EarlySalary Instant Personal Loan: Interest Rates, Eligibility, How To Apply

With the EarlySalary App, you can get a personal loan of up to Rs 5 lakh and can also pay through affordable EMI. The maximum tenure is between 6 to 36 months and the interest rate is applicable from as low as Rs. The processing fee for the loan is Rs 199 or more. The loan can be prepaid at no extra cost.

Complete details of taking loan from EarlySalary

Rate of interest 24% to 30% per annum
Loan amount Rs.5,000 to Rs.5 lakh
Tenure 6 months to 36 months
Loan processing fee Rs.199 or above
Loan Type Instant Cash Loans, Personal Loans & Salary Advance Loans

What is Early Salary App?

EarlySalary is a mobile application based lending platform that provides small loans to customers whose salaries have been prematurely exhausted. The loan helps the borrowers move ahead till they get their next salary. Depending on the type of plan, EarlySalary offers a maximum tenure of Rs.5 lakh for a tenure of 36 months.

What is the interest rate of EarlySalary?

EarlySalary personal loan has the lowest interest rate. While the rates are dependent on the profile and eligibility score of the borrower, they can start from as low as Rs.9 per day. This EarlySalary interest rate is applicable on all loan tenures sanctioned to the borrower, from 6 months to 36 months. There is no minimum processing fee for the loan and no additional charges on prepayment.

Benefits of EarlySalary Personal Loan

  • The EarlySalary loan does not require any collateral 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 fee is nil. You only have to pay interest for the outstanding amount.
  • The application process is transparent.
  • You can also apply for the EarlySalary credit card.
  • Instant money transfer to your bank.
  • There is no form and no other paperwork involved.
  • You can apply for repeat loan anytime through the EarlySalary app.

Documents Required for EarlySalary Personal Loan

The following documents are required to be uploaded to complete the registration process with EarlySalary Personal Loan:

  • Pan card
  • Selfie – Photo of the borrower
  • Bank statement of last 3 months

Any one of the following for KYC document:-

  • Aadhar card
  • Driving license
  • Passport
  • Voter id card

In some cases, customers may be required to submit the following documents along with the above documents for an initial salary loan:

  • Salary slip of last 3 months

Present Address Proof i.e. 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 you are already aware of EMIs. This way, you can be sure that you are able to make all the payments on time without any burden every month.

You can calculate your EarlySalary EMI with the personal loan EMI calculator given on their website under EMI calculator section. Initial Salary EMI Calculator helps you to check the exact EMI amount to be paid on the desired loan amount. All you have to do is select the desired loan amount, tenure and initial pay loan interest rate. Click here for EMI Calculator for EarlySalary .

What are the features of EarlySalary Loan?

The Instant Loan on EarlySalary app is packed with the following attractive features:

Flexible loan amount: You can get a loan amount of Rs.5,000 to Rs.5 lakh depending on the eligibility criteria and the type of loan taken.

Low Interest Rate: These salary advance loans come at a competitive introductory salary app interest rate, starting from as low as Rs. 9 per day and can go up to 30% per annum depending on your loan eligibility.

Flexible Repayment Tenure: EarlySalary short term loan comes with a flexible repayment tenure of up to 36 months, depending on the type of plan you have applied for.

Low Processing Fee: The processing fee charged on these loans is minimal and can vary between Rs 199 to Rs 4,000. Depending on the loan amount you apply for.

What is the EarlySalary Loan Eligibility Criteria?

The customer needs to fulfill the following Early Salary loan eligibility criteria to get approval on EarlySalary, as mentioned below:

  • Applicant’s age should be above 21 years and less than 55 years.
  • Minimum Monthly Salary: Rs 15,000 for Tier 2 and Tier 3 cities and Rs. 18,000 for Tier 1 cities.
  • Applicant must be an Indian citizen.
  • Your CIBIL score should be at least 600 or above.

