Running low on cash before payday? Unexpected expenses will be knocking on your door at any time. Do not stress out! An advance salary loan app can be your financial lifesaver. These apps are known for providing instant cash with minimal paperwork to ensure you get the money you want when needed. No more waiting in long bank queues or dealing with endless approvals. This article comes with a comprehensive list of India's best salary loan apps that offer quick, hassle-free loans to make you financially secure.  

Advance Salary loans, also known as instant advance salary loans, are provided to give quick access to funds to various salaried individuals who are facing a cash crunch situation. These loans allow individuals to take care of their expenses through the loan and return them to the lender once they receive their salary.  

Top 10 Advance Salary Loan Apps in India 

The listed information is in no specific order.  

1. Fibe(EarlySalary) 

  • Loan Amount: 8K to 5Lakhs  

  • Interest: 12% p.a. to 30% p.a. 

  • Tenure: 6 Months to 36 Months 

  • Legitimacy and Regulation: RBI registered NBFC 

  • Eligibility: 

Sudden contingency expenses will crop up any time and this expenditure can be easily handled with the help of Fibe Advance Salary Loan. The advantage of flexible repayment, minimal documentation, zero prepayment charges, and a hassle-free loan process makes it one of the most sought-after advance salary loan apps in India.  

2. Advance Salary 

  • Loan Amount: Rs.1000 to Rs. 5,00,000 

  • Interest: 10% p.a. to 18% p.a. 

  • Tenure: 3Months to 36 Months 

  • Legitimacy and Regulation: Registered NBFC under RBI 

  • Eligibility: Salaried employee with a regular income with a decent credit score 

Advance Salary is a brand of Datta Finance and Trading Company and is a registered NBFC under RBI. It is one of the loan apps that provides instant personal loans to its customers even with low credit score with no collateral and flexible repayment option. This is one of the best in the industry for salaried professionals with no prepayment charges, easy application process and quick loan disbursal with around-the-clock customer support. Moreover, the processing fees that are charged for these loans are the lowest in the industry.  

3. Pay Sense 

  • Loan Amount: Rs.5,000 to Rs.5,00,000 

  • Interest: 16% p.a. to 36% p.a. 

  • Tenure: 3 months to 60 Months 

  • Legitimacy and Regulation: Licensed NBFC under RBI 

  • Eligibility: Must be a salaried or self-employed professional in the age group of 21 to 60 years old with minimum monthly income of Rs.18,000 

One of the popular digital lending platforms that provide instant personal loans including salary advance loans. They have a history of providing quick disbursal within a matter of 2 hours. With the advantages of easy application process without any collaterals and flexible repayment options, you can apply for the salary loan anytime anywhere. The greatest advantage with PaySense is that they offer loans to individuals with zero credit history.  

4. MPokket 

  • Loan Amount: Rs.5,000 to Rs.5,00,000 

  • Interest: 10% p.a. to 36% p.a. 

  • Tenure: 3 Months to 36 Months  

  • Legitimacy and Regulation: NBFC registered with RBI 

  • Eligibility: Need to be an Indian Citizen of 18 years old with proof of occupation along with KYC documents. 

MPokket advance salary loan app provides loan to their customers in a matter of 7 minutes. The app provides a 100% digital process along with a direct bank transfer to the account. The hassle free and the easy EMI payment options make the app much more attractive. The loan provider allows you to repay the loan even within 4 months of borrowing. They also have the Refer & Earn programs that will add value added benefits for your borrowings. 

5. Rapid Rupee 

  • Loan Amount: Rs.1000 to Rs.60,000 

  • Interest: 12% p. a. to 36% p. a. 

  • Tenure: 2 to 12 Months 

  • Legitimacy and Regulation: Tie-ups with Group NBFC – Bee Pee Jay Finance Limited and Yuvraj Finance Private Limited 

  • Eligibility: Must be withing age of 22 to 59 years old with a monthly income of Rs.10,000.  

Enjoy the simplest and quickest way to get instant loan without any hidden fees or commissions only with Rapid Rupee. They are one of the advance salary loan providers who provides loans to salaried and self-employed professionals with no requirement of producing credit scores. The finance solutions provided by them do not burn your pocket with low processing fees and low interest rates. One of the key takeaways with Rapid Rupee is that you have processing fees starting as low as from Rs.99. With loan sanction within 30 minutes, Rapid Rupee follows the quick processal and disbursal of funds. This Salary Advance Loan App provider gives instant loan with a simple four-step process without any branch visits and no painful documentation. 

6. Ramaiah Capital 

  • Loan Amount: One Month’s Gross Salary Upto Rs. 2,00,000 

  • Interest: Profile Based and Charged on daily reducing balance 

  • Tenure: Maximum of 10 EMIs 

  • Legitimacy and Regulation:  

  • Eligibility:  

  • Should be a permanent employee of an organization with a minimum experience of 1 year.  

  • Must be within the age group of 21 to 60 years old with a minimum monthly salary of Rs.15,000. 

