Struggling with money blues every month-end? Cheer up! BankBazaar has tied up with EarlySalary to give you the perfect solution for all your short-term financial needs.
Do you constantly find yourself broke at the end of the month, hoping that you will have enough in your account to cover your bills? Well, you are not alone. In fact, many youngsters in the age group of 22-30 live paycheck to paycheck and often find themselves struggling in case of a financial emergency.
Therefore, in order to provide financial assistance to this segment, BankBazaar has recently tied up with EarlySalary to provide instant short-term loans to young individuals without any hassles. So, whether you are planning to move to a new city or just want to go on a holiday with your loved ones, EarlySalary can help you fix all your short-term money woes in a jiffy.
What is EarlySalary?
EarlySalary is a mobile-based FinTech company backed by NBFCs (non-banking financial companies) which allows young salaried individuals to avail instant short-term Personal Loans based on their social media profile.
The EarlySalary mobile app collects your social data and sanctions the loan based on your ‘Social Worth Score’ which uses your social media profile to determine your credit-worthiness. The score includes a traditional Credit Score and a social media score. With the help of this score, your eligibility is ascertained and the loan amount is then credited to your salary bank account within one-working day on approval.
What’s the quantum of loan provided?
Based on your profile, you can avail loans starting from as little as Rs. 8,000 to Rs. 1, 00,000 with an interest rate of 0.09 percent a day. The tenure of the loan ranges from 7 to 43 days. However, you can choose to repay the loan amount early before the due date, without paying any extra charges.
Eligibility & Documentation:
Any salaried Indian citizen above 21 years of age and earning more than Rs. 20,000 monthly can apply for a loan from EarlySalary. Their documentation process is fairly simple. You just need to upload a selfie (try not to pout) and scanned images of your original documents:
- PAN card
- Passport/Aadhaar card/Driving license
- Cancelled cheque of your salary bank account
- Last 3-month’s salary account bank statements
While uploading the document, make sure that the image is complete, adequately zoomed and clear. This will help in the faster processing of your loan application.
Additional Reading: 9 Paperless Approval Personal Loans Available On BankBazaar
Fees & Charges:
Here are a few charges that you should look out for before applying for a short-term loan:
Processing fee:
| Loan Amount (Rs.) | First Loan (Rs.) | Second Loan (Rs.) | Subsequent Loans (Rs.) |
| 8,000 to 10,000 | 150 | 150 | 150 |
| 10,001 to 30,000 | 300 | 150 | 150 |
| 30,001 to 60,000 | 600 | 250 | 250 |
| 60,001 to 1,00,000 | 1% of the loan amount | 300 | 300 |
Source: EarlySalary.com
Late payment – A fee not exceeding 3% per month on the amount due will be charged in case of late payment.
Loan default – In case of any default, a fee of Rs. 500 per month will be charged on your loan account.
Stamp duty – 0.1% of the sanction amount or Rs. 100, whichever is higher.
How to avail a loan from EarlySalary?
If you would like a short-term loan from EarlySalary, simply visit BankBazaar.com and check your eligibility. You don’t have to submit any documents to BankBazaar. On the basis of your consent, BankBazaar will send you an SMS and/or email with further details. You’ll then need to download the EarlySalary app and follow the required steps to complete your application. Easy-peasy!
Check if you’re eligible for a loan from EarlySalary!
There you go! In case you are looking for a loan amount of more than Rs. 1, 00,000, our Personal Loans start at just 10.99%. Do check them out!