EarlySalary app currently offers instant cash loans in these cities:

Delhi Noida Greater Noida
Faridabad Mumbai Navi Mumbai
Ghaziabad Pune Chennai
Thane Hyderabad Secunderabad
coimbatore Vadodara Bangalore
face Mangalore Chandigarh
Mysore Jaipur Bhubaneswar
Ahmedabad Visakhapatnam Vijayawada
Kolkata Gurgaon

EarlySalary Personal Loan Fees

Type of charge Amount
late payment fee 3% of the outstanding balance every month or a minimum of Rs.500
Repayment Instrument Denied Fee Rs.250 per rejection
Charges for Bounce of Repayment Instrument Rs.500 per month
Stamp duty 100 to 200 rupees
Prepayment fee Zero

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

EarlySalary Personal Loan Customer Care

You can contact the customer care of EarlySalary Loan app through following channels:

Phone : 020-67639797
Customer Queries : care@earlysalary.com
Level 1 for Customer Grievance : complaints@earlysalary.com
Level 2 for Customer Grievance : grievance@earlysalary.com

Frequently Asked Questions and Answers ( FAQs ) related to EarlySalary Personal Loan

What are the repayment options available for EarlySalary Loan?

You can pay EarlySalary online through the mobile app. You also have the option of providing ECS ​​or NACH to auto-debit the loan amount from your salary account. In this case, EMI will be deducted directly from your account on the due date for early salary repayment.

Are late payments reported to credit bureaus?

Yes, all Lending Partners and NBFCs of EarlySalary Company are registered under RBI. As per RBI guidelines, they are bound to provide all the information on the repayment made by the customer for the loan. This also includes credit bureaus like CIBIL Score. This may affect the chances of the user getting any suitable credit in the future. Hence, it is said that the repayment should be done on time.

What is Refer a Friend Offer?

Every time you refer a friend to the EarlySalary apps, you get an incentive for yourself and your friend. You and your friend get a rebate of Rs.200 on the loan amount you have applied for.

Is it possible to cancel or close the account permanently?

Yes, customers have the option to close the account permanently after paying all the dues of the account. The customer will not be able to apply for an additional loan once the account is deactivated. To deactivate the account, the customer needs to send an email to care@earlysalary.com.

In which cities is this facility available?

You can visit New Delhi, Gurgaon, Faridabad, Noida, Greater Noida, Ghaziabad, Mumbai, Thane, Pune, Chennai, Coimbatore, Hyderabad, Secunderabad, Surat, Vadodara, Bangalore, Mysore, Mangalore, Chandigarh, Ahmedabad, Jaipur, Bhubaneshwar, Kolkata, Visakhapatnam And can use EarlySalary from Vijayawada.

Why is social media data needed?

Apps like EarlySalary use social media data or any other social data available on your device to measure your application. Social worth score is extremely important in determining client profile. Therefore, it is recommended that users update all information on Facebook, LinkedIn and other social media profiles to avail loans through the EarlySalary application.

How can I pay my EMI?

The EarlySalary app download is available on iOS as well as Android smartphones. If you want to prepay or if the auto payment facility is not activated yet, you can pay through net banking or UPI. You can also add EarlySalary as a beneficiary to your bank account so that you can transfer money to them like you transfer money to your friends or family through NEFT or IMPS.

Is EarlySalary NBFC or Bank?

EarlySalary is a fintech that acts as a bridge between salaried professionals who need immediate funds and lenders who can be banks or non-banking financial companies (NBFCs). It is a digital platform partnered with banks and NBFCs to provide short-term cash advance loans to the salaried people.

What is the interest rate of starting salary?

The starting pay rate of interest can vary between 24% to 30% per annum.

Does EarlySalary check CIBIL score?

Yes, EarlySalary checks your credit score as it represents your creditworthiness. While EarlySalary offers personal loans irrespective of having bad or no credit score, its importance in making any major financial decision cannot be overstated.

Q: How can I get advance salary?

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

  • Sign-up from the EarlySalary website and complete the loan application. However, to transfer the loan amount to your bank account, you need to download the app.
  • Download the EarlySalary app from Google Play Store and complete your application. You will get your approved cash limit, which will be transferred to your account within minutes.

Also Read – How To Get CASHe Personal Loan?

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How to Activate SBI Credit Card?

How to take SBI Personal Loan

Full details of EarlySalary Loan have been told in this post. What is the interest rate of EarlySalary personal loan? What are the documents required for EarlySalary personal loan? What is the eligibility for EarlySalary personal loan? How to apply for EarlySalary personal loan? Everything is explained in detail.

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