Ramaiah Capital has the mission of improving the lives of middle and low-income households by providing timely and adequate credit in a paperless digital mode. You will receive the advance loan with a hassle-free process in a fast, affordable, and transparent digital manner within the comforts of your home. Moreover, these loans are provided to the customers without any processing charges. 

7. LoanTap 

  • Loan Amount: Rs.50,000 to 10 Lakhs 

  • Interest: 18% p.a. to 30% p.a. 

  • Tenure: Up to 60 Months     

  • Legitimacy and Regulation: An NBFC registered under RBI 

  • Eligibility: Be an Indian Citizen within the age bracket of 21-60 years old with a fixed monthly income of Rs. 30,000 

Loan Tap is one of the fast and flexible salary advance apps that helps you to address lifestyle goals and meet any personal emergency. The advance salary provider provides loan customized based on your needs and requirements. You will receive loans in just simple three steps of downloading the app, uploading the KYC documents, and the loan gets credited into your account in 24 hours. The loan process is simple for loan sanction with quick disbursal and minimal documentation. The loan app provides a flexible repayment option with accelerated payment towards principal outstanding. 

8. Cash Kumar 

  • Loan Amount: Rs. 20,000 to Rs.1,00,000 

  • Interest: 20.4% 

  • Tenure: 3 Months to 12 Months 

  • Legitimacy and Regulation: Registered NBFC with RBI 

  • Eligibility:  

  • An individual above 23 years old working in a credible company for more than one year continuously with a minimum salary of Rs.20,000  

  • In case of self-employed professionals, a healthy bank transaction with regular credit balances  

Cash Kumar offers the best alternative for short term loans for salaried professionals and self-employed persons. Existing borrowers who are in need of a top-up loan facility with the bank can avail themselves of the facility with already existing documentation, quick approval and disbursal of loans. This advanced salary loan app makes instant loan approvals easier for the old as well as new borrowers. All that is required for the loan approval is a set of basic documentation like identity proof, address proof, latest bank statements, employment letter, form 16, and so on.  

9. Phocket 

  • Loan Amount: Rs. 5000 to Rs.2,00,000 

  • Interest: 0% to 36%p.a. 

  • Tenure: 62 Days to 365 Days 

  • Legitimacy and Regulation: Partners with Citra Financial Services Limited (NBFC registered with RBI) to provide financial services to its customers. 

  • Eligibility: You need to be an Indian Salaried Professional over 20 years of Age with a minimum monthly income of Rs.15,000. 

Phocket Advance Salary Loan is available to address any immediate needs that come up in the form of medical emergency, travel purposes, student higher education fees, and so on. You will get the loans instantly within minutes by uploading a few documents. Phocket has been bridging the gap between the urgent cash outflow and future cash inflow to many of its customers. The service that is been rendered by the salary loan app is quick and reliable and it's one of the best in the industry. 70% of the customers are repeat customers. With a 24 x 7 service, you can avail the service from anywhere anytime in India. Moreover, Phocket offers the loan with minimal documentation without any importance given to credit score. 

10. PayMe India 

  • Loan Amount: Rs.500 to Rs.5,00,000 

  • Interest: Starting from 18% p.a. 

  • Tenure: 3 to 24 Months 

  • Legitimacy and Regulation: Registered NBFC with Reserve Bank of India 

  • Eligibility:  

  • Any Indian citizen within the age group of 22 to 57 with the requisite income proof and a credit score of 650 & above can apply for a loan. 

  • Salaried employees with a monthly salary of Rs.15,000 and self-employed with a minimum income of Rs.25,000 

The Payme Instant Advance Salary Loan is the ultimate solution to secure instant loans. These loans are secured and disbursed within a matter of 24 hours helping you with any sort of financial contingencies. The application is user-freindly and can be accessed from Android or iPhone enabling you to complete the application in a quick and straight forward process.  

Features of Advance Salary Loan  

The following are some of the essential features of advance salary loans. They provide us with ease of access and overall convenience.   

  • Quick Access of Funds:   

Salary advance loans offer a speedy approval process. They can be easily applied for through online platforms or various mobile applications. With the necessary documentation, individuals can apply for a loan and receive approval within a short period or even minutes.  

  • Loan Limit:   

The loan given through the advance salary loan app is just a percentage of the salary. The loan amount might vary depending on creditworthiness and the decision of the lender.  

  • Pre-closure Charges:   

When you want to repay the loan amount, you can do so with little or no penalties, depending on the lender.  

  • Low or No Credit Checks:   

Many advance salary loan providers give loans based on salary history, determining repayment capacity rather than credit scores.  

  • Minimal Documentation:   

Since the loan approval and processing are done within a matter of minutes, most of the advance salary loan providers. 

  • Automatic Repayments:   

These advance salary loan apps deduct repayment directly from the salary or linked bank account.   

  • No Collaterals Required:    

Since these loans fall onto the list of unsecured loans, no collaterals are required, making it a safer option for the borrowers.  

