Early Salary App

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.

EarlySalary Loan

Interest Rates24% - 30% p.a
Loan AmountRs. 5,000 - Rs. 5 Lakhs
Tenure6 months - 24 months
Loan Processing FeeRs. 199 onwards
TypesInstant Cash Loan, Personal Loan, & Salary Advance Loan

EarlySalary Personal Loan Benefits

  • No collateral required as it is based on your salary and comes with an auto-debit option.
  • You can convert your EarlySalary credit into 3 to 6 EMIs.
  • Prepayment is available at zero charges. You only have to pay the interest for the amount outstanding.
  • Transparent application process.
  • Instant money transfer to your bank.
  • No long forms and no paperwork involved. 
  • Apply for repeat loans anytime.

Documents Required for EarlySalary Personal Loan

The following documents must be uploaded to complete the registration process with EarlySalary instant loan:

  • PAN card
  • Selfie
  • Bank statement of last 3 months
  • KYC document (any one):
    • Aadhaar card
    • Driving license
    • Passport
    • Voter ID
  • In some cases, customers may also be required to submit the following documents along with the above documents:
    • Last 3 months' salary slips
    • Current address proof (any one):
      • Gas bill
      • Electricity bill
      • Postpaid phone bill
      • Bank statement
      • Employment letter

How to Calculate EarlySalary Personal Loan EMI?

  • When you apply for a loan, make sure that you are aware of the EMI well in advance. That way, you can be sure that you will be able to make all the repayments on time without any burden each month.
  • You can calculate your EMI for EarlySalary Loan with their personal loan EMI calculator given on their website under the EMI Calculator section. The Early Salary Loan Calculator helps you check the exact EMI amount that you will have to pay on the desired loan amount. All you need to do is select the desired loan amount and tenure.
  • You can use MyMoneyMantra EMI Calculator to get the exact EMI instantly.

EarlySalary Personal Loan Customer Care

You can contact EarlySalary through the following channels:

  • Phone: 020-67639797
  • Customer queries: care@earlysalary.com
  • Customer Level 1 Escalation: complaints@earlysalary.com
  • Customer Level 2 Escalation: grievance@earlysalary.com

EarlySalary Loan Features

EarlySalary Instant Loan is loaded with the following attractive features and benefits:

  • Flexible loan amount: You can get a loan amount of Rs. 5,000 to up to Rs. 5 Lakhs, based on your eligibility criteria and the type of loan availed.
  • Low-interest rate: These salary advance loans come at competitive rates of interest starting from as low as Rs. 9/day and can go up to 30% per annum, depending on your creditworthiness.
  • Flexible repayment tenure: EarlySalary Short Term Loan comes with flexible repayment tenure of up to 36 months, depending on the type of scheme you have applied for.
  • Low processing fees: The processing fees charged on these loans are minimal and can vary between Rs. 199 to Rs. 4,000, based on the loan amount that you apply for.

EarlySalary Loan Eligibility Criteria

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 applicant should be above 21 years and below 55 years of age.
  • Minimum monthly salary requirement: Rs. 15,000 for Tier 2 & Tier 3 cities and Rs. 18,000 for Tier 1 cities.
  • The applicant must be an Indian citizen.
  • Your CIBIL score must be at least 600 or above.

 

The app currently offers instant cash loans in: 

DelhiNew DelhiGurgaon
FaridabadNoidaGreater Noida
GhaziabadMumbaiNavi Mumbai
ThanePune Chennai
CoimbatoreHyderabadSecunderabad
SuratVadodaraBangalore
MysoreMangaloreChandigarh
AhmedabadJaipurBhubaneswar
KolkataVisakhapatnamVijayawada

EarlySalary Personal Loan Charges

Charge TypeAmount
Late payment charges3% of outstanding amount each month, subject to a minimum of Rs. 500.
Repayment Instrument Reject ChargesRs. 250 per rejection
Charges for bouncing of repayment instrumentRs. 500 per month
Stamp dutyRs. 100 – Rs. 200
Prepayment chargesNil

*18% GST is applicable on all the charges mentioned above.

Compare EarlySalary Personal Loan and Other Lenders

Here is a comparison of EarlySalary Personal Loan with other Top Personal Loan providers in India:

Lender NameInterest Rate (per annum)Processing FeeLoan Amount
Early Salary24% - 30%Up to Rs. 4,000Rs. 5,000 – Rs. 5 Lakhs
MoneyTapStarting at 13%Up to 2% + GSTRs. 3,000 – Rs. 5 Lakhs
CASHe2.75% - 3%Up to 2%Rs. 7,000 – Rs. 3 Lakhs
Money ViewStarting at 15.96%Starting at 2%Rs. 10,000 – Rs. 5 Lakhs
KreditBee15% - 29.95%Up to 6%Rs. 1,000 – Rs. 2 Lakhs
StashFin11.99% - 59.99%Up to 10% + GSTRs. 500 – Rs. 5 Lakhs

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FAQs

What are the repayment options available for EarlySalary Loans?

You can make repayments 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.

Are late payments informed to Credit Bureaus?

Yes. All the lending partners and NBFCs 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.

What is the Refer a Friend Offer?

Each time you refer a friend to EarlySalary, 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.

Is it possible to cancel or close the account permanently?

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 care@earlysalary.com.

In which cities this facility is available?

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.

Why is social media data required?

EarlySalary uses 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. 

How can I repay my EMI?

You can repay your EMIs using the EarlySalary app by activating Auto Payments. 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.

Is EarlySalary an NBFC or a bank?

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.

What is the interest rate of Early Salary?

The interest rate for EarlySalary Loans may vary between 24% and 30% per annum. 

How can I get a salary in advance?

You can apply for a salary advance through one of the following two ways:

  • Sign-up from EarlySalary website and complete the loan application. However, for transferring loan money to your bank account, you will need to download the app.
  • Download the EarlySalary app from Apply App Store or Google Play Store and complete your application. You will get your sanctioned cash limit, which will be transferred to your account within minutes.

Does Early Salary check the CIBIL score?

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.