Early Salary Review

What Is EarlySalary?

EarlySalary is an innovative lending platform that changes the way loans in India are taken.

Being a new-age online brand, it brings together new credit scoring systems for superior customer profiling.

It is also quite easy to get a credit line in EarlySalary. In fact, it was my first app to take an instant cash loan.

Type Of Loans You Can Avail At EarlySalary

  1. Instant Cash
  2. Education Loan (School Fees)
  3. Salary Advance
  4. Shopping Loan (Amazon & Flipkart)
  5. Travel Loan (Make My Trip)
  6. Wedding Loans

Who Can Apply For Loan At Early Salary?

  1. Must be a resident of India.
  2. Must be above 21 years and below 55 years of age.
  3. Salaried individuals with a minimum salary of ₹18,000 (Metro Cities) and ₹15,000 (Non-metros).

Documents Needed To Apply For Early Salary Loan

  1. Address Proof (acceptable documents – Aadhaar, Passport, Driving Licence, Voter Id, Utility Bills (Landline, Postpaid Mobile, Electricity, Gas)
    2. Identity Proof (acceptable documents – Aadhar, PAN, Passport, Driving Licence, Voter Id).
    3. Latest Photograph
    4. PAN Card.
  2. Bank Statement/ Access to bank account details.

Apply at EarlySalary here. Use the coupon code ” zyi6xheyeg ” and get ₹200 off your repayment amount.

How Much Can You Borrow From EarlySalary?

You can take a loan as high as ₹5 Lakhs depending on your eligibility.

You can take loans from the shopping, travel, and education sections of the app in the meantime.

The minimum gap between 2 cash loans is 3 days: Do plan for this time gap accordingly.

Rate Of Interest At Early Salary

The fees and charges may include:

1) Interest Rate

The interest rate does not exceed 2.5% p.m.

All charges/fees are subject to GST and will be charged extra at the prevailing GST rate. The current GST rate is 18%

2) Processing Fees:

Loan Amount: ₹5,000 to ₹10,000
First Loan: ₹150 
Second Loan: ₹150
Subsequent Loan: ₹150

Loan Amount: ₹10,000 to ₹30,000
First Loan: ₹300 
Second Loan: ₹200
Subsequent Loan: ₹200

Loan Amount: ₹30,000 to ₹60,000
First Loan: ₹600
Second Loan: ₹300
Subsequent Loan: ₹300

Loan Amount: ₹60,000 and above
First Loan: 1.5% of the loan amount
Second Loan: ₹500
Subsequent Loan: ₹500

3) Late Payment Charges

In case of delay in payment of Amount Due, you will be charged a late payment fee not exceeding 3% per month on the amount due, subject to a minimum of ₹500.

4) Repayment Instrument(s) mandate reject charge:
In the event, the repayment instrument(s) mandate registration is rejected, Early Salary will charge rejection charges not exceeding ₹250 per rejection.

5) Charges for bouncing of the Repayment Instrument(s):
In case of default by reason of the Repayment Instrument(s) being dishonored, Early Salary will charge ₹500 per month / per default towards its dishonor.

6) Prepayment Charges:
Not exceeding 2% of the Prepaid Amount. But, currently, it doesn’t charge for prepayment.

7) Stamp Duty:
Stamp duty – 0.1% of the sanctioned amount or ₹100, whichever is higher. This is charged only on the first loan.

8) Overdue Interest
Overdue interest will be charged at 30% p.a. on the total overdue amount on a daily basis. Overdue balance means principal outstanding and due interest.

Download the EarlySalary App here. Use the coupon code ” zyi6xheyeg ” and get ₹200 off your repayment amount.

How Long Does It Take To Get Your Loan From EarlySalary?

Your loan is generally transferred instantly as soon as all your documents are verified. In order to process your loan quickly, you should upload the necessary documents in the necessary formats and make sure they are clear and legible.

You will get your loan within a few minutes.

An average customer takes 8-minutes to qualify, after opening the app.

Repayment Period Of Early Salary Loan

Your repayment EMI (which is generally 3 to 6 EMIs) dates will be shown in the app.

Penalty charges will be applied for every day that the loan is overdue.

You’ll be charged ₹500+GST or 3% of the loan amount, whichever is higher.

Due to RBI requirements,  it will inform credit rating agencies (CIBIL, Equifax, CRIF High Mark, etc.) that you defaulted on your loan. This may make it difficult for you to take loans with any bank or financial institution in the future.

Use the coupon code ” zyi6xheyeg ” and get ₹200 off your repayment amount.

FAQs On Early Salary Loan

Q1. Is Early Salary a NBFC?

Early Salary is an NBFC formed with an objective to provide easy financing services to various sections of the community. 

Q2. Is Early Salary Safe?

Yes, the Early Salary loan app is safe and legit. You will be able to take multiple loans once your account is created and you are approved.

Q3. How Does Early Salary Work?

  1. Download the Early Salary App Here With The Code “ zyi6xheyeg” To Avail Discount.
  2. Register and set up your user profile.
  3. Complete your details like uploading your PAN, Aadhar, Salary Slip, Bank Statement, etc. as directed and required to get your loan.
  4. Once your profile and details are completed wait for the approval which will take about 5 minutes. 
  5. On approval, you will be able to withdraw your loan amount directly to your bank account.
  6. You can repay your loan before the due date at any time without any extra fees or charges and get another loan instantly.
  7. You can also avail multiple loans at Early Salary. Use The Code ” zyi6xheyeg” To Avail Discount.

Q4. Who Is Eligible For Early Salary Loan?

Any salaried individuals who are above 21 years of age and residing in India can apply at Early Salary.

Q5. How Can I Get A Loan From Early Salary?

  1. Download the Early Salary App Here  Use The Code ” zyi6xheyeg” To Avail Discount.
  2. Register and set up your user profile.
  3. Complete your details like uploading your PAN, Aadhar, Salary Slip, Bank Statement, etc. as directed and required to get your loan.
  4. Once your profile and details are completed wait for the approval which will take about 5 minutes. 
  5. On approval, you will be able to withdraw your loan amount directly to your bank account.
  6. You can repay your loan before the due date at any time without any extra fees or charges and get another loan instantly.
  7. You can also avail multiple loans at Early Salary. Use The Code ” zyi6xheyeg” To Avail Discount.

Q6. How Long Does It Take Early Salary To Approve A Loan?

After you fill out the application form with your information, it can take up to 24 hours for your loan to be approved.
Once your loan is approved, you will be able to withdraw the amount in your bank account instantly.
You can also avail multiple loans from Early Salary. Use The Code ” zyi6xheyeg” To Avail Discount.
You only need to register yourself only one time.
 

Q7. What Is The Interest Rate Of Early Salary?

You can take a loan from Early Salary at an interest rate of 2.5% per month.
 

Q8. What are the repayment options available for EarlySalary Loans?

The repayment can be made any time using the Early Salary app through your mobile phone.
Early Salary also provides the loan repayment option of providing an ECS or NACH to auto-debit the loan amount from your salary account where the EMI will be deducted from your account directly on the due date for Early Salary repayment.
 

Use The Code ” zyi6xheyeg” To Avail Discount.

early salary loan app

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