Mumbai is the financial capital of India and also the second most populated city in India. Every year, millions of people come to Mumbai with dreams of becoming stars and building successful careers. Earning a basic living in a big city like Mumbai is hectic. Despite planning all your monthly expenses, you may sometimes face financial hiccups by the end of the month..
Sometimes, it becomes difficult to tackle the monthly expenses and manage plenty of bills that need immediate payments. It also feels obligated to borrow money from family and friends. In such situations, LoanTap presents you with quick and affordable solutions, like Salary Advance Loan, which comes as a handy choice to assist you in covering the short-term expenses without compromising.
What is an Advance Salary Loan?
An Advance Salary Loan is a loan ahead of your pay date to handle the last-minute rent payments or bills. It’s easy to get an advance salary loan which can save you from borrowing money for your needs. Sometimes financial emergencies occur, for which not every company provides advance salary options to their employees. Hence, LoanTap brings you a go-to-option to meet the extra financial needs with our advance salary loan solution. In your tough times, we can help you in reducing short-term financial burdens and assist with affordable personal loan solutions.
How do Advance Salary Loans work in Mumbai?
LoanTap’s app provides an early salary to salaried professionals to add value in their lives and meet all the financial requirements. Advance Salary Loans are offered to salaried professionals up to a certain limit based on their net monthly salary. You will get an instant credit amount in the range of INR 25,000 – INR 1,00,000, which depends on your monthly salary and bank statements. Advance salary loans in India come as instant cash loans or personal loans for self-use. These loans are repaid every month by dividing loan amounts into equal sums called EMIs.
Applying for a Salary Advance loan saves you from the month-end cash crunch by providing 2.5 % of your net salary. You don’t need to follow lengthy documents and the verification process. Once you submit the identity proofs and bank statements, we will approve your loan within 24-36 hours.
Eligibility Criteria to Apply for Salary Advance Loan in Mumbai
Salary Advance Loan is similar to a personal loan with no prepayment charges and instant processing. At LoanTap, you will get the loan without any hassle. Salary Advance Loans for Salaried Professionals are the ideal choice to resolve immediate money-related issues with ease. So, we have listed below the eligibility criteria which you need to clear to get a salary advance loan approval online.
- You should be an Indian citizen or resident
- You should be between 21 – 58 years of age.
- You must have a minimum income of INR 40,000/-.
- You should have a six months bank statement of your account.
- You must be a full-time salaried employee.
- You should have a valid, operational bank account.
Your creditworthiness is verified by checking your credit health and history. It is defined by your CIBIL score that displays your promptness in repaying loans. LoanTap will match all the parameters and verify your eligibility for the instant salary advance loan.
What are the Documents Required to Apply?
If you match all the parameters, it’s time to apply for an instant personal loan. LoanTap has an easy process to request instant salary loans online without any fuss. Before you request a loan, check that you have the following documents for processing your loan:-
- PAN Card
- Address Proof like Electricity Bill/Telephone Bill/Rental Agreement/Passport.
- Identity Proof like Driving License, Adhar Card/ Passport
- Payslips of last three months
- Bank statement of the salary account for the last six months
If you have all these documents, make sure they are valid and updated. You can upload all your documentation on the LoanTap website. After successful uploading, wait for the response.
Steps to follow for applying Salary Advance Loan Online at LoanTap
Applying for Salary Advance Loan is a quick process with minimal documentation. You just need to follow some steps to sign in and request an instant personal loan. If the process is done, you might get the same-day approval without any compromise.
- Install the LoanTap app from Google Play Store or visit the page https://loantap.in/apply to apply online.
- Create your profile by filling out the basic details like email address and residential address.
- After creating a profile, check out the offers and enter the desired loan amount.
- Upload the basic documents or mail them to the team directly with proper validation.
- Now, wait for the LoanTap team to complete the verification of your credit score and other details.
- After instant verification, LoanTap will send an approval mail and activate the instant disbursal online.
As soon as the process is done, the loan amount will be credited to your account to withdraw as per your minimum limit. Try to repay the loan on the agreed repayment date to keep your credit score healthy and set a higher credit limit.
