When it is the 21st of the month and payday is ten days away but you need urgent cash to pay for a course, what would you normally do? You would be flustered and looking around for options to arrange for the necessary funds. You may dial your friends or family and do the run of the banks in your neighbourhood. Cut to the present. With the availability of instant personal loans against your salary, you don’t need to move from your recliner anymore. Just relax and opt for the Instant Advance Salary Loan from LoanTap and say goodbye to all your funding problems.
What is a personal loan?
A personal loan is an unsecured loan that can be taken based on minimal eligibility criteria for short tenures to meet urgent funding requirements. LoanTap specializes in instant personal loans that are tailored to meet specific requirements. The advance salary loan is one such tailored offering to meet the end-of-month money challenges of salaried professionals.
What is an Advance Salary Loan?
An advance salary loan is a line of credit that LoanTap offers up to 2.5 times your net salary for a short tenure of 3-12 months. This can be paid off in equated monthly instalments at rates lower than credit cards. So, instead of reaching out for that piece of plastic, you can choose to go for an advance salary loan and solve your short-term funding needs.
How can an Advance Salary Loan help?
An advance loan can help you in any emergency situation if you run out of cash towards the end of the month. There are so many situations where the availability of additional funds could be a saviour.
Medical Emergencies – Medical emergencies don’t come with an advance warning. It is difficult to remain prepared for all emergencies, especially in the early stages of your career. An advance salary loan can help you handle the crisis easily and the repayments can be done over the agreed tenure.
Dream vacation – A sudden offer has come up from a leading holiday planner and it is too irresistible to ignore.There is a catch. You cannot wait till payday to book as the offer gets over in two days. Getting an advance salary loan for a few months is a great idea as it will help you take advantage of the offer.
Paying for a course – Sometimes these things catch you unaware. You may have planned to enrol for a course over several months and suddenly you get a chance to enrol at a discount. You don’t want to miss out just because payday is next week and you have run out of cash. Getting an advance salary loan would be a cool option under such circumstances.
Need to replace that appliance – Your refrigerator has stopped working and you need to replace it urgently. It is an expense you cannot put off for a week. You may choose to go for an Advance Salary Loan for this purpose since you know you can pay it off over the agreed period.
Eligibility criteria for Advance Salary Loan
Like all other personal loans, you will need to meet certain requirements to qualify for an advance salary loan.
You will need to be an Indian citizen or resident
You must be over the age of 21 years
You must be earning a net monthly salary of over Rs 40,000
Your credit score should be 630 or more
Features of Advance Salary Loan
Low Interest Rates – A credit card is normally used as an extension of the paycheck to cope with expenses when the salary runs out. The only handicap is that credit cards charg exorbitant rates of over 2.5-3% per month on outstanding balances. An advance salary loan comes at lower rates of interest and helps you tide over the period at a much lower cost with more flexibility of repayment.
Instant Processing and Disbursement – At LoanTap your urgency is appreciated and the loan process is designed to approve and disburse your loan within 24-36 hours. This helps you to get an instant solution in case of an emergency.
Minimum Documentation – Say goodbye to onerous paperwork that seem to go on forever. For an advance salary loan from LoanTap, you need minimum basic documents for proof of identity, address and income. Nothing else is usually needed.
Flexible Repayment Options – You can switch to an EMI free loan after six months of disbursal.You can choose an accelerated repayment option as per your choice without any penalties.
Higher Loan Amounts – You can get loans from INR 50,000 – INR 10,00,000 depending on your requirement. This can cover a majority of your emergency needs.
No Hidden Charges – There are no hidden charges or pre-payment penalties as a transparent process is followed.
No Collateral – Like all other personal loans, advance salary loans are also collateral-free. No assets need to be pledged for the purpose of advance salary loans.
How to Apply for an Advance Salary Loan
Applying for an advance salary loan is very simple and can be done in 5 steps.
Step 1 : Download the LoanTap app on your mobile
Step 2 : Fill out the online application
Step 3: Upload the PAN Card, Aadhaar Card, Salary Slips for last three months and Bank Statement for the last six months.
Step 4: Relax and sip your favourite beverage
Step 5: Your loan approval willbe completed and the amount credited to your bank account
An advance salary loan is a convenient way to manage your month end crunch at reasonable interest rates. It gives you the flexibility to manage your needs without losing sleep over it. Make sure you download the LoanTap app today so that your funds are just a couple of clicks away, anytime, anywhere.
Get the LoanTap advantage today.