Capital Now Offers Banner
Header banner showcasing promotions for an instant 5000 loan at Capital Now.HomeProductsTwo Wheeler LoansBlogResponsible LendingEMI CalculatorCareers

Blog

Card image

Advance Salary loan - Meaning, Features and Benefits

Introduction

Receiving a salary at the end of each month should ensure financial security. Sometimes it doesn't. The cities' increasing expenses have made it tough to make ends meet at times. Certain unexpected expenses may arise that cannot be postponed until the salary is received. These are the occasions when you require a connection to get you through until your paycheck arrives. Some people prefer to borrow from a family member or a friend, while others take out a long-term loan from a bank, but both options can be extremely inconvenient in the long run. An advance salary loan, on the other hand, can assist you in meeting your financial responsibilities.

What is an advance salary loan?

As the name implies, an advance salary loan is a short-term loan given to salaried individuals on the security of their salary. An advance salary loan is essential in times of emergency when a person does not want to take out a personal loan and cannot wait for the next salary. The borrower is supposed to repay this in instalments or when they receive their next paycheck.

Am I eligible for an instant salary advance loan?

You need to be above 23 and below 55 years of age to avail of a loan from CapitalNow. Individuals with a regular source of income and a minimum in-hand salary of ₹ 30,000 per month can apply.

Unique features associated with advance salary loan

  • Interest Rates – Day Loan 3% p.m. EMI Loan 4% p.m
  • Loan Tenure - For Day Loan : 30 Days, EMI Loans : 65 and 95 days
  • Loan Amount – ₹ 5000 to ₹ 1.5 lakh
  • Instant approval on loans
  • Loan disbursal within 5 to 48 hours
  • The lender fixes the loan amount and repayment instalments depending on a number of factors such as your credit score, salary, existing loans and employment stability.

Major benefits of opting for a salary advance loan

  • Available to persons with fair credit who may have difficulty obtaining personal loans.
  • There is little paperwork (Most lenders have a completely online process)
  • Loan approval and disbursement are completed quickly.
  • Processing and other fees are kept to a minimum.
  • Payment arrangements that are flexible, including an auto-debit option.
  • Prepayment and pre-closure fees are minimal or nonexistent.

Are you a salaried professional?

You can now apply for a salary advance loan more easily by downloading the CapitalNow app.

Here is the step-by-step process for applying:

Step 1: Download the App

Download your loan provider's app. Most financial institutions and loan providers now have applications. You can visit their official website if they do not have one.

Step 2: Enter your information.

Give us your basic information, such as your name, age, PIN code, and marital status.

Step 3: Enter your professional information.

Include facts about your profession, such as work type, salary, and your PAN number.

Step 4: Determine your loan amount and EMI.

You must select your loan amount from the permitted limit based on your information and qualifying conditions.

Step 5: Select your EMI

Determine your EMI liability and EMI payable. You can calculate how much you need to repay using one of the EMI calculators available online.

Step 6: Provide bank information

Fill in your banking information to enable automatic transactions. Provide the name of your bank, the IFSC code, and your full name. You can also set up auto-debit to ensure that no EMI payments are missed.

Step 7: Request your approval.

Your salary advance loan will be granted within minutes if all of your paperwork is in order and authentic.

FAQ's

Need more information? You can always reach us at support@capitalnow.in