EarlySalary is a digital lender that helps young professionals with their short-term money needs. It offers advance salary in the form of a loan of up to Rs. 1 lakh for up to 43 days. This collateral- free loan is offered to an individual through the EarlySalary app. The loan is sanctioned to an individual on the basis of his income, eligibility and social score. EarlySalary also uses the social data to fill most of the application form.
- Flexible end use: At EarlySalary, you can take a salary advance loan of upto Rs. 1 lakh and can use it for any purpose like paying medical bills, shopping, travelling, buying an equipment or gadget, etc.
- Easy to apply: If you wish to avail salary loan from EarlySalary, you can download the app and can apply for it from the comfort of your home or office. Decide the amount and tenure for the loan and fill your particulars to process the application.
- Flexible tenure: The period to repay the salary advance loan from EarlySalary varies from 7 to 43 days. You can choose the tenure as per your repayment ability.
- Quick approval: After taking your ‘Social Worth Score’ into consideration and after a few background checks, EarlySalary instantly lets you know how much money they can lend you.
- Instant transfer: You can either get the cash transferred to your bank account or can shop with EarlySalary’s partners and pay later in EMIs at no additional cost.
EarlySalary- Interest Rate, Processing Fee and Other Charges
The interest rate of EarlSalary advance loan is 2.5% per month. However, an individual’s interest rate may vary depending on his personal situation. Also, GST will also be charged extra at the prevailing GST rate.
|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||200||200|
|30,001 to 60,000||600||300||300|
|60,001 to 1,00,000||1.5% of loan amount||500||500|
|Late Payment Charges||Upto 3% per month on the amount due, subject to minimum Rs. 500|
|Repayment Instrument(s) mandate reject charge||Upto Rs. 250 per rejection|
|Charges for bouncing of the Repayment Instrument(s)||Rs. 500/- per month / per default towards its dishonor|
|Prepayment charges||Upto 2% of the Prepaid Amount|
|Stamp Duty||0.1% of the sanction amount or Rs. 100, whichever is higher. This is charged only on first loan|
|Overdue Interest||Overdue interest will be charged at 30% p.a. on total overdue amount on daily basis|
EarlySalary- Eligibility Criteria
- You should be an Indian citizen.
- You should be a resident of Pune, Chennai, Hyderabad, Mumbai, Delhi NCR, Jaipur, Ahmedabad, Visakhapatnam (Vizag), Bangalore, Mysore, Coimbatore, Vijayawada, Mangalore or Chandigarh.
- You should be at least 21 years old.
- Your net monthly salary should be at least Rs 20,000.
EarlySalary- Documents Required
- A selfie
- PAN Card
- Passport/Aadhaar card/Driver’s license
- Cancelled cheque leaf of your salary bank account
- Salary account and bank statement of the last 3 completed calendar months
How to Apply for EarlySalary Advance Loan at Paisabazaar?
EarlySalary- Customer Care
- You can call the customer care at 020-67639797 from Monday to Friday (9am – 7pm) and Saturday (10am – 2pm)
- You can visit the office to send a mail at Office no. 404, The Chambers, Clover Park, Near Ganpati Chowk, Viman Nagar, Pune, Maharashtra 411014.
You can email the customer care at care@EarlySalary.com.
Frequently Asked Questions
Ques: How my social data is determined to get the loan approved?
Ans: Download the EarlySalary app, login with your Facebook account from your mobile phone. The social data fetched from your social media account is used to build your ‘Social Worth Score’ that determines your eligibility. Apart from this your monthly income also plays a major part in the approval of your loan application at EarlySalary.
Ques: If I plan to prepay the loan, will I be charged full interest?
Ans: No, if you want to prepay the loan, you will be paying interest only till the date you pay.
Ques: How can I repay or prepay the loan on app?
Ans: You can repay before or on the due date through EasySalary app. You can repay either through netbanking or UPI.
Ques: How many loans can I take from EarlySalary at a time?
Ans: You can take only 1 loan at a time.
Ques: Is it possible to top- up my loan account?
Ans: No, EarlySalary does not allow top- up loan as of now.
Ques: Is it possible to repay through EMI?
Ans: No, you will only have to pay the loan on the decided due date.
Ques: Is it possible to postpone my repayment date?
Ans: No, you can’t postpone the repayment date as you have to repay on due date only.