Money can be common in the difficult times of Corona. Someone’s business is collapsed, some lost job, and some one’s accumulated capital is exhausted. Apart from this, someone has a job, but suddenly his expenses have increased and the bank account has become empty by the month. What can we do in such a situation? Is there any way to get a loan in front of anyone and without spending a lot of money on the house. This helps in advance salary loan, which is available on the basis of your salary.
Advance salary loan is a scheme that you can avail anytime in the month. Later, when the money comes in your hand, you can repay the loan by giving monthly installments. For this, a fixed period is fixed, during which you can complete the loan by paying money in installment. This is a small amount loan in which a loan of 5 thousand rupees to 1 lakh is available. This loan is for those people who are cash-strapped at the end of the month, suddenly the spending burden in the family increases, if the budget of the budget gets messed up due to some reason, then you can take advance salary loan. It is a short term loan for a small amount.
This scheme was started 5 years ago. This type of loan is issued by NBFC (Non-Banking Finance Company, NBFC). Advance salary loan is a way of getting rid of swapping credit cards which attract huge interest. You can take a credit or salary as an advance salary loan, which can be paid up to three times the amount of salary. There is also a good facility to repay the loan. Either pay the installment or you can return the entire money in one go.
Since this loan is taken for sudden deteriorating circumstances, NBFCs do not provide much paperwork in it. Disposal of the loan is done in 24 hours. There is not much paperwork in this because the bank from which you are taking advance salary loan has certain terms and conditions which can be easily availed by assuming the loan. You can decide the EMI according to your budget. You can decide for yourself how many days you can repay the loan. Accordingly, set EMI and repay the loan comfortably.
The loan approval method of the lending bank or NBFC is the same. First of all, the application form has to be filled for the loan. Either fill it online or you can fill the form by going to the nearest branch of bank or NBFC. You will be asked some important information in the form. Such as personal and professional details and income details. It is also asked in the form, why the condition of taking loan flourishes and how much amount is needed in the loan.
Fintech companies are also playing a big role in this work and are providing loans to the needy people. Due to Corona, it is not possible to go to the branch. Therefore, the customer can get a loan within 24 hours by giving his KYC through online. But keep in mind that NBFC or FinTech should be reliable.
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