Today, when we live in a fast-paced environment, we never know what emergencies may confront us. Salary is what makes for a significant part of our lives. If you are earning well enough, it becomes easy for you to manage these emergency situations without relying on somebody else. However, if you are someone who is a low-income earner, it becomes hard for you to cover urgent expenses during certain circumstances, right? But worry not when you have the option to avail instant cash loans. These loans provide you with immediate financial assistance and help you get emergency funds whenever required, whether it is for a medical situation or career growth. But how much instant cash loan can you get based on your salary? Well, read on to understand in detail about how instant cash loans are related to an individual’s salary, benefits of instant loans, and more.
What is Defined as Salary for Loans?
A salary has many components and hence, before you get into the loan application process, you should be aware of all these components so that you know what is your salary on which loan would be provided by the lender. So, let’s clarify what constitutes a salary.
In simple terms, a salary is a fixed regular payment an employee receives from an employer, usually on a monthly basis. The annual salary package is always defined in CTC (Cost to Company), which is the gross amount an employee would be getting every year. Now, there is also a net salary, also called take-home salary, which is your actual income every year after all professional deductions. Lenders consider this net salary when determining loan eligibility.
What Are Instant Cash Loans?
Instant cash loans, also known as salary loans, are basically short-term loans that provide you with quick financial relief whenever required. These loans are unsecured and that’s the reason they don’t require collateral. These instant cash loans are usually repaid in a lump sum when the borrower gets their next paycheck. As mentioned earlier, the loan amount you can qualify for is closely related to your monthly salary. Lenders use your income as a key factor in checking your ability to repay the loan on time. The basic principle is that the loan amount should be manageable as per your regular salary.
Eligibility Requirements to Get an Instant Cash Loan with CASHe
Availing an instant cash loan with CASHe is quite an easy process. All you need to do is meet the following requirements and you are all set to receive your desired funds in your bank account.
You must be an Indian citizen
You should be 23 years of age and not more than 58 years of age
The minimum salary you should be getting per month is ₹15,000
You should be an employee with a registered company
Benefits of Instant Cash Loans
Instant cash loans offer several advantages and these are the reasons that make them a popular choice for individuals facing sudden financial challenges
One of the primary benefits is the quick approval process. If you are applying for an instant cash loan, you can receive funds in a matter of hours. And why not? After all, you have immediate financial needs.
Flexible Loan Amounts
Depending on the salary and your repayment capacity, you can have access to various loan amounts. This flexibility allows you to borrow an amount that suits your requirements.
No Collateral Required
Unlike traditional loans like personal loans and home loans, instant cash loans are usually unsecured and hence, do not require any collateral. This means borrowers do not need to provide assets as security and this makes the process even simpler and quicker.
For All Income Levels
Instant cash loans cater to individuals with different income levels. Though salary is a significant factor here, even those with lower incomes can qualify. However, they must meet the eligibility criteria.
Shorter Repayment Periods
Shorter repayment periods can be advantageous in many situations and instant cash loans provide you with the same. With short repayment periods, you can clear the debt quickly and avoid the long-term financial commitments.