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As the tagline says “Bringing Dreams to Life”, LoanTap helps to achieve dreams without affecting the savings. It offers multiple types of personal loan with an amount ranging between Rs 50,000 to Rs 10 Lakh at an interest rate of 14% to 18%.
Unlike other methods of borrowing, personal loans are a more structured way for borrowers with weekly, fortnightly, or monthly options. Customers can snag more competitive interest rates and gets the flexibility to save money while paying interest. There’s plenty of choices when it comes to finding a personal loan in India but LoanTap is one of the best online platforms which can provide customized products to every one according to their needs. The company provides loans up to Rs 10 Lakh with a minimum monthly income of Rs 30,000 at an interest rate of 14% to 18%.
LoanTap Personal Loan provides easy loan within 48 hours with interest 14% p.a. onwards. Below table gives the complete details of Personal Loan.
LoanTap Personal Loan | Details |
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Loan Category: | Personal Loan |
Tagline: | Bringing Dreams to Life |
Loans Offering: | Personal Loan, EMI free loan, Holiday loan, Medical Loan, Rental Deposit Loan, Advance Salary |
Loan Type: | Unsecured Personal Loan |
Interest Rate: | 14% p.a. onwards |
Processing Fee: | Up to 2% + GST |
Approval Process: | Online |
Minimum Income Requirement: | ₹30,000 |
Loan Approval Timing: | 48 hours |
Minimum Loan Amount: | ₹50,000 |
Maximum Loan Amount: | ₹10 lakh |
Minimum Loan Period: | 6 months |
Maximum Loan Period: | 5 years |
Type of Interest Rate: | Fixed Interest Rate |
Interest Charging Method: | Reducing balance method |
There are eligibility criteria set by LoanTap for their personal loan:
LoanTap Personal Loan | Details |
---|---|
Salaried Employees | Yes |
Salaried Doctors | Yes |
Employees of public and private limited companies | Yes |
Government sector employees including Public Sector Undertakings, Central and Local bodies | Yes |
Loan for Pensioners | No |
Loan for Existing Customers | Yes |
Self-Employed | Yes |
Selected Corporate | No |
Other Criteria | Residents of Bangalore, Hyderabad, Chennai, Coimbatore, Mumbai, Pune, Ahmedabad, Vadodara, Raipur, Bhopal, etc. |
Minimum Age | 21 years |
Maximum Age | 53 years |
Minimum Income Requirement | ₹30,000 |
LoanTap provides the following products under personal loan:
Wanting to make dream home with new furniture and other renovations, then LoanTap Home Owner Loan can fulfill all your dreams. It has no foreclosure charges after 6 months from the date of the loan.
It’s a new type of flexible personal loan where you need to pay the entire amount in interest on a monthly basis.
Have to pay the security deposit for rental property and don’t want to ruin savings, then you can take a rental deposit loan from LoanTap. The loan amount is paid to the landlord directly and the tenant pays the interest on the principal loan amount calculated for the duration of the rental lease.
Rejuvenate yourself with a stress-free vacation with the help of LoanTap’s holiday loan with a flexible repayment option. No matter if it’s a family vacation or honeymoon, your financial requirements will be taken care while booking as well as while traveling.
Many of the insurances do not cover certain illnesses, treatments, surgeries, bills, etc., so LoanTap medical loan helps you in such circumstances. You can pay the interest amount for the first 3 months followed by fixed EMIs.
A grand wedding means more expenses and LoanTap helps you to make it a hassle-free wedding with no cash crunch. It will quickly disburse the loan which comes with a flexible repayment option and attractive interest rates.
Want extra money for your personal expenses, then you must think of LoanTap personal overdraft facility. You only need to pay interest when you withdraw the money. This credit line will provide cash on the move.
Need money early but salary day is still far? Now you can take an Advance Salary loan from LoanTap for a short tenure of 3-12 months. The amount can be repaid through equal monthly installments leading to no loan outstanding at the end of tenure.
Pay your credit card bills early and stay away from high-interest rates by using debt consolidation or credit card takeover loans. With the “Step-Up” repayment option, one has to pay 3 months' interest only.
LoanTap Personal Loan offer various services, please find below the list of features offered by the vendor.
LoanTap Personal Loan | Details |
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Personal Loan | Yes |
Wedding Loan | Yes |
Education Loan | No |
Home Renovation Loan | Yes |
Two Wheeler Loan | Yes |
New Car Loan | Yes |
Used Car Loan | No |
Travel Loan | Yes |
Medical Loan | Yes |
Top Up Loan | Yes |
Here is the detail charge list for LoanTap Personal Loan process. We have covered all possible charges for your loan requirements for clear visibility on LoanTap Personal Loan processing.
LoanTap Personal Loan | Details |
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Co-Applicant Allow | No |
Income Criteria | Yes |
Collateral Requirement | No |
Pre Approved Credit Limit | |
Foreclouser Charges | 5% of principle outstanding plus applicable taxes |
Loan Foreclouser Conditions | Charges applicable only if amount is paid before 6 months of loan disbursal |
Bounce Charges | ₹400 +GST per bounce |
Bounce Charges Self Employed | ₹400 +GST per bounce |
Late Payment Penalty | 24% per annum plus applicable taxes |
Duplicate NOC Charges | NIL |
Stamp Duty Charges | As per laws |
Instrument Swapping Charges | ₹500+GST |
Loan Cancellation Charges | NA |
Stamp Duty Charges | As per laws |
Loan Rebooking Charges | NA |
Statement Of Account Charges | Nil |
Duplicate Repayment Schedule | NA |
EMI Payment Mode | Online Payment |
Overdue Payment Mode | Online Payment |
Hidden Charges | NA |
In this section we have listed all important links related to LoanTap Personal Loan.
LoanTap Personal Loan | Details |
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Banks | NA |
Charges Information | Link |
Personal Loan Eligibility Calculator Link | NA |
Personal Loan EMI Calculator Link | NA |
Education Loan EMI Calculator Link | NA |
Car Loan EMI Calculator Link | NA |
Product Demo Link | NA |
Website Link | Website Link |
Android App Downlaod Link | Android Mobile App Download |
iOS App Downlaod Link | iOS Mobile App Downlaod |
For new customers:
For existing customers:
Please find below the list of documents required to avail personal loan. Aadhar, PAN and Income Proof are the most important documents, other documents are optional. The complete list of documents you can keep ready for your loan application.
LoanTap Personal Loan | Details |
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Age Proof | Copy of Passport/Driving License/Aadhar Card |
Address Proof | Copy of Passport/Driving License/Aadhar Card/Voter ID/Ration Card |
Identity Proof | Registered Rent Agreement/Utility Bills last 3 months/Copy of Passport/Copy of Ration card |
Income Proof for Salaried Emp | Salary slip of last 3-6 months, ITR or Form 16, 6 month bank statement |
Income Proof for Self Emp | IT returns for the last 2 years along with audited balance sheet, P&L account statement for 2 years |
Last Updated on 2020-12-29T10:31:07+00:00