|Interest Rates||24% - 30% p.a|
|Loan Amount||Rs. 5,000 - Rs. 5 Lakhs|
|Tenure||6 months - 36 months|
|Loan Processing Fee||Rs. 199 onwards|
|Types||Instant Cash Loan, Personal Loan, & Salary Advance Loan|
EarlySalary is an innovative mobile application based lending platform that provides small bridge loans to the customers who have exhausted their salaries. The loan helps borrowers sail through until they get their next salary. You can get an EarlySalary Loan up to Rs. 5 Lakhs for a maximum tenure of 36 months, based on the scheme type.
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Early Salary interest rate for personal loans remains amongst the lowest in the industry. While the rates are dependent on the borrower’s profile and eligibility score, they can start from as low as just Rs. 9 per day. This EarlySalary interest rate applies to all loan tenures sanctioned to the borrower, right from 6 months to 36 months. There is a minimal processing fee and no extra charges for prepayment of the loan.
Note: Check the lists of best personal Loan Apps available in India.
The following documents must be uploaded to complete the registration process with Early Salary personal loan:
The customer must fulfill the following Early Salary Loan Eligibility Criteria in order to get approval on his or her loan application, as mentioned below:
The app currently offers instant cash loans in:
|Late payment charges||3% of outstanding amount each month, subject to a minimum of Rs. 500.|
|Repayment Instrument Reject Charges||Rs. 250 per rejection|
|Charges for bouncing of repayment instrument||Rs. 500 per month|
|Stamp duty||Rs. 100 – Rs. 200|
*18% GST is applicable on all the charges mentioned above.
You can contact the customer care of Early Salary loan app through the following channels:
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You can make Early Salary repayment online through the mobile app. You also have the option of providing an ECS or NACH to auto-debit the loan amount from your salary account. In this case, the EMI will be deducted from your account directly on the due date for Early Salary repayment.
Yes. All the lending partners and NBFCs of Early Salary company are registered under RBI. As per the RBI guidelines, they are obligated to providing all the information on the repayments made by the customer towards the loan. This includes credit bureaus like Equifax and CIBIL as well. This may impact the chances of the user getting any suitable credit in the future. Therefore, it is recommended that repayments be made on time
Each time you refer a friend to EarlySalary apps, you get incentives for yourself and your friend. You and your friend will receive Rs. 200 off on the loan amount that you have applied for.
Yes. Customers have the option of closing an account permanently after clearing all outstanding dues towards the account. The customer will not be able to apply for an additional loan after the account has been deactivated. In order to deactivate the account, the customer has to send an email to email@example.com.
You can access EarlySalary from Delhi, New Delhi, Gurgaon, Faridabad, Noida, Greater Noida, Ghaziabad, Mumbai, Navi Mumbai, Thane, Pune, Chennai, Coimbatore, Hyderabad, Secunderabad, Surat, Vadodara, Bangalore, Mysore, Mangalore, Chandigarh, Ahmedabad, Jaipur, Bhubaneswar, Kolkata, Visakhapatnam, and Vijayawada.
Apps like EarlySalary use social media data or any other social data that is available on your device in order to assess your application. The Social Worth Score is extremely important in determining the client profile. Therefore, it is recommended that users update all the information on Facebook, LinkedIn and other social media profile in order to get access to loans through the EarlySalary application.
Early Salary payment can be made through EMIs using the EarlySalary app by activating Auto Payments. The Early Salary app download is available on iOS well as Android smartphones. If you wish to prepay (at zero charges), or if the Auto Payment facility is yet to be activated, you can pay via Net Banking or UPI. You can also add EarlySalary as a beneficiary in your bank account to transfer money to them just like you transfer money to your friends/family via NEFT or IMPS.
EarlySalary is a fintech that acts as a bridge between salaried professionals who are in need of urgent funds and lenders who can be banks or Non-Banking Financial Companies (NBFCs). It is a digital platform partnered with banks and NBFCs to offer short-term cash advance loans to salaried people.
The Early Salary rate of interest may vary between 24% and 30% per annum.
You can apply for a salary advance through one of the following two ways:
Yes. EarlySalary checks your credit score as it is a representation of your creditworthiness. While EarlySalary offers personal loans in spite of having a bad or no credit score, its importance in making any big financial decision cannot be dispensed with.