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Anybody can face financial crunch or crisis any time in life and traditional monetary assistance may not be available immediately. In such cases, an instant loan is a simple means to get funds to meet unplanned expenses, to get through financially difficult times or to attend any personal, professional or medical emergency. A loan for salaried employees, businesses and companies can help them meet their short-term requirements and achieve their long-term plans.

But, getting a loan for employees with limited income, low credit scores and less work experience may be difficult. FlexSalary, a loan offering brand of Vivifi India Finance Pvt. Ltd., with its simple and easy loan processing makes it possible for people from all backgrounds to get immediate access to money.

Even Today, there are many types of loans available in the market, but for salaried individuals, line of credit and personal loans are ideal. In this blog, we will discuss line of credit, its uses, benefits, eligibility, etc.

What is a Line of Credit?

Line of credit is a type of loan that is extended by a financial institution, usually a bank or a Non-banking Financial Company (NBFC) to the borrower. In this type of loan, the lender fixes the maximum amount of money to be extended, the interest rate, EMIs, etc.

  • The main benefit of taking a line of credit against the salary is that the persons with limited income can either access a part of the approved amount or the entire amount. If the borrower takes only a part of the loan, then the interest is paid only on that part and not on the entire amount that is approved.

For example, let us assume the maximum amount of money approved for a salaried individual against salary is ₹10,000 and the borrower takes only ₹6,000. The borrower is then required to pay interest only on ₹6,000 and not on ₹10,000.

3 Steps to Get FlexSalary Credit Line

FlexSalary offers line of credit loans online up to ₹2 Lakhs in 3 quick steps with many features and benefits. The online application for FlexSalary personal line of credit loans is simple to understand, sign and apply, and the online processing is hassle-free and smooth.

Step 1: Easy Application:

  • Go to the FlexSalary website or install the app to create an account. This is a one-time application and one-time approval feature. The borrower need not to sign up again to secure another loan.
  • Complete the online application form.
  • Submit all the relevant documents online for verification.
  • Use the online calculator to understand and opt from different payment options.

Step 2: Quick Turnaround Time and Fast Cash:

  • The loan eligibility and loan amount against salary is instantly calculated.
  • The loan amount is instantly approved and disbursed once the documents are verified.
  • The fast cash feature provides immediate access to the funds. In some cases, access to fast cash is available in minutes.
  • The money can be accessed from anywhere.

Step 3: Flexible Payback:

  • Open-ended payback feature allows the borrowers to repay the amount as per convenience.
  • Borrower can opt for minimum repay amount or full payment without any hassle.
  • No penalty for prepayment of the loan.

Uses of FlexSalary Line of Credit Loans:

The main purpose of FlexSalary is to provide fast cash to the non-prime or under-served salaried persons who may use the money for any or one of the following purposes:

  • Attend a Medical Emergency: Use FlexSalary instant cash to pay for any medical emergency of up to ₹2 Lakhs.
  • Sponsor education: Take a loan to sponsor any educational aspiration or to upgrade your skill sets.
  • Wedding Plan: Make your dream wedding a reality. Push your budget limits by up to ₹2 Lakhs to get everything right on your big day.
  • Down Payment for a New House: Make a down payment of that dream house or for your first abode.
  • Renovate the House: Renovate your house as per the latest trend or repair any damage to make it beautiful. With some extra funds renew your home.
  • Purchase New Furniture: Replace that old and worn furniture with comfortable furnishings. Upgrade your home as per your liking and style.
  • Buy New Gadgets, Appliances and so on: Be a proud owner of the latest gadgets and the trendiest appliances. Follow the latest trends or set new trends with instant cash.
  • Clear off Pending Debts: Take a consolidated loan from FlexSalary to clear off all the pending debts and credit card bills. Do not worry about repaying many loans. Take one loan to repay all the loans.
  • Go on a Holiday: All work and no play makes a person bore. Go on a holiday, a short trip or on a long vacation with FlexSalary. This is especially true for employees who work tirelessly but cannot afford a break because of limited funds. Take a loan against your salary to go on a holiday and repay the amount later.
  • Buy a New Vehicle: A loan in time goes a long way. Buy a new vehicle to drive to your favourite destination, to take a short weekend trip or just to own a pride possession.

Benefits of FlexSalary Line of Credit:

Some of the benefits of taking a personal line of credit FlexSalary are listed below:

  • Instant Loans: FlexSalary provides an instant loan after getting the final approval from its team. For existing customers, funds are available within minutes, and for new customers, it takes as little as a few hours to get a loan. FlexSalary offers unsecured loan from INR 4,000 to INR 2 Lakhs to employees.
  • Unsecured Loans: The line of credit is an unsecured loan. Individuals opting for this type of loan are not burdened with attaching one of their assets or possessions to borrow funds. Security or collateral is not required to take funds from FlexSalary.
  • No Fixed EMIs: The Equated Monthly Installments (EMIs) are not fixed. However, the individuals are required to pay a minimum amount every month. The company allows people to pay either the minimum amount as per their comfort or the full amount at a time.
  • Competitive Interest Rates: FlexSalary’s interest rates are competitive. The company charges interest rate only on the amount that is accessed and not on the total amount that is approved against an individual’s salary.
  • Flexible/ Open-ended Repayment Tenures: The open-ended loan repayment tenure allows the borrowers to decide the payback period as per their comfort. 
  • No Prepayment Penalty: FlexSalary does not charge any penalty fee in case the loan amount is prepaid.

Eligibility for Line of Credit:

FlexSalary offers a short-time line of credit to individuals facing mid-month crisis until they receive their salaries. However, for granting a loan, a few eligibility criteria are considered. They are:

  • Indian citizenship: FlexSalary provides line of credit to Indian citizens only.
  • Minimum Salary: The applicant must meet the minimum salary criterion. Or, must show proof of any other steady income from a verified source.
  • Minimum Work Experience: The applicant must meet the minimum work-experience criterion.
  • Age of the Applicant: The applicant must be of legal age to obtain a line of credit.

Documents for Personal Line of Credit Loan:

For any kind of loan, certain documents are required to verify the borrowers’ identity and repaying capacity. FlexSalary requires: 

  • Identity proof such as Passport, Voter’s Id, Adhara card, Driving Licence etc.
  • Residence proof such as Electricity Bill, Telephone Bill, Gas Bill, Rental Agreement, Passport, Ration Card etc.
  • Income proof such as Bank Statement, Payslips, etc.,
  • Pan Card
  • Passport size photographs

How Much Line of Credit Against Salary?

The amount approved against the salary depends on the salary a person is drawing. This amount also varies as per the individual’s eligibility criteria. FlexSalary offers an unsecured line of credit from ₹4,000 to ₹2 Lakhs.

Repayment Concerns:

It is easy to take a loan or a line of credit, but it is difficult to repay it. So, we suggest that every borrower must repay the loan with interest regularly and on time. Build your credit score and be eligible for more.