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What is an Advance Salary and How to avail it?

What is an Advance Salary and How to avail it?

Last updated: Jan 24, 2022, 06:01 AM IST

An advance salary is a short-term loan against your income, mainly designed for salaried individuals from their employer in India. The interest rate is lower and assessed every month or sometimes even daily by some lenders. On the other hand, the interest rate and other loan terms vary from lender to lender. 
 

How does an Advance salary work?


An advance salary is a genuine loan where the employer deducts wages from the employee’s future pay checks to make repayments. Moreover, advance salary is a private deal between an employee and an employer, who agrees to share a future pay before your monthly payday. 
 
You may subtract the full repayment from one of your salary checks or deduct a smaller amount from several future pay checks.
 
Apart from private companies, several financial institutions and NBFCs offer advance salary loans to salaried individuals at a meagre interest rate. Advance salary helps you to pay off expenditures related to travel, education fees, utility bills, credit card bills, or sudden medical emergencies.
 
Advance salary is gaining popularity among young salaried professionals struggling for finances towards the month-end. Besides, an advance salary can prove beneficial for a variety of reasons. 
 

What are the Benefits of Availing an Advance Salary?


Here is how an advance salary proves beneficial and an excellent source for instant funds:
 

Supports unpredictable emergencies

Emergency situations such as medical urgency, same day travel, urgent repairs contribute to unpredictable expenses. It disturbs the set monthly budget which can be balanced again with salary advance loans.
 

No collateral

There is no collateral required while availing of a salary advance, unlike a gold loan. You can get a salary advance loan without any security or guarantor like a personal loan. Your only collateral is your monthly income.
 

Affordable Interest rate

Advance salary charges low-interest rate. The interest rate is charged by the company only on the money drawn. Compared to the NBFCs, the interest rate is levied on the accumulated amount when disbursed.
 

Quick disbursal

Salary advances are much faster and instantly disbursed into your bank account with paperless verification. This saves a considerable amount of time that goes into physical documents verification.
 

Flexible repayment tenure

A traditional personal loan repayment method comes with strict payment dates, but the repayment scheme is easy and flexible in the case of salary advance loans. Mostly the repayment tenure is short, up to 6 – 24 months.
 
SimplyCash is an instant cash loan app launched by HeroFinCorp, a leading financial company that offers various instant loans. Moreover, SimplyCash provides instant solutions to all your financial crises in a paperless format. It offers a loan amount starting from Rs.50,000 to Rs.1,50,000 at a reasonable interest rate.
 

How can salaried individuals avail of Instant Personal Loan via SimplyCash?


To avail of personal loan, you should meet the eligibility criteria set by the lender. SimplyCash eligibility criteria to avail personal loan are quite simple, and any individual can meet the eligibility criteria with the following parameters listed below:
 
  • Age should be between 21 – 58 years
  • Your minimum income should be Rs.15,000 per month
  • Submit last six months of bank statement
  • Job with a stable income is mandatory
 

Paperless Documents


SimplyCash enables loan availability with paperless and minimal documentation like E-KYC verification of Aadhar card and PAN card.
 

How to Apply for an Instant Personal Loan via SimplyCash?


The personal loan application is simple. It can be availed easily with the following steps:
 
  • Install the SimplyCash loan app from Google Play Store on your android phone
  • Register your mobile number and email id for OTP verification
  • Use the EMI calculator to calculate the loan amount
  • Enter your Aadhar card and PAN card number for personal and financial details

Instant approval and disbursal of the loan amount directly into your bank in a few working days
 

SimplyCash

SimplyCash powered by Hero FinCorp is an instant personal loan app providing cash loans of upto INR 1,50,000 for both salaried and self-employed individuals. Driven by technology and fuelled by innovation, SimplyCash solves instant cash requirements of customers in just a few simple clicks without any physical documentation or meeting. The mobile app is available to users through all popular Android play stores like Google play store, Samsung store, Xiaomi store etc. With one of the most widespread presence, SimplyCash currently offers its services in over 90 major locations in India. Known for a seamless process, instant loan disbursal and transparent pricing - SimplyCash truly lives upto the expectations of being a 'Hero' product.  

Note: SimplyCash is a duly registered trademark and is a loan product offered, managed and operated by Hero FinCorp. Hero FinCorp Limited is a Non-Banking Financial Company registered under the provisions of Reserve Bank of India ("RBI") and is in the business of finance and lending.

Accepted Banks:

ICICI BANK LTD HDFC BANK LTD IDBI BANK STATE BANK OF INDIA PUNJAB NATIONAL BANK YES BANK INDUSIND BANK KOTAK MAHINDRA BANK LTD

IDFC FIRST BANK LTD AXIS BANK BANK OF BARODA TAMILNAD MERCANTILE BANK LTD INDIAN OVERSEAS BANK INDIAN BANK RBL BANK LTD DEUTSCHE BANK AG CITY UNION BANK LTD FEDERAL BANK SOUTH INDIAN BANK STANDARD CHARTERED BANK CANARA BANK KARNATAKA BANK LTD CITI BANK BANDHAN BANK UNION BANK OF INDIA DCB BANK LTD DBS BANK INDIA LTD THE HONGKONG AND SHANGHAI BANKING CORPORATION LTD DEUTSCHE BANK UCO BANK

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