LoanTap Personal Loans
When you need additional cash to take care of your personal credit needs, personal loans are the best option to get access to the required funds without the need to explain the expenditure of the loan expenses. LoanTap offers personal loans to its customers through an online platform, and the loan amount is disbursed through an in-house non-banking financing company (NBFC). While this financing plan doesn’t mandate the borrower to provide any collateral or third-party guarantor, a customer might be requested to offer the same under special circumstances.
Features of LoanTap Personal Loans
- Quantum of loan - The maximum amount of a personal loan that a customer can avail through LoanTap depends on several factors such as the income, occupation, age, employer, credit score, work experience, etc. of the borrower. However, the corpus of the loan available under this scheme usually varies between Rs.50,000 and Rs.10 lakh.
- Repayment tenure - The loan repayment tenure of these types of loans ranges from 6 months to 60 months. However, the maximum repayment period eligibility can vary from customer to customer based on the loan amount availed and income of the individual.
- Interest rate - The interest rates offered under this scheme start from 15% p.a. and can go up to 24% p.a. based on the applicant’s eligibility. LoanTap determines the applicable interest rate for a person by considering several factors such as credit assessment reports, personal situations, income, tenure, loan amount, etc.
- Online application process - When an individual opts for a personal loan from LoanTap, he or she will be able to apply for the same through the online platform offered by the company. Therefore, customers will be able to apply for this scheme and get the funds that they need without having to step out of the house.
Benefits of LoanTap Personal Loans
- Higher loan amount - When a person applies for a personal loan from this company, he or she will be eligible for a higher loan amount as compared to several other competitors available in the market.
- Online loan estimate available - If a person wishes to apply for this loan, he or she will be able to check his or her loan eligibility, applicable interest rate, processing fee, etc. beforehand using the loan calculator available at the official website of LoanTap. This process takes only a few minutes, and helps the borrower plan his or her finances in a better way.
- Multiple repayment options - For the convenience of the customers, this scheme provides multiple repayment options. Borrowers can select from switch, accelerated, and enhancement options for loan repayment.
- Quick turnaround time - Since individuals applying for this loan can process their applications online, the loans under this plan will be processed and approved in very less time. Once the personal loan is approved, the company ensures that the funds are disbursed to the active bank account of the customer at the earliest. The entire process from application to disbursal under this scheme can take as less as 24 hours.
- Flexible terms of repayment - When you apply for a personal loan from this company, you will have the benefit of selecting a repayment tenure that matches your repayment capacity. The minimum loan tenure for this scheme is 6 months while the maximum tenure that can be offered is 60 months.
- Custom-made loan solutions - After applying for a LoanTap Personal Loan, applicants will receive a personalised quote tailor-made according to their specific credit needs, unique circumstances, and individual repayment capacity.
- Hassle-free and easy application - Under this scheme, customers will be able to apply for a personal loan through an online platform. The simple and user-friendly interface provided by the financing organisation is not only easy to navigate, but also allows for a hassle-free loan application process.
- No third-party guarantor or collateral - Being an unsecured loan, an individual doesn’t have to provide any collateral or third-party guarantor. However, the financing company might request a borrower for the same under special circumstances.
Eligibility Criteria for Personal Loans from LoanTap
In order to be eligible for a personal loan from LoanTap, the customer must fulfil the eligibility criteria mentioned in the list below:
- The minimum age of the borrower must be 23 years.
- The applicant should be a maximum of 58 years of age.
- The individual must be a citizen of India.
- The borrower should be a salaried employee of the reputed organisation.
- The minimum monthly net salary of the customer should be Rs.30,000.
- The individual must have work experience of 2 years or more.
LoanTap Personal Loan Interest Rates and Other Charges
The personal loans by LoanTap can availed along with an interest rate that can range from 15% to 24% p.a. The applicable rate of interest for a customer is determined by the company after considering several factors such as income, loan amount, age, credit score, work experience, repayment tenure, etc. Under this financing plan, borrowers might also be charged a small one-time processing fee depending on the loan amount that has been borrowed.
When a person applies for a LoanTap Personal Loan, he or she will receive a personalised quote from the company that will mention the maximum loan eligibility, interest rate, processing fee, maximum loan tenure available, etc. However, the individual can get an estimate regarding his or her loan beforehand using the loan calculator offered by the company. This will not only allow him or her to manage his/her finances better, but will also help him/her decide whether this scheme is the right fit according to his/her specific requirements.
How to Generate an Estimate Before Applying for a LoanTap Personal Loan
Follow the steps mentioned below to learn how to get a free estimate of your LoanTap Personal Loan:
Step 1: Go to the official website of the company at https://loantap.in.
Step 2: Click on ‘Personal Loans’ under the ‘Loans’ section present on the navigational tab.
Step 3: Locate the ‘Check My Rate’ button available on the page and click on it.
Step 4: You will be redirected to a page containing the loan calculator.
Step 5: Next, you will have to fill the form on the page with the correct details.
Step 6: Click on ‘Show My Rate’ to generate an estimate.
This calculator will help customers get information regarding their loan eligibility such as maximum loan amount, interest rate offered, processing fees, EMI amount, prepayment charges, and maximum repayment tenure. After the personalised estimate is generated, you can even adjust the loan amount and tenure as per your needs by selecting from the dropdown options available on the top of the estimated loan details. Once this is done, you can apply for this loan by clicking on the ‘Yes, I Would Like to Avail of the Loan’ button present below the details of the loan estimate.
How to Apply for a Personal Loan From Loantap
The personal loan application process of LoanTap primarily consists of the following major steps:
Step 1: Filling out the online application form with the required details.
Step 2: Submitting the duly filled loan application form along with digital copies of the necessary documents.
Step 3: Scheduling a visit from a company representative at a convenient time.
Step 4: Downloading the documents as per the checklist offered by the lender.
Step 5: Signing and handing over the required documents to the official.
Step 6: The documents will be verified by the lender before the loan approval.
Step 7: Once the loan is approved, the funds will be disbursed to the active bank account of the borrower.
A GST rate of 18% will be applicable on banking services and products from 01 July, 2017.