Frequently Asked Questions (FAQ) on Finance Wellness Program, Employee Benefits - SalaryCredits

Frequently Asked Questions

Tell me more about SalaryCredits loan?

SalaryCredits loans are personal loans/Salary Advances for employees of our partner organisations. They are part of our portfolio of financial wellbeing benefits. Our rates are typically more competitive than those of traditional lenders. Our loans usually start from ₹1,000 and go up to ₹2,00,000. Our interest rate for loans is specific to your employer. Click the 'My Offers' button on your SalaryCredits dashboard to find your offers.

How do I apply for a SalaryCredits loan?

The application process is simple and digital which is very quick. There’s no paperwork needed. In some situations we may contact you to provide further information. We accept online applications only.

How do I make loan repayments?
  • SalaryCredits loan/Advances repayments are usually debited directly from your salary.

  • If for whatever reason we cannot take payments directly from your salary, we will start deducting repayments by ACH mandate. You can foreclose/repay the loan in full or make partial payment at any time, with no additional fee.

What is Salary Advance?

Salary Advance is an employee benefit that provides you with access to your earned salary before end of the month. With Salary Advance, you can access your earned salary at almost any point in the month. 100% of your earned salary is a typical threshold.

Will the salary deductions affect my tax?

No. Payments will be made from your net salary post taxes have been deducted. SalaryCredits payments are not a tax exempt benefit of any kind.

When will I receive my loan?

Once you've sent us your bank details and digitally signed your loan agreement, we'll be able to send the loan amount to you. We aim to have the money to you within an hour - loans are sent out 24/7 but things can be a little slower at the weekend and overnight.

The funds will be transferred directly to your bank account via IMPS/NEFT payments. At most, you should expect to receive your loan within 1 day.

What happens if I leave my employer?

If you leave your employer and there are still loan repayments outstanding, we’ll take repayments by Direct Debit using the bank account details you provided during the application process. The interest rate and repayment schedule remain the same.

Does my slaryslip get affected by taking Salary Advance?

Your salary on salaryday will normally be reduced by the amount that you have taken Advance. It's very simple —no further action required! If you take an Advance after payroll has been processed, your employer will deduct it from next month’s salary.

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