FAQs for Salaried Applicants

Basics

1.1 What’s EarlySalary.com?

  • EarlySalary.com is a Fintech player supporting young professionals to come over their mid-month and month-end financial needs. We provide unsecured loans for up to Rs. 100,000/- for up to 43 days thru EarlySalary mobile application. We use your social data to fill up most of your application form and sanction your loan based on your social score. With your filling few details on our mobile application, we’ll sanction your loan within a few minutes.

    The loan is given by our partner Banks/NBFC’s registered with RBI. Currently, we disburse loan from Ashish Securities Pvt Ltd. or Shriram City Union Finance Ltd.

1.2 Am I eligible?

  • Oh, we really hope so! If you are a salaried Indian citizen, over 21 years of age with a minimum net take-home monthly salary of Rs. 20,000/-, you can get your loan sanctioned in minutes. It is as simple as cooking noodles! Download our app and get some money right away!

1.3 Can I apply from my city?

  • We are currently operational in Pune, Chennai, Hyderabad, Mumbai, Delhi NCR, Jaipur, Ahmedabad, Bangalore, Vizag, Coimbatore, Mysore, Vijayawada, and Mangalore.

1.4 What social data is required and why?

  • Login with your Facebook accounts in the EarlySalary app from your Android and iOS mobile phones.  We need your social data to build your ‘Social Worth Score’ which determines your eligibility for an Advance.

1.5 My LinkedIn/Facebook is not updated, does it impact my prospects?

  • Your Social Worth score best reflects you when all your profile details are updated. Furthermore, since we assist you by auto populating all the possible fields from your social media data, a non- updated profile detail would require more efforts from your side and lower loan from our side. So it is recommended to update your LinkedIn and Facebook accounts before applying.

1.6 What are the terms & condition/How does EarlySalary protect my information?

  • We are a fintech company and have partnership with NBFC’s/Banks with fair practices and transparent pricing. We would appreciate if you could spare a few minutes to read our Terms and Conditions and to reach out to us should you require any assistance! Your data is our biggest secret. We will not let anyone steal it nor will we let anyone buy it!

Documents required & their acceptable formats

    2.1 ID Proofs and Bank Documents required and why?

  • We care about YOU and the environment! We do not require any original documents or any photocopies.

    Upload your best selfie and an image each of these original documents:

    • 1. PAN card
    • 2. Passport/Aadhaar card/Driver’s license
    • 3. Cancelled cheque leaf of your salary bank account
    • 4. Salary account bank statement of the last 3 completed calendar months

      2.2 Why should I only submit images of an original ID or document?

    • Taking photos of photos/photocopies could take our machines and employees more time to read your data and Images might not be legible, leading to delay in processing or rejection of application.

      2.3 Why should I provide details only of my Salary Bank Account?

    • We need your salary bank account statements to validate your salary data and to assist you with repayment dates close to your salary date so that you may never have to default on your repayment. To make your life simpler, we have functionality which allow you to provide us the bank statement directly from the bank without looking for pdf statement received from the bank.

      Simply login to your bank via Perfios ( Our partner in providing better customer experience).

      2.4 What is login through Bank to provide bank statement and is it safe?

    • We strive to provide best service so that you do not need to look for details in your mailbox. We have tied up with a partner which help us in providing you a seamless experience. We or our partner do not save your bank ID and password.

      2.5 What should I ensure while uploading documents?

    • Please make sure that your images are

      • 1. Complete
      • 2. Adequately zoomed
      • 3. Not blurry and
      • 4. Taken with good lighting

      Additionally, for bank statements are acceptable in pdf formats only which you receive from bank as monthly statement or which you can download from bank website.

    2.6 In what formats can I upload my documents?

    • Bank statement : Bank statements can be uploaded in PDF format only. If your PDF bank statement is password protected, please share your password for us to open and read the bank statement and we will keep all your data safe and secure!
    • KYC documents: Aadhar/PAN/passport/driving license/voters id proof can be uploaded in JPEG or PNG format. We recommend clicking the image using App camera as it help us in compressing better and upload.

    2.7 My files take too long to upload. What’s wrong?

  • We compress the files you upload so that you do not have to wait. If your uploads still take considerable time, please check your internet settings. If trouble still persists, get in touch with us.
    Pls send the bank statement via email to us Call us on +918030077553, Monday to Friday (10am -6pm), Saturday(10am-3pm), or e-mail us at care@EarlySalary.com. Alternatively, Just click to chat with us on our App.

Application Process,Cost & Timelines

    3.1 What is the minimum and maximum loan amount?

  • You can borrow from Rs. 8,000/- to Rs. 100,000/- in multiples of Rs. 1,000.

