<\/span><\/h2>\n\n\n\nA paycheck loan is an unsecured loan approved on the strength of your monthly salary and repaid in fixed EMIs, usually auto-debited from your salary account.<\/p>\n\n\n\n
“Paycheck loan” is mainly a US search term. In India, the same product is sold as a salary loan<\/strong> or a personal loan for salaried employees. Some products also work as a salary advance loan<\/strong>. This guide covers all three names so you can compare offers fairly.<\/p>\n\n\n\nLenders judge a paycheck loan application on four things:<\/strong><\/p>\n\n\n\n\n- Your salary:<\/strong> your in-hand monthly income.<\/li>\n\n\n\n
- Your employer:<\/strong> category A and listed companies get better rates.<\/li>\n\n\n\n
- Your credit score:<\/strong> 750 or above is the sweet spot.<\/li>\n\n\n\n
- Your existing EMIs:<\/strong> these reduce how much you can borrow.<\/li>\n<\/ol>\n\n\n\n
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