Your salary almost vanishes paying for bills and other stuff and at times it becomes difficult to pull on till month-end. At times emergency expenses crop up when you are broke and you feel lost and don’t know what to do. This is the time to think about the advance salary loan alternative.
Advance Salary Loan Can Help You In Times Of Emergencies:
One of the fastest and easiest ways to replenish your bank account is by applying for an advance salary loan. Here are some important aspects of this type of loan.
- This loan facility can be availed by only salaried individuals
- The advance salary loan will be credited to your account instantly
- The payment for the same has to be done when your salary is credited into your account.
- You can repay the advance salary loan in installments
Understand The Details Of The Eligibility Criteria Of Advance Salary Loan:
Before applying for the advance salary loan you must check if you fulfill the eligibility criteria:
- Age: The applicant has to be at least 23 years of age
- Financial Background: The individual has to be employed in a good organization that has good credibility. The bank balance of the applicant also will be checked before the financial institution approves the loan.
- Credit Score: In the case of an advance salary loan the applicant needs to have a good credit score only then his loan application has better chances of getting approved.
- Minimum Salary: The minimum salary requirement will depend on the location but in most cases the applicant must have a salary of at least Rs 20000/- per month.
- Work Experience: The applicant must have work experience of 2 years and above.
- Residence Status: The applicant has to be an Indian citizen and resident of this country and must reside in a city for at least one year.
The Many Benefits Of Advance Salary Loans:
Many salaried individuals are choosing the option of advance salary loans as it has many advantages.
- Approval: The salary loans are approved quickly and if all the documentation and other formalities are completed properly then you do not have to wait for long to get the loan approval.
- Documentation: There is no complex documentation procedure to apply for this loan. You need to submit a few documents like a PAN card, Aadhar Card, bank statement, salary slip, etc.
- Payment Terms: In most cases the payment terms are flexible and one is allowed to repay the loan in a span of 3 to 12 months.
- Customization: The loan can be customized as per the requirement of the applicant.
- Loan Tenure: Advance salary loans are short tenure loans and even the interest that the applicant has to pay is less as compared to long tenure loans.
- Online Application: It is possible to apply for the advance salary loan online and even the documentation process can be completed virtually.
This Is How You Can Use Your Advance Salary Loan:
An advance salary loan is a type of personal loan which you can use as per your requirement.
- You can pay pending bills and rent with this loan
- If you want to buy something like furniture or some appliance for your home at the earliest then that also can be done with this money.
- You can also pay off your credit card bills so that you do not enter their defaulter list
- You can shop for some special family event like a wedding
- You can buy things for your school or college going kids or you can pay their tuition fees
- You can get your vehicle repaired with this loan
- Any other sudden expense that comes up you can manage with the help of the advance salary loan.
Now These Are The Documents That You Will Have To Submit:
Just like other loans in the case of advance salary loans, you will have to submit certain documents. So, here is a list of some of the documents that you will have to submit to get the approval of your advance salary loan:
- Identity Proof: The applicant will have to submit his PAN card, aadhaar card, etc. in the case of identity proof.
- Age Proof: The documents that you submit for identity proof can also be used for age proof.
- Address Proof: You can submit your aadhaar card or you can submit utility bills etc. as address proof.
- Income Proof: The applicant will have to submit his salary slips and bank statement for the past 3 to 6 months.
- Photographs: The applicant will have to submit his recent colored photograph while applying for the advance salary loan.
Any other document that is requested by the financial institution will have to be submitted by the applicant. Please note that failure to submit any document that is requested by the financial institution can lead to the rejection of the application. Make sure that you furnish correct and authentic information at the time of submission of the application to avoid any problems at a later stage.
Wondering How To Apply For The Advance Salary Loans?
There will be many of you who may feel that to apply for the advance salary personal loan you will have to approach the financial institution and then collect all the documents and submit the same in person. But in the digital world, things have changed and now it is possible to apply for an advance salary loan online.
- Step1: Choose a reputed financial institution like Money View where you would like to apply for the advance salary loan in terms of a personal finance loan.
- Step2: Check if you fulfill the eligibility criteria for applying for the advance salary personal loan. This can also be checked online.
- Step 3: If you are eligible then click on the “Apply” tab and fill in all the details like personal information such as name, age, address, etc. You will also have to enter details about your occupation, salary, etc.
- Step 4: You will have to upload the soft copies of all the required documents like aadhar card, PAN card, etc.
- Step 5: The applicant will have to accept all the terms and conditions of the loan and submit the application.
- Step 6: The financial institution will check the application form and documents and if the applicant is eligible and all the required formalities and requirements are fulfilled then the advance salary loan will be approved by the financial institution instantly.
To get a better idea about the online application procedure of advance salary personal loan you can check the website of Money view where you will get a better idea about the formalities that have to be completed.
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Conclusion:
There is no need to fret and fume if you have used up your salary and you still have pending bills to pay. Just avail the facility of advance salary loan. This is a type of personal loan where you can get the loan approval instantly. So, if you are a salaried individual who fulfills the eligibility criteria of an advance salary loan then you can take advantage of this type of loan.
For applying for the advance salary loan you do not have to run from one place to another. You can apply online and even the documents can be submitted virtually. For more details about the same, you can get in touch with Money View Loans.
