Which salary advance loans are the best for you
What's the story
Salary advance loans are a quick fix for Indian professionals looking for instant cash. These loans are usually short-term and can be repaid through monthly salary deductions. With the option of minimal paperwork and quick processing, they are ideal for emergencies or unexpected expenses. Here are five salary advance loan options that Indian professionals can consider.
#1
Bank of Baroda Salary Advance Loan
Bank of Baroda offers a salary advance loan with a maximum amount of ₹5 lakh. The loan comes with a tenure of up to 12 months and an interest rate starting at 10.25% per annum. The minimal documentation requirement and quick processing make it an attractive option for those in need of immediate funds.
#2
HDFC Bank Salary Account Loan
HDFC Bank provides salary account holders with the option of a personal loan up to ₹5 lakh. The loan has a tenure of up to 24 months and an interest rate starting at 10.50% per annum. The bank's existing customers can avail the facility with minimum paperwork, making it a convenient choice.
#3
ICICI Bank quick loan facility
ICICI Bank's quick loan facility enables eligible salary account holders to borrow up to ₹3 lakh instantly. The loan comes with a tenure of up to 12 months and an interest rate starting at 10.75% per annum. The facility is designed for those who require immediate financial assistance without the hassle of extensive documentation.
#4
Axis Bank Salary Advance Scheme
Axis Bank's salary advance scheme allows employees of select companies to avail loans up to ₹5 lakh. The scheme offers flexible repayment options with tenures ranging from six months to two years, and competitive interest rates starting at 11% per annum. This option is ideal for professionals looking for short-term financial solutions.
#5
State Bank of India quick personal loan
The State Bank of India also offers a quick personal loan for its salary account holders, with amounts going up to ₹1 crore, depending on eligibility. The tenure varies from three months to five years and comes with an interest rate starting at 10.80% per annum. This option gives higher loan amounts for those needing more substantial financial support.