If you make late payments or miss an EMI, you will be charged a late payment fee of 3% of the total outstanding amount each month, subject to a minimum of Rs.500, over and above the interest charges. This amount shall be added to your total outstanding and get charged interest on. If you are not strict with your repayments, you can mount a huge debt. 

This will also affect your credit score adversely. All Early Salaries lending partners and NBFCs are registered with the RBI. According to the RBI guidelines, they are required to provide all information on the customer's loan repayments. This includes credit bureaus such as Equifax and CIBIL™. This may reduce the user's chances of obtaining suitable credit in the future. As a result, timely repayment is strongly advised.

EarlySalary charges one of the most competitive interest rates in the market. You can get loans of up to Rs.5 lakhs at just 1.5% - 2.5% interest rate per month. The EMI amount is auto-debited from your salary account so there is very little chance of missing your EMIs. 

Also, EarlySalary charges interest on the number of days you hold the credit. So you can even choose to repay the loan in 5 days and pay interest only for that period. Another benefit is, there are no prepayment or foreclosure charges. So borrowers should make use of this facility and try to repay their loan at the earliest. 

EarlySalary's instant personal loan is an online loan product that assists you in managing any unexpected interruptions in your life so that you can live freely. These personal loans enable you to realize your ambitions. You can now apply for a loan online in minutes. You can now meet all of your needs, whether they are home improvements, travel plans, higher education, your dream marriage, or unexpected medical emergencies. Check your eligibility in seconds with the EarlySalary app, apply, and receive your credit limit in minutes. You can transfer the funds to your bank account whenever you want.