Salary Advance Loan: No matter how much money you have, especially working people need money for 30 days of the month. Salary comes into the account on the 1st and gets over by the 10th. In such a situation, if any special occasion or work comes up, then money has to be borrowed from others. The festive season has started, Dussehra and Diwali are on the head. In such a situation, if you can arrange money equal to the salary, then what can be said? Do you know about salary advance loans? If you need money in a special situation, then you can easily take an advance salary.
Many organizations give advance salary on the application of the employee in difficult times. However, here we are talking about the salary advance loan from the bank, in which banks and other finance companies give you a salary advance. Let's know how…
What is a salary advance loan?
A salary advance loan is a loan available to working people in India. However, unlike personal loans, the interest rate on salary advance loans is calculated on a monthly or even daily basis. The interest rate and terms for this type of loan may vary from bank to bank.
Instant salary advance loan
The biggest feature of a salary advance loan is that it is available within minutes or hours. In such a situation, a salary advance loan provides great relief to the person in times of any kind of emergency. There are many finance companies and banks in India that offer salary advance loans. You can easily take a salary loan from the bank in which you have a salary account. The application for this loan is completely online. In such a situation, you do not need to go to the bank to apply.
Loan interest and other terms
According to the information available on BankBazaar.com, Early Salary, Loan Tap, Cashkumar, Quick Credit, Flex Salary and Credit Bazaar are the important financial firms that offer salary advance loans.
2.5% interest has to be paid monthly on this loan. The minimum loan amount is Rs 8000. The maximum loan amount is Rs 1 lakh.
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