    3.2 What is the minimum and maximum loan period /How is the repayment date determined/Why don’t I see all the dates in the repayment date option?

  • You can apply for loans ranging 7 to 43 days.

    We would like to ensure that you avoid defaulting your repayment and lowering your score. Hence your options to choose a repayment date would be limited to a few working days on/after your salary date.

    However, if you have money in your account and are ready to repay your loan you can do so at no additional cost!

    3.3 If I Prepay, will I still be charged full interest and How do I repay early.

  • Is it even a question, we believe in fair and transparent pricing, in case you want to pay early, you will pay interest only till the date you pay. You can easily pay whenever you want on App by clicking repay option.

    3.4 What are various ways, I can prepay or repay on App

  • The best option to prepay is to come on App and repay on or before Due date either through UPI or Netbanking. It will provide you instant credit to your account and you pay interest ONLY till the date on which you repay. In case you donot pay us on or before de date, we will initiate debit instruction to collect funds. We donot accept cheque and cash.

    3.5 How many loans can I take at a time?

  • Currently we allow only one loan at a time

    3.6 Can I borrow more money on my existing loan/Can I Top-Up my loan account?

  • No, we do not allow top up loan as of now. You can prepay your existing loan without any additional cost and take new loan with full sanctioned amount.

    3.7 How many loans can I take in a year/Why should I wait between two loans for 5 days?

  • We allow you to take as many loan as you want in a year.
    Further, as per our internal policy there should be a minimum gap of 5 days between the repayment date of your current loan and the application date of your next loan.

    3.8 How much is a loan going to cost me?

  • We do not deduct upfront any fee or interest from your loan disbursement amount. Isn’t that good news to start with…?

    Use the sliders on our app to see the amount real time. If you still haven’t downloaded the app yet, you can play with the sliders here.

  • The fees and charges include:

    • 1) Processing Fees:

      Processing Fee for the Loan shall not exceed

      Loan Amount (Rs.) First Loan (Rs.) Second Loan (Rs.) Subsequent Loans (Rs.)
      10,000 to 30,000 300 150 150
      30,001 to 60,000 600 250 250
      60,001 to 1,00,000 1% of the loan amount 300 300
    • 2) Late payment charges

      In case of delay in payment of Amount Due, we will charge a late payment fee not exceeding 3% per month on the amount due, subject to minimum of Rs. 500.

    • 3) Repayment Instrument(s) mandate reject charge:

      In the event, the repayment instrument(s) mandate registration is rejected, EarlySalary.com will charge rejection charges not exceeding Rs. 250/- per rejection.

    • 4) Charges for bouncing of the Repayment Instrument(s):

      In case of default by reason of the Repayment Instrument(s) being dishonored, EarlySalary.com will charge Rs. 500/- per month / per default towards its dishonor.

    • 5) Prepayment Charges:

      Not exceeding 2% of the Prepaid Amount. But rejoice! Currently we will not charge for prepayment.

    • 6) Stamp Duty:

      Stamp duty – 0.1% of the sanction amount or Rs. 100, whichever is higher. This is charged only on first loan

    • 7) Interest Rate

      Our general interest rate is 2.5% p.m. But we strongly recommend you to connect us with your company HR to negotiate better rates by tieing up with us

      All charges/Fees are subject to GST and will be charged extra at the prevailing GST rate. Current GST rate is 18%

    3.9 How can I apply for a loan/What is the application process/How much time will you take?

    With your social logins, you will hardly have to key in 5 data points, upload few images– all of which should not take you over a few minutes. At your desired time we will come to your house/office to get your signature and we’ll transfer the money right away. If you need funds again in Future and want to take a loan from us, money would reach your account in not more than a few minutes.
    While applying the first time you will go through these 5 steps:

    • 1) Quickly skim through the mostly prefilled app pages, key in the minimal data left, and upload your bank statements. Quickly rehearse your moves for the night or pack your bags for a hell of a trip. In not more than 10 minutes your loan would be sanctioned.
    • 2) Once sanctioned, Upload KYC documents and selfie on our mobile app. In minutes we will e-mail you your loan agreement and will ask you to confirm a time and place to sign your loan agreement (RBI needs this!).
    • 3) Once you confirm your availability, we will come running to you, within an hour or at the time you choose.
    • 4)Once our officer reaches your house/office, he will check an original ID proof (one that you submitted) and will get your signatures on loan agreement.
    • 5)Sit in your car and start your engine for one of the best moments of your life. We would have transferred the money to your bank account. The money would reach your account according to the time your bank takes!
    • 5) Within few minutes of you signing the agreement, you can transfer the loan to your bank account using our mobile app. Within a minutes money is transferred to your bank account once you initiate the money transfer from our mobile app
    • We recommend you to use eKYC service of Aadhaar available on App for faster completion of documentation to avail loan.
    • The whole process should not take more than a Business Days’ time to complete.

