What’s the Story?
Salary advance loans are becoming a go-to financial tool for Indian professionals who need quick access to cash. These short-term loans are typically repaid through monthly salary deductions, require minimal paperwork, and boast fast processing — making them ideal for emergency expenses or unexpected bills.
If you’re exploring options to bridge a temporary financial gap, here are five salary advance loan choices worth considering:
#1 Bank of Baroda Salary Advance Loan
Bank of Baroda offers a salary advance loan of up to ₹5 lakh with a repayment tenure of up to 12 months.
The interest rate starts at 10.25% per annum, and the streamlined documentation and fast processing make this a solid choice for urgent financing.
#2 HDFC Bank Salary Account Loan
If you’re an HDFC Bank salary account holder, you can avail a personal loan of up to ₹5 lakh.
This loan extends a tenure of up to 24 months with interest starting at 10.50% per annum.
With minimal paperwork for existing customers, this option is both convenient and efficient.
#3 ICICI Bank Quick Loan Facility
ICICI Bank’s quick loan feature lets eligible salary account holders borrow up to ₹3 lakh instantly.
The loan tenure goes up to 12 months, and interest rates begin at 10.75% per annum.
Designed for fast access to cash, this facility eliminates lengthy documentation and verification delays.
#4 Axis Bank Salary Advance Scheme
Axis Bank’s salary advance scheme supports employees of selected companies with loans up to ₹5 lakh.
This plan offers flexible repayment options, with tenures ranging from 6 months to 2 years, and interest rates starting at 11% per annum.
It’s a practical choice for professionals seeking short-term financial relief.
#5 State Bank of India Quick Personal Loan
State Bank of India also provides a quick personal loan for its salary account holders. Depending on eligibility, loan amounts can go up to ₹1 crore.
Repayment tenures vary between 3 months and 5 years, and interest rates start at 10.80% per annum.
This is a great option if you’re looking for higher funding with flexible terms.
Final Thoughts
Salary advance loans can be a valuable financial tool when used responsibly. Whether you need funds for an emergency, medical bills, or short-term goals, choosing the right loan with transparent terms and competitive rates is key. Always compare offers, check eligibility criteria, and understand repayment terms before applying.