Benefits of Advance Salary Loan
LoanTap offers a complete solution of the online salary advance loan in Mumbai to fulfill your needs. Get an advance salary loan within 24 hours without any difficulty. We are providing loans like instant personal loans online with more appealing benefits mentioned below:-
- Quick Loan Approval: Instant personal loan takes a one-time registration process, where you have to fill an online application form. You should mention valid personal and financial details to get instant approval. LoanTap is a trustworthy loan lender who guarantees you any personal loan on the same day.
- Collateral Free Loans: LoanTap is well-known for its collateral-free loans. The borrowers do not need to submit assets to be mortgaged against the granted advances.
- Minimum Documentation: It is the complete online process where you don’t need to waste your time struggling with papers or documentation. You should have documents like identity proof, address proof, and bank statements to clear the eligibility criteria. After arranging the documents, you can upload them and get approved for the loan.
- Transparent Process: There are no other hidden charges or prepayment options to access the Early Salary Loan. The team will take a processing fee of Rs 2500 + GST for loans up to Rs 50,000 and a Rs 5,000 + GST processing fee for a loan amount of Rs 50,000 or above.
- Flexible Repayments: This feature allows you to easily plan your loan budget and pay on time to keep up the credit score.
- Short tenure Loans: Getting loans for short tenure is the best option for salaried people. Anyone can repay the short-term loans up to INR 1,00,000 into EMIs or instalments within 3 -12 months.
How you can Use Advance Salary Loans in Mumbai?
After approval, Advance Salary Loans get credited directly into a bank account. You can withdraw that loan money to use for various purposes. Mumbai is an expensive city where renting a single-room apartment or living a modern lifestyle on a monthly income costs you a fortune . However, there is no need for you to struggle with expenses. LoanTap provides you with a wonderful option to request an instant personal loan. We have listed some of the reasons to use Advance Salary Loans in Mumbai.
Renovating House: Your house needs renovation to upgrade the look or repair the old-fashioned ambience. But, your financial budget is out of scope to hire a renovation constructor. For the instant loan, you can get extra cash from the instant salary loan up to 1 lakh to cover the small renovation expenses.
Make a Deposit: You have found a nice apartment on lease or want to buy a bike. But there’s a shortage of money to put down a deposit for your dream house/ bike. In this case, the LoanTap personal loan facility can help you with the immediate funds and deposit for the apartment as soon as possible.
Credit Card Bills: At the end of the month, you may get the notification to pay credit card dues. But, you don’t have enough balance to pay your credit card bills. If you keep the credit card due pending, your credit score will be impacted. Take a step and apply for the advance salary loan to cover the bills. You can also pay other bills like electricity and insurance.
Medical Problems: Sometimes, you may face medical emergencies that can cause thousands of rupees in medical bills. You cannot avoid such unexpected situations in life. But, one feels hopeless when there’s no money to pay those bills. In this situation, Advance Salary Loan can save by giving immediate cash in hard times.
Travel Plans: You want to go on a fun trip with your friends. But, at the last minute, you canceled it due to a scarcity of money. Here comes the ideal option of taking an advance salary loan and not missing the chance to travel.
Festive Shopping: Festive occasions like weddings or Diwali are boring without glamorous clothes and accessories. Everyone gets excited to shop for weddings or other festivals to make it memorable. But your monthly salary always goes into paying the bills and rent. There are a few days left in getting next month’s salary. Request an early salary loan online in Mumbai to handle all your shopping purchases.
Child’s education fee: Suddenly, you remember that your child’s school fees are still pending payment. While checking your account balance, you realize that your monthly salary went into managing other expenses. Instant Salary Loans can help in paying your child’s education fee and also remind you to be more financially disciplined.
Nowadays, it’s tough to lead a better life in terms of health and wealth. To maintain the rising necessity of a healthy and modern lifestyle requires rigorous planning of money management. Sometimes proper planning does not work, and things slip out of your hands. Salaried professionals face a shortage of money and struggle to clear the problems with the available salary. But, we at LoanTap help you solve all your cash-related issues at the month-end through flexible payment options.
When you need to manage your life in an expensive city like Mumbai, it can get quite tough and overwhelming. At LoanTap, we understand your dreams and aspirations and help you to fulfil them.We help you live a balanced life without having to worry about cash crunches and short term monetary worries.
The simple process, friendly user interface, elimination of extensive paperwork, no collateral and quick disbursement makes a LoanTap instant online salary advance loan a very attractive option when the need for short term funding arises in a bustling city like Mumbai.