Salary Advance
Introduction to Salary Advance#
Credit aversion and absence of collateral are common reasons why customers shy away from loans. Salary advances can solve both those problems by letting them draw on their salaries in advance.
FinBox salary advances are loans disbursed against the upcoming salaries of employees. The installments are deducted from the salary amount in the subsequent months. These are easier to sanction than other loans, allowing you to disburse loans to larger borrower pools.
About Salary Advance#
- Employees can take loans against their salary
- Employer has veto power on approving the loan
- We support multiple repayment models.
- Tenure and repayment is decided by the lender
- The repayment tenure is flexible.
- Borrower can pay the EMI before the due date.
- The loan is approved instantly
- Disbursal is done within 24 hours
- The EMI amount is deducted directly from future salary.
User journey#
Part 1 - Applying for Instant Loan#
User is shown a hook offer to apply for a loan - The first step in the user journey is applying for loan
User shares his data and his eligibility is checked - The user shares his Credit History, Device Data, Bank Statements. Only DeviceConnect and bureau data is used for checking the eligibility.
Showing Final Offer - After checking the eligibility final loan offer is shown to the user. In this can chose tenure and loan amount
Bank Details - Then user is asked for bank account details and we do penny drop to verify.
E-KYC - Following this the user completes his eKYC by submitting his
- PAN Card
- Address proof (Aadhaar or Passport)
- Selfie
- Sets up ENACH - User sets up autopay. There are 2 ways of doing so depending on the bank -
- E-NACH
- Manual NACH
- Completes the application process - User signs a loan agreement and completes the application journey.
The loan amount is transferred to users’ bank account and they can use it at their own convenience.
Part 2 - Repayment#
- Can pay the EMI before the due date
- EMI will be auto-debited from salary