Salary Loan - Get Loan when Needed

Nowadays loan is a very common and helpful facility. People who need temporary financial help take loans. When we usually hear about loan, at first an image of bank comes to our mind. But it is not the actual thought about loan. Because, only bank doesn't give the facility of "Loan" but also many type of Non-banking financial company (NBFC) gives this facility. There are many Categories in Loan. Such as : Personal Loan, Home loan, Education Loan, Business loan,Salary Loan, Expatriate Loan, Car loan etc. By the way, In this post I'm going to talk about the Salary loan. To know about salary loan and how to apply and get salary loan, please read the full post.

What is Salary Loan?

If you want to get a salary loan you must need a perfect Idea about Salary loan. Salary Loan is a type of loan which depends on your amount of Earning or Salary of your job. Salary Loan is included with all type of benefits as the other loan. Salary Loan is provided only for the employee. That means if you are not an employee, you will not get this salary loan.

Why Employees take salary loans?

Salary Loan Requirements:

Employees take salary loan for financial support on their daily life. Sometimes, The employees can't manage their life with their monthly salary. At the end of the month some employees feels shortage of money. Then they try to take a salary loan. Or, if the employees get their salary in late then they need money to bear all expenses of self, family and others. In these type of situations usually employees take salary loan.

Interest rate of Salary Loan

Every type of loans have interest. So, Salary loan also have interest. When you will repay the money which you had taken by salary loan you have to also pay an amount of interest. This amount of interest will depend on the interest rate. Many type of financial institutions give the facility of salary loan. So, different institutions can provide loans in different interest rate. Generally, the interest rate of a Salary loan is around 7% to 9.5%. The interest will less when you will transfer a salary loan from one bank to another. Then the interest rate is around 6.5% to 8.5%. I am just giving you an idea about the interest rate of Salary Loan. In fact, it depends on the bank or financial company.

How can you get Salary Loan?

At the beginning of this post I have already said that Loans or Salary Loan is provided by Both bank and other financial companies. So, at first you have to select from which bank or financial institution you want to take loan. So, take information about the bank, NGO or other financial institutions which provides salary loan. Then go to the office of the institution where you want to take salary loan. I will suggest to take salary loan from bank, because bank is the most Trusted financial institution to take loans.

How to apply for Salary Loan?

Go to the Financial Company or bank office and collect the application form of Salary Loan. You must need to give some documents with the application to apply for salary loan. Which documents are needed, you will know by the office where you want to apply. After completing the application form of salary loan with information you have to submit it to the office of bank or Non-banking financial company (NBFC). The salary loan providers will verify your documents. When your application will be verified by them, then you will get salary loan.

Which Documents are Required to apply for Salary Loan?

This information is provided by the loan provider institutions. Usually the required informations for salary loan are almost same for the all type of bank or other company. For applying Salary loan the required documents are:

1. Application Form (Provided by Office)
2. Photocopy of National Identity Card (NID)
3. Photocopy of Office ID card (if any)
4. two copies of passport size photo
5. Copy of your Current Bill
6. A certificate (provided by Head of office or institution)
7. Photocopy of employment letter or joining letter
8. Copy of Salary Bill (Attested by Head of Office/Institution)
9. Bank statement of last 1 year
10. Bank Loan statement ( If applicable)
11. E-Tin Tax Certificate
12. Bank Account Number
13. Guarantor -  Photocopy of NID and salary sheet, passport size photo of Husband/Wife or colleague

These informations are required if you want to apply for salary loan. In fact, it depends on bank or financial institutions. They can change or add any type of requirements.

How much loan can you get on salary?

I have already said that the amount salary loan depends on your monthly salary or income. Usually banks or other financial company  usually give a salary loan of around 25 times of the monthly salary. That means if your monthly salary is 1 thousand, you can get up to 25 thousand. It is also depends on the bank or company. Different financial institutions give different amount of salary loan facilities.

Things to watch out before taking a salary loan

Salary loan service is provided for financial support of the employee. Before taking loan you have to select a trusted financial company or bank from where you want to take loan. Bank is the most trusted financial institution for Salary Loan. But it have some demerits. If you are unable to pay the monthly installments for any month, the bank may take strict action. Whatever, Bank is the first choice to take loan to the customers.There are many type of Non Banking Financial Companies that gives salary loan facilities. You can also choose them. Read the Salary loan agreement carefully  before sign up to take a salary loan. Fully take information about their repay system. If all the services of the loan provider is suitable for you, then apply for a salary loan.

Conclusion

In this post I have described about Salary loan. I hope all the informations are beneficial to you. If there are any question or comment about this post, please put it in the comment box bellow. Please like our Facebook Page🚩 to get more important information or update.