Salary advance loans is a short-term loan that is extended to salaried professionals. ... This amount, in the traditional sense of the term, is deducted by the employer from the employee's salary itself.
What is SALARY ADVANCE?
This is a special cash advance facility based on salary. It is available to all members who channel their pay via FOSA
- Interest rate at 10% upfront.
The monthly repayment is deducted from the salary payouts.
The member signs irrevocable instructions to have their salary pass through FOSA
The member can apply for the loan online
What is the Repayment Plan?
This Loan is recoverable within one month
How long do I have to wait after applying for one?
No waiting period
This is acquired immediately.