What it is
A Salary Loan is a short-term loan for salaried people. Instead of monthly or daily EMIs, you repay the whole amount, with its interest and charges, in one payment on your next salary date.
It suits a short gap between an expense and payday. Because the full amount is due on one date, it works best when you know that balance will be available.
How it works at TrustLender
- Enter your mobile number and verify the OTP.
- Add your PAN, basic details and your employment and salary details.
- Consent to a credit check and share your bank statement, usually via Account Aggregator so there is nothing to scan. Your salary credit is checked from it.
- Review your offer: amount, interest, processing fee and GST, due date and the total you repay, in the Key Fact Statement.
- eSign with Aadhaar OTP and approve the auto-debit mandate.
- If approved, the money is transferred to your verified bank account.
What it costs
Interest for the period plus a processing fee and GST. Everything is itemised in your offer and Key Fact Statement before you accept; nothing is added afterwards.
The amount depends on your salary and eligibility and is stated in your offer.
Repaying
- Repaid in one payment, collected by auto-debit on your next salary date. The date is shown in your offer and schedule.
- You can repay from your account any time before the due date, with no prepayment penalty.
- Repaying on time keeps you eligible for future loans.
Before you apply, ask yourself
- Will my salary, minus my regular bills, cover the full repayment on the due date?
- Is the total I repay, shown in the Key Fact Statement, worth it for what I need the money for?
- Would a loan with instalments spread over a longer time suit me better?
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