    3.10 Why should I sign the agreement only at my residence/office?

  • To add to your comfort, to validate your address we’ll have to visit you at either your residence or office only at the desired time.

    3.11 Why should I show an original ID to the Early Salary Officer who visits me?

  • We’ll need to inspect the original ID to validate your identity and to ensure that fraudsters don’t harm an innocent citizen.

    3.12 To which account will my loan be disbursed/Can I change the account to which I can get the money?

  • Your loan will be transferred to your salary bank account registered with us. In case you change your salary bank account, pls share new salary bank account statement with at least one salary credit at care@earlysalary.com and we would change the same.

    3.13 Can I apply for loans and get money on holidays?

  • Our first level underwriting is done on real time basis by machine hence you may get approval on holidays as well but money transfer can happen only after you complete KYC and loan agreement signing. In case machine is not able to read information or need more data to decide, someone need to look at your case to decide. However, if you have a loan sanctioned and documentation completed, you may be able to access it on Holidays too. Apply right away and get your loan sanctioned!

Repayment Process

    4.1 How can I repay the loan?

  • You can anytime repay the loan thru our mobile app. Else on due date, we use ECS/NACH (National Automated Clearing House) to take repayment automatically. On the repayment date, we will debit your bank account registered with us. Just make sure that you have enough money in your bank account on that day.

    4.2 From which bank account will my money be deducted/Can I change the bank account from which my money will be deducted?

  • Your repayment amount (including all interest and charges) would be deducted only from your salary bank account registered with us. In case you change your salary bank account, pls share new salary bank account statement with at least one salary credit at care@earlysalary.com and we would change the same. You would need to sign new NACH mandate form and once it is registered, we would deduct money from new Salary bank account.

    4.3 Can I Pre-Pay my loan/Will I be charged for repayment?

  • Rejoice! There is no pre-payment fee at the moment. You can pre-pay your loan any time before the repayment date through net banking. Tap the Repay button on the mobile app. You will be charged only for the amount outstanding so by prepaying, you can save money!

    4.4 Can I Pre-Pay using a credit card?

  • Sorry pal! As per RBI guidelines, you can’t pay your dues using a Credit Card.

    4.5 Can I post pone my repayment date?

  • No you can’t! You have to repay on due date only.

    4.6 What if there isn’t enough money in my salary bank account on my repayment date?

  • We suggest that you maintain enough money in bank account as we would send debit instruction to your bank on due date. In case NACH is bounced, we levy NACH/ECS charges for every bounce instance and you may also be levied with interest on delayed payment.

    4.7 Is repayment through EMIs possible?

  • No, once a due date is chosen, we do not allow repayment in EMI.

    4.8 What happens if I do not repay on time? Does EarlySalary report to the Credit bureaus?

  • Yes, our lending partners are RBI registered NBFC/Bank, they are obligated to report our Loan, its history, the late payment and non-payment of dues to credit bureaus such as CIBIL and Equifax. This will impact your chances of getting banking products. By paying on time, your score improves and so does your chances of getting a credit card or any loan!!!

    4.8 What happens if I have a complaint and I wish to escalate it?

  • Oh ho!

    We are sorry to see you in this situation. Our team would like to help you ASAP to put a smile back to your face.

    You can also ping us to chat with us on the App.

    Write to our Complaints Management Cell, at Help@EarlySalary.com and we will get resolve your query in not more than 3 business days. If you are still not satisfied with the action, you can write to our Grievance Redressal Officer at Complaints@EarlySalary.com.

    Please do quote your Customer ID in all your interactions with us.

Referrals and Promo Codes

    5.1 Why should I refer a friend?

  • Because friends care and share! Moreover we give special incentives for referring friends to both you and your friend. As an inaugural offer, you will get Rs 200 off on your loan with each referral and your friend also gets Rs 200 off on his/her first loan.

    5.2 How can I get a promo code running currently?

  • We show currently running promo code on loan calculator and in case you still have any doubt, pls call us on +918030077553 or e-mail us at Care@EarlySalary.com or Chat with us from our mobile app

    5.3 How can I get better deal

  • We encourage you to ask your company to tie up with us to offer better offer to all employees of your company.

Unanswered Questions?

Call us on +918030077553; Monday to Friday(10am-6p.m) Saturday (10am to 3pm) or e-mail us at Care@EarlySalary.com or Chat with us from our mobile app