EarlySalary Personal Loan

Note: The above-mentioned interest rates may change and shall depend on the sole discretion of the Earlysalary and RBI. Interest rates are updated as on March 2022.

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Features of EarlySalary Personal Loan

• Loan amount: Starting from Rs. 50,000, the loan amount of EarlySalary Personal Loan goes up to Rs. 5,00,000 if you meet the eligibility criteria
• Digital process: The process to apply for EarlySalary Personal Loan is 100% digital and it involves minimum documentation
• Flexible tenure: You can conveniently repay EarlySalary Personal Loan within a flexible tenure ranging up to 60 months.
• Pay as you use: At EarlySalary, you will have to pay interest only on the amount you use for the number of days
• Zero prepayment charge: No charges applicable if you foreclose your EarlySalary personal loan

Also Know: Foreclosure & Part Prepayment Charges on Personal Loan

Comparison of EarlySalary Personal Loan Interest Rates vs Other Lenders

The following table compares EarlySalary personal loan to products of popular lenders in India:

Processing Fees & Charges

The following are key fees and charges (except interest) of an EarlySalary personal loan:

Types of EarlySalary Personal Loan

1. Shopping loan:

Whether it a new dress, phone, electronics, furniture, home appliance, etc., with EarlySalary Shopping Loan you get instant funds to shop for your favourite product online.

• You can avail shopping vouchers of Flipkart and Amazon of up to 100% of your salary at EarlySalary and pay later at either no cost or low cost EMI.
• You can conveniently repay the loan in 3 or 6 EMIs.
• Also, you can avail up to 5 shopping loans at a time

2. Travel loan:

If you need a break from your monotonous life and lack of funds is restricting you from planning your vacation, you can apply for a travel loan at EarlySalary.

• Plan your vacation with MakeMyTrip and can pay back the amount borrowed using either no cost EMIs or low cost EMIs.
• Avail a loan amount equal to 100% of your salary and can repay the amount in 3 or 6 EMIs.
• Avail up to 5 travel loans at a time

3. Skill Upgrade Loan:

EarlySalary’s FeEs Program is designed to fund a skills upgrade course or your child’s education by offering a loan amount of up to Rs. 5 lakh.

• EarlySalary directly transfers the money to the institution where you want to pay.
• The loan from EarlySalary can be repaid within 3 to 12 EMIs and there are no prepayment charges if you wish to prepay the loan before the tenure ends.
• Also you can take up to 2 education loans from EarlySalary at a time and can fund education of up to 2 children at a time. Minimum qualifying salary is Rs. 30,000 p.m. for metro cities and Rs. 25,000 p.m. for non-metro cities.

Eligibility Criteria of EarlySalary Personl Loan

• You must be a resident of India
• You should be at least 21 years old and below 45 years of age
• You should be a salaried individual
• If you are living in a metro city, your minimum monthly income should be at least Rs. 30,000 and if you are living in a non- metro city, your minimum monthly income should be at least Rs. 25,000

Documents Required for Personal Loan Application

The following documents are needed to apply for a personal loan with EarlySalary:

• Duly filled application form with passport-sized photographs
• PAN Card
• Address proof: Rent agreement and landlords electricity bill, landline bill/ mobile postpaid bill/ gas bill/ water bill (not 3 months old)
• KYC documents: PAN Card, Aadhaar Card, Driving License, Passport, Voter ID Card
• Income proof: Bank statement/Last 3 months’ salary slips
• Any other document required by the lender

Note: EarlySalary may require prospective borrowers to submit additional documentation on a case by case basis.

EarlySalary Personal Loan Customer Care

The following are different ways to contact the customer care department of EarlySalary:

• You can call on 020-67639797
• You can send an email on care@earlysalary.com
• You can visit the official branch at Office no. 404, The Chambers, (Samrat Chowk)

Clover Park, Near Ganpati Chowk, Viman Nagar, Pune, Maharashtra 411014

FAQs

Q. What would be my loan repayment date?

Your loan repayment date is set immediately after the salary receipt date as mentioned in your bank statement submitted with EarlySalary.

Q. Does my shopping gift card/voucher have an expiry date?

Yes, most EarlySalary gift cards come with an expiry date. You can check the expiry date on your card/voucher in the gift card section available on the app.

EarlySalary App –> Menu –> Gift Card/s –> Select the Gift Card of which you want to check the details.

Q. Why am I unable to set up auto-payment to EarlySalary through eMandate?

This may happen because your bank has not enabled the eMandate services yet. Please contact your bank for assistance.

Q. Can I reapply if my personal loan application got rejected?

Yes, you can reapply for a personal loan after 90 days counted from the date of rejection of your previous application.

Q. How do I know if EarlySalary is operating in my city?

EarlySalary is currently operational in the following cities:

• Mumbai (Navi Mumbai, Thane)
• Pune
• Delhi/NCR (Delhi, Gurgaon, Noida, Greater Noida, Ghaziabad, Faridabad)
• Ahmedabad, Surat and Vadodara
• Chennai and Coimbatore
• Hyderabad and Secunderabad
• Bangalore, Mangalore and Mysore
• Kolkata
• Jaipur
• Bhubaneswar
• Vishakhapatnam (Vizag)
• Chandigarh
• Vijaywada

If you reside in any of the above cities, you can apply for the EarlySalary loan. Alternately you can visit the official EarlySalary website to check the updated list of cities where the lender operates.