure as per your repayment capacity. You can pay a personal loan with a flexible tenure of 12 to 60 months.
Personal Loan Eligibility Criteria :
Personal loan eligibility criteria at vintage finance include:
The age of the applicant should be above 23 years and below 60 years.
Should be a salaried employee in a stable and well-established organisation.
The minimum monthly income should be 30,000 per month.
EMI to income percentage ratio should be below 65 percent.
Advanced salary and personal loans require the same eligibility criteria. Still, only salaried individuals can avail of salary advance loans, whereas salaried and self-employed professionals both can avail personal loans.
Applying for personal loan V/S Salary Loan
A salary loan is prevalent in western countries, and few lenders offer salary loans in India. Where almost all the lenders in India provide a personal loan. You can easily apply for a personal loan through the lender’s website. A personal loan is ideal for you if you require a loan for the following reasons –
When you need a higher amount
To keep your EMI smaller and manageable
You have a good credit history and CIBIL Score.
You have a good repayment history with your existing lender, and you need urgent funds, you can easily avail of top-up.
About Vintage Finance
Vintage finance is a reputed private financiers in delhi that offers instant personal loans, Early salary loans, Two-wheeler loans, and cibil defaulters in Delhi NCR.
HI i am riya sharma. and i am working as digital marketer at vintage finance one of the reputed private loan company in delhi.