  • Flexible Repayment Schedule:   

The repayment schedule available may vary between lenders. Though most lenders prefer automatic deduction from the bank account, some of these lenders accept manual payments made through online banking platforms or other payment methods.  

  • Transparent Fees:   

There are no hidden charges or costs associated with the loan. The processing charges and interest are prewritten without any hidden costs.  

  • 24 X 7 Availability:   

These loans can be obtained through the Salary Advance Loan App from anywhere and anytime, with online documentation and a quick process.  

  • Acts as an Emergency Fund:   

In case of pressing emergencies, these advance salary loan apps can help by giving you the right access to funds.  

Documents Required for Advance Salary  

The following are some of the standard documents that are required by most of the lenders. They are:  

  • ID Proof:   

Aadhar/PAN/Driving License/Passport/PAN Card can be provided as ID proof.   

  • Address Proof:   

Aadhar Card/ Utilities Bill as in Electricity, Internet Bill, etc./Passport/Driving License/Ration Card/Certified Letter of the Employer  

  • Photographs:   

Safe to keep a minimum of 3 Passport and 3 Stamp size latest photographs  

  • Age Proof:   

Aadhar Card/Driving License/PAN Card/Birth Certificate/Passport  

  • Employment Letter:   

Proof of your employment can be provided in the form of your appointment letter, employee ID card, or Form 16.  

  • Bank Statement:   

The previous three months' bank statements show that the salary is credited into the bank account  

  • Salary Statements:   

Your salary statement for the previous three months shows that you work for the specific company/organization mentioned.  

Eligibility Criteria for Advance Salary Loan App  

Some of the eligibility criteria that most of the Advance Salary Loan providers look into before giving you the loan are as follows:  

  • Age: Must be between 21 and 58 years with a stable monthly income.  

  • Employment: Salaried employee with a stable income  

  • Income: Requiring a minimum monthly income that can vary depending on the lender  

  • Credit Score: A minimum credit score of 600 or above could be safe when you get a loan. But again, it depends upon the lender.  

  • Indian Citizen: Must be an Indian citizen  

  • Bank Account: You must have an active account where your salary is credited monthly.  

How to Download an Advance Salary Loan App  

To download an Advance Salary Loan App,   

  • Go to the Google Play Store for Android or Apple App Store for iPhone.  

  • In the Search bar, type the name of the Application.  

  • Select the App.  

  • Click Install for Android or Get for iPhone on the app Page.  

  • The app will download and install automatically.  

  • Once the Application is installed, click on it and use it.  

Applying for the Advance Salary Loan  

The following are the general steps when applying for an advance salary loan. They are:  

  • Fill in the online application form: You must fill out the form with the requisite details. This includes your personal, professional, and salary details, the advance loan amount required, the reason for the same, and so on.  

  • Attach the Necessary Documents: You need to attach the requisite documents. Most of the app [providers accept digital documents. This could be your ID proof, Address proof, income proof, form 16, letter of appointment, etc.  

  • Approval: You need the loan approval to be done by the lender's authorized person. They will thoroughly check the documents you submitted. The lender will send you mail confirmation that your loan has been approved.  

  • Credit into your Bank Account: The Advance Salary Loan will be credited to your account within a few hours to a few days of your loan approval. 

Conclusion 

Why wait for pay day when you have the option of getting a salary in advance?  With an advance salary loan app you can tackle emergencies, pay bills on time, or manage the various unexpected expenses without stress. These are the set of top-most apps that comes with fast approvals, flexible repayments, and seamless transactions. Choose the best app, borrow smartly, and take complete charge of your financial freedom today! 

Frequently Asked Questions

  1. What do you mean by Advance Salary Loan App? 

An Advance Salary Loan App is an application that helps you to receive advance salary against your upcoming salary. It provides quick access to funds, especially in times of emergencies. 

  1. Which app is best for Advance Salary Loan? 

FlexSalary, RapidRupee, LoanTap, PaySense are some of the best Advance Salary Loan apps individuals and self-employed professionals' resort to in times of emergencies. 

  1. How do you apply for an advance loan through the Advance Salary Loan App? 

In order to apply for a loan through the advance salary loan app, you need to download the application submit the requisite details, amount, and documents digitally. Within a matter of hours or days you will get the required loan credited into your account. 

  1. What are the eligibility requirements for a loan through the Advance Salary Loan app? 

The general eligibility requirements are you must be an Indian Citizen over 18 years of age with a regular source of income and your salary getting credited in the bank account. 

  1. What is the maximum amount that I can borrow through the Advance Salary Loan App? 

You can get a loan of up to 50% of your current salary through the Advance Salary Loan App. 

  1. Are there any fees associated with the Advance Salary Loan App? 

There are processing fees, service charges, and interest charges that are applicable through the Advance Salary Loan app. 

 

Disclaimer: This page includes information that has been compiled from many sources and is only offered for informational purposes. Given this type of data might change over time, we cannot guarantee that the information supplied or included within it is accurate. It is anticipated that the user would confirm with the relevant source prior to taking any choices or actions.