What is an Early Salary Personal Loan?

Today, the world is as uncertain as it can get. Havocs in the financial markets, soaring inflation, and deadly diseases have surrounded all of us. Having a shortage of money is no surprise, given the expenses of living a decent life in today’s time. If you are running low on funds and don’t have enough paperwork, but the salary date seems too far to stretch, EarlySalary personal loans are for you. Let’s explore these new loans and how you can get one whenever you need one.

What is EarlySalary and EarlySalary Personal Loan?

EarlySalary is a fintech company that focuses on making lives easier for salaried people. One of its varied offerings is the personal loan for salaried people. Just like other personal loans, the EarlySalary personal loan is a personal loan that can be taken without offering any collateral, but there are few changes in this.

This loan is better than traditional personal loans, and many things support this statement, so let’s find out why EarlySalary Personal Loan is better.

Why Is EarlySalary Personal Loan Better?

Pay Only What You Use

One way how many banks earn their money is by charging interest on the sanctioned loan amount. In such cases, you may have been approved a loan of INR 10 lakh, but even if you use INR 1 lakh from it, you pay interest for all the 10 lakh rupees.

Such foul plays can be a huge pitfall for loan takers, and you may not be able to repay the loan sooner because of the huge interest payment.

EarlySalary personal loans charge interest only on the amount you use. It is a revolutionary idea, but it will help lots of loan takers to repay sooner and live a stress-free life. To understand better, if you take an EarlySalary personal loan for INR 10 lakhs but use only INR 1 lakh, you’ll need to pay interest only on what you used. Such a setting will bring down your interest payments to a minimum and will provide you comfort while you pay the loan back.

Completely Digital and Paperless

EarlySalary personal loans are entirely digital and paperless. There’s no need to travel to any bank branch and provide any hard copy documents. Most banks that offer such loans have their apps, and you can apply directly from their app. This definitely speeds up the processing and loan disbursal.

Flexible Repayment

Such personal loans offer the highest levels of flexibility. You can choose your own term of repayment anywhere between the minimum and maximum time, and no one will bug you. Such flexibility allows you to build your finances while you repay your loan gradually.

Most EarlySalary personal loans are for a lesser time frame, and they can be repaid anywhere between 3 months to 24 months. Some banks even provide extended time frames based on the loan amount and the person’s credit score.

No Prepayment Charges

These loans are flexible, and they even provide you with an option to prepay whenever you want. While most loans have a prepayment charge where you need to pay a certain percentage on the pending loan amount to clear it, there is no such need when you have an EarlySalary personal loan.

These loans have no prepayment charges. Hence you can pay up your loan at any time when you have enough money.

Always Available

EarlySalary personal loans can be availed from the bank’s app at any time. Hence these are always available. Whether you are traveling and need some urgent cash or need some backup cash while you shop, you can quickly get a personal loan and do your activities without any stress.

Having known about the benefits, let’s see what the eligibility criteria for this loan are.

Eligibility Criteria

  • You should be an Indian resident and citizen.
  • You must be a salaried individual between the age of 21 and 55.
  • If you are taking a loan for durations under one year, you should have a monthly salary of Rs 18,000 at least.
  • If the loan tenure is greater than one year, you’ll need a monthly salary of Rs 25,000 to qualify.

If you surpass all the eligibility criteria, you might be excited to understand the process of getting this loan, so let’s understand that too.

How To Get An EarlySalary Personal Loan?

  • Visit your bank’s website or look for EarlySalary personal loan in the services or requests section. Once you find that, fill out your personal details.
  • After filling in the personal details, you can select the lending partner for the personal loan as EarlySalary.
  • Once you’ve selected the lending partner, it is time to enter loan details like the amount required and tenure.
  • If all the details are faultless, you will receive an email, and in a short time, your loan will be sanctioned and credited to your account.

EarlySalary loans are pretty simple and flexible, so use them to live all your dreams without worrying about anything.

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