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Salary Loan
Salary Loan
Salary loan or Payday loan is a monetary loan provided to borrowers that must be paid in full or on installments when the borrowers receive their next pay check. The loan amounts granted are typically fairly small and are based on the gross amount of money the borrower earns for each pay period. These loans include high interest rates that will usually cause the borrower to acquire additional debt if the loan is not paid back on time. These loans are also called cash advance loans or check advance loans.
Salary Loan Program gives employees of accredited companies access to loans with convenient and affordable payment terms. Payment/ monthly amortization is through salary deduction.
Required Document
- Three passport size photographs
- ID proof – Passport/Voter ID/Aadhar or Drivers Licence
- Residence Proof – Passport/ Landline Bill/ Post-paid Mobile Bill/ Rental agreement or Bank Statement
- Pan Card copy
- Age Proof – Passport/ Drivers Licence/ School Certificate or Pan Card copy
- Income Proof - Latest 3 months salary slips
- Banking Statement - 6 months bank statements
- Job Stability & Continuity – Offer Letter, Relieving Letter and Form 16
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