EarlySalary offers small bridge loans through a mobile app-based platform to its customers who have exhausted their salaries, to help see them through until their salary for the next month is credited. In addition to salaried employees, this scheme can be availed by self-employed individuals as well as business corporates to receive a cash advance in order to meet their urgent credit needs.
|Interest Rate||2.5% per month|
|Minimum Loan Amount||Rs.8,000|
|Maximum Loan Amount||Rs.1 lakh|
|Repayment Tenure||7 days to 43 days|
|Overdue Interest||30% p.a. on total overdue amount on a daily basis|
|Late Payment Charges||3% per month on the amount due, subject to a minimum of Rs.500|
The ‘Social Worth Score’ of the applicant will determine his/her eligibility for the salary advance loans and therefore, applicants are recommended to update their Facebook and LinkedIn accounts before applying for a loan. Apart from the ‘Social Worth Score’, the eligibility criteria that applicants need to fill are as follows:
EarlySalary does not require borrowers to submit any original or photocopies of documents. All that applicants need to do is upload a selfie and images of the below-given documents:
The images of the Aadhar/Passport/PAN/Driving License can be uploaded in a .png or .jpeg format.
If you are in dire need of cash but have exhausted your salary before the next salary credit, you can secure a salary advance from EarlySalary.com to meet your urgent financial requirements. Read about the features and benefits of this scheme mentioned in the list below to know why you should opt for this salary advance scheme:
You can get in touch with EarlySalary through one of these mediums:
|Customer care number||020 67639797|
|Customer query email IDfirstname.lastname@example.org|
|Level 1 escalations email IDemail@example.com|
|Level 2 escalations email IDfirstname.lastname@example.org|
|Corporate enquiries email IDemail@example.com|
Office no. 404, The Chambers,
Clover Park, Near Ganpati Chowk,
Maharashtra – 411014
|Working hours||Mon to Fri – 10:00 a.m. to 6:00 p.m.|
Answer: Neither. EarlySalary is a fintech firm that acts as a bridge between salaried individuals in need of urgent funds and lenders who are either banks or Non-Banking Financial Companies (NBFCs). Simply put, it is a digital platform that has partnered with banks/NBFCs to offer short-term cash advance loans to salaried individuals.
Answer: At the moment, EarlySalary offers only one loan at a time but in a year, it allows any number of loans provided that there is at least a 5-day gap between the repayment date of your existing loan and the date of application of your next loan.
Answer: Unfortunately, there is no facility of top-up offered on your loan account currently. However, it allows you to avail a new loan by prepaying your previous loan at no additional cost.
Answer: Repayment of the loan can be done through the mobile application of EarlySalary anytime. Additionally, you can also choose to get the repayment amount deducted automatically from your salaried bank account through ECS or NACH (National Automated Clearing House) on your due date. Just ensure that your bank account has enough funds on the date of repayment.
Answer: Currently, EarlySalary is operational in the cities of Hyderabad, Pune, Chennai, Jaipur, Ahmedabad, Delhi NCR, Mumbai, Bengaluru, Vishakhapatnam, Mysore, Chandigarh, Coimbatore, Vijayawada, and Mangalore. If you reside in any of these cities, you can avail the benefits offered by EarlySalary.
Answer: Yes, you can. In fact, prepaying your loan will save you money as there are no prepayment charges as of now and you will be liable to pay charges only on the amount outstanding. Prepayment can be done anytime through the mobile app by clicking on the ‘Repay’ button. You can avail the Netbanking facility enabled on your bank account to make the prepayment.
Answer: Unfortunately, you cannot extend the repayment date of your loan. You will have to make the repayment on the due date only. Remember that failure to repay on the due date will affect your credit scores in a negative way and hamper your future chances of getting loans.
Answer: If your salary account has insufficient funds on the repayment date, you will be liable to pay the penalty charges on the NACH/ECS per bounce instance. You may also have to pay interest on the delayed payment.
Answer: Definitely. We encourage you to refer your friends and as an incentive, you will get a discount of Rs.200 on your loan for every friend you refer. The friend you refer will also get Rs.200 off when he/she avails their first loan.
Answer: Getting in touch with EarlySalary is easy. Through its mobile app, you can get your queries answered using the chat option available. You can seek email support at firstname.lastname@example.org and also call them on 020-67639797. The call facility is available from Monday to Friday (10:00 a.m. to 6:00 p.m.) and Saturday from 10 a.m. to 3:00 p.m.
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