6 things to keep mind before applying for a salary advance loan in India.

1. 6 things to keep mind before applying for a salary advance loan in India. A salary advance loan in India can be very useful to cover small but urgent financial needs. It could be a phone bill, an expensive dinner date or a sudden trip to Goa with friends - a salary loan is the perfect financial solution. Therefore, if you ever find yourself in a fix, opting for such loans is always a good idea. However, before you send in your application, remember to keep these points in mind. 1. Instant online approvals. Try to look for a finance solution that provides smooth and snappy solutions. This will ensure you can skip branch visits, paperwork, complex paperwork and nerve rackingly awaiting approvals. Some next- generation lenders even have an app through which you apply, submit your documents, get approvals, and avail sanctions within just 30 minutes with direct transfers directly into your account. 2. Void of hidden costs. The lender you go with should disclose all costs and expenses applicable upfront and transparently. If possible, ask for a complete break-up of your repayment amount. Confirm the final amount payable after interest, applicable taxes, processing fees, stamp duty, etc. 3. Low interest rates.

2. Look for a salary advance loan in India that has the lowest price tag and when we say price tag we mean interest rate. Generally speaking, an APR between 24% and 30% is decent rate. This translates into 2 to 2.5 percent per month. On a loan amount of Rs. 10,000, this rate would work-up a total interest amount of Rs. 435 after 51-day repayment plan. However, some lenders will go even lower – some will even offer an interest rate as low as 1% per month! 4. Data protection. When you apply for a salary advance loan in India, you provide the lender a good amount of information about yourself - even more so if you opt to borrow through an app that will require access to numerous elements on your phone. So, confirm that your information will remain private and enquire if they will terminate all your information after your loan repayment is complete or if you decide to delete the app. 5. Fewer details. Some lenders will require a long list of documents where as some will request you furnish as little as 2 documents (your Aadhaar card and your PAN card). Moreover, some lenders will even forego the need for a credit score. 6. Nil prepayment charges. Prepaying a salary advance loan in India is always a smart decision. It reduces the total interest payable and ensures you get the burden of a loan off your back. However, some lenders will only provide you this option of prepayment at a cost - this defeat the purpose of prepaying. Fortunately, there are some lenders who do not levy prepayment charges on your loan and so it makes sense to look for such lenders. Keeping these 6 things in mind when looking for a salary advance loan in India should ensure you get the right financial solutions from the right lender. We hope this article has been helpful, good luck and all the best!