Frequently Asked Questions
What is a Non-Banking Financial Company (NBFC)?
A Non-Banking Financial Company (NBFC) is a company registered under the Companies Act, 1956 engaged in the business of loans and advances, acquisition of shares/stocks/bonds/debentures/securities issued by Government or local authority or other marketable securities of a like nature, leasing, hire-purchase, insurance business, chit business but does not include any institution whose principal business is that of agriculture activity, industrial activity, purchase or sale of any goods (other than securities) or providing any services and sale/purchase/construction of immovable property. A non-banking institution which is a company and has principal business of receiving deposits under any scheme or arrangement in one lump sum or in installments by way of contributions or in any other manner, is also a non-banking financial company (Residuary non-banking company).
NBFCs are doing functions similar to banks. What is difference between banks & NBFCs?
NBFCs lend and make investments and hence their activities are akin to that of banks; however there are a few differences as given below:
- (i.) NBFC cannot accept demand deposits;
- (ii.) NBFCs do not form part of the payment and settlement system and cannot issue cheques drawn on itself;
- (iii.) deposit insurance facility of Deposit Insurance and Credit Guarantee Corporation is not available to depositors of NBFCs, unlike in case of banks.
What is a Personal Loan?
Personal loan is a short term loan that aims to help you in case of out of the blue circumstances where in you are burdened with out of pocket expenses. Such loans usually come with fixed rates, fixed monthly payment and no collateral.
What is Advance Salary?
Advance Salary is an Instant Personal Loan Platform for individuals, where you can apply for a Loan of up to ₹ 5 Lakh. Advance Salary acts as a technology intermediary and facilitates this Personal Loans from regulated lender i.e. Datta Finance and Trading Pvt Ltd to individuals. The documentation is very minimal, and the entire process starting from registration to disbursement does not take more than 15 minutes. The application process is completely online, and on approval, the cash is immediately transferred to the bank account of the user.
Who can apply for a loan in Advance Salary?
Any Indian individual above the age of 21 years, who is salaried or has a monthly source of income may apply for a Personal Loan through the Advance Salary Platform.
What is the advantage of availing a personal loan through Advance Salary over a personal loan directly from Bank?
It usually takes anywhere from 4 – 7 days to avail a Personal Loan from a bank, which also requires a lot of documentation and frequent visits to the branch office. However, the Advance Salary Personal Loan process is entirely online, and it hardly takes 15 minutes for the entire process depending on your information. The amount is transferred directly to your bank account, available for use anytime and anywhere as per your convenience.
Which locations can you apply for a loan through Advance Salary?
Advance Salary is a digital platform and is available across all cities in India.
What all purposes you can utilize the Personal Loan for?
You can take a loan for various reasons - It could be to gift your loved ones, or to take care of a medical emergency or for shopping or an online sale you do not want to miss! Situations and opportunities do not come with a notification, and we at Advance Salary want you to be prepared for anything and everything.
What are the various loans you can apply for?
Datta Finance and Trading Pvt Ltd offer various Personal Loans through the Advance Salary Platform upto ₹ 5 Lakh with different tenures for repayment. The various loan products available through the Advance Salary Platform are: Personal Loan Salaried: This is a Personal Loan with the ticket size ranging from ₹10,000/- to ₹ 3,00,000/- Cash Loan for Salaried: This is a Cash Loan with the ticket size ranging above ₹ 10,000/- to ₹ 1,00,000/- Business Loan for Self-Employed: This is a Cash Loan with the ticket size ranging above ₹ 2,00,000/- to ₹ 10,00,000/-
What platform does Advance Salary support?
Advance Salary is currently available on android supported by all Android phones and on the web.
What documents do I need to apply for a loan in Advance Salary?
To apply for loans on Advance Salary, you need to have your PAN Card and one among your Aadhaar Card, Voter ID, Driving License and Passport as your Identity and Address Proof.
Is there any precondition for me to apply for a loan in Advance Salary?
Yes, PAN Card and Identity and Address Proof (Aadhaar/ Voter ID/ Passport) should belong to the user who is registered on Advance Salary.
Do I need to upload the KYC documents every time I take a loan through Advance Salary?
No, the documents are not required to be provided again and again. Once your documents have been successfully verified and your Advance Salary profile is confirmed, you need not re-submit your documents. However, you are required to notify us and upload new documents for verification in case there are any changes in your employment, salary, or residence.
Where is the loan disbursed?
The loan amount is transferred directly to your bank account, which is provided by you during the loan application process.
Is my data safe with Advance Salary?
What do you mean by Credit Score?
Credit Score is a numerical expression of your creditworthiness and repayment capacities.
What are the different entities that track my Credit Score?
In India, there are 4 well-known Credit Information Companies that track the Credit Score of an individual. They are Experian, CIBIL, CRIF and Equifax. They are entities regulated by law and have all the loan and repayment information of an individual, be it a credit card use, a bank loan, or a telecom postpaid connection.
How is my credit limit decided?
Your credit limit is decided based on the authenticity of your documents as well as your previous repayment history which can be tracked via your KYC documents.
How is my Credit Score connected to the Personal Loan that I avail from Advance Salary?
Once you take a Loan from Advance Salary and repay it back on time, your credit score improves. This helps you avail a bigger loan at a later stage from a bank or any other financial institution and you will get it at a lower interest rate. However, if you don’t repay the loan on time or default on the same, then your credit score will go down. And, it becomes nearly impossible to avail a loan from a bank due to your poor repayment history. Even if a loan is approved, the interest rate that will be charged will be considerably higher.