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No Collateral Required

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Rate Of Interest starting from 10.25%.

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Minimal Documentation

How Advance Salary
Loan Works?

Advance Salary Loan is a smart and progressive step if you have upcoming unannounced expenses. Instead of being broke, opt for the personal loan for salaried employees at just 10.25% p.a. from My Mudra today. Make money a step that can lead you towards a progressive life rather than making it a hurdle.


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How Advance Salary Loan Works?

Eligibility and Documentation
Advance Salary Loan

The eligibility criteria for Advance Salary Loan:

1. Nationality: Indian

2. Age: 21 years to 67 years

3. Employment Status: Employed with MNC, private, or public companies.

4. CIBIL score: 700 or higher

5. Minimum Salary: The minimum salary for an advance salary loan should be Rs. 22000.

Documents required for Advance Salary Loan

Mentioned below are the details of the documents required for an advance salary loan.

1. KYC documents of the applicant such as PAN Card, Aadhaar, Passport, & Voter's ID card

2. Salary Slips for the last three months

3. Employee ID card

4. Bank Account Statement for the last three months


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Eligibility and Documentation Advance Salary Loan

How to apply for
Advance Salary Loan?

My Mudra is a one-stop solution for Advance Salary Loan. Never be out of money with My Mudra.

1. Apply for the advance salary loan online on the My Mudra portal.

2. Our executive shall call you for the documentation and shall guide you through the process of the loan.

3. Get the documentation done online and track the status of your loan on the My Mudra portal.

4. The approval and disbursement status of your loan can be checked online.

5. Enjoy quick disbursal of the loan from My Mudra.


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How to apply for Advance Salary Loan?

Which banks to apply for Advance Salary Loan?

Banks/ NBFCs

R.O.I

IDFC First Bank

14.99% p.a.

Tata Capital

10.99% p.a

Fullerton India

11.99% p.a.

Advance Salary Loan EMI Calculator

Loan Amount

Tenure

MO

Interest Rate in %

%

Your Monthly loan emi Rs:23,537

Monthly amount paid to your loan provider

Interest rate in %

Total Payble Amount

5,64,882
Rs

your loan details as specified by you

Loan Amount
5,00,000
Rs
Tenure
24
M
Interest Rate
12
%

Frequently Asked Questions
on Advance Salary

What is a loan on advance salary?
The loan is offered on the upcoming month's salary, based on the financial details, personal documents, and CIBIL score.
What is the interest rate for a salary loan?
The interest rate for the salary loan starts from 10.25% p.a. and can extend up to 16.00% p.a.
Can I take a salary loan?
A person having a salary of more than 20,000, a salary slip, bank statement, and personal verification documents can apply for the salary loan.
What is the minimum period to get the disbursal of the salary loan?
A salary loan will be disbursed within a day from My Mudra.
Do I need collateral for a salary loan?
A salary loan is an unsecured personal loan, therefore, it does not require any collateral from the borrower.