LoanTap Personal Finance are offered to both salaried and nonsalaried individuals who need quick funds. The interest rates on LoanTap Personal Loan starts at 18% to 30% for loans from Rs 50,000 to Rs. 10 lakh. LoanTap offers a 100% digital process with no collateral or income proof, making your loan process easy and hassle free.
LoanTap Personal loan offers help you fulfil different financial needs. Check the table below for LoanTap personal loan details-
|Loan amount||Rs. 50,000 to Rs.10 Lakhs|
|Tenure||6 to 60 Months|
|Rate of Interest||18%- 30% p.a.|
|Eligible Borrowers||Salaried & Self-Employed|
|Purpose||Emergency, Wedding, Medical, Personal Use & Others|
|Disbursement Time||24-36 hours|
LoanTap personal loan interest rates start at 18% per annum and can go up to 30%p.a. Interest rate can depend on several factors associated with the applicant. Based on credit history and creditworthiness, the bank will decide on interest rates.
|Interest rate||18%- 30%p.a.|
Banks and non-banking financial companies (NBFCs) rarely charge extra fees for the services they provide. However, they may charge processing fees or other additional charges. You can find more information about LoanTap’s fees and charges in the table below.
|Processing fee||Up to 2.5% + TAX|
|Late payment charges||24% per annum + TAX|
|EMI Bounce Charges||Rs.400 + Taxes (if any )|
|Repayment Mode Swap Charges||Rs500(per transaction)+ Tax|
|Document Pick Up charges||Rs500(per transaction)+ Tax|
|Loan Cancellation Charges||Rs 3000 +Tax|
|Legal /Recovery charges||As per actuals|
|Repayment swap charges ( per swap)||Rs 500/- + Taxes|
|Statement of Account Charges||NIL|
|EMI Bounce Charges||NIL|
Eligibility criteria helps lenders analyse their risk to give you a loan, similarly LoanTap personal loan also sets certain eligibility criteria that a borrower must meet in order to be approved for a loan. The LoanTap loan eligibility criteria for a personal loan are relatively simple and include:
|Age||21 and above|
|Min Income||Monthly income of Rs 30,000|
|Income Proof||Salary account bank statement(3/6 months)|
Having the required documents can speed up the loan approval process. You can find the documents needed for a LoanTap personal loan here.
Identity proof: Voter’s ID, PAN card, Driver's licence, Passport, etc.
Address proof: Aadhaar card, Ration card, driving licence, Voter’s ID, passport, utility bills, rent agreement, etc.
Proof of income: Latest salary slips of the last three months or income tax return certificate or latest Form 16.
An EMI calculator can help you determine how much you need to pay each month to repay your loan. It is easy to use and can help you make sure that you are financially prepared for your loan payments. Just by entering your loan amount, tenure and interest rate you can know how much EMI you need to pay for your loan amount.
|Year||Month||Principal (A)||Interest (B)||EMI (A+B)||Balance||Loan Paid to Date (%)|
EMI = P x R x (1+R)^N / [ (1+R)^N - 1 ]
EMI is the equated monthly instalment.
P is the principal amount.
R is the interest rate.
N is the loan tenure.
LoanTap Personal loan provides a range of important features and benefits, such as:
Get your loan within 24-36 hours with 100% online process.
After 6 months of disbursal, switch to EMI-free loan.
Choose amount ranging from 50,000 to 10,00,000
Loan Tenure range from 6 months to 60 months
Basic minimum details for loan
Enjoy interest rates ranging from 18% - 30% p.a.
Banks and non-banking financial companies (NBFCs) offer a variety of interest rates and charges. Each lender may differ from each other based on several factors. Comparing and reviewing with other banks can help you make a better financial decision.
|Banks/NBFCs||Interest Rates(p.a.)||Rates/ Charges|
|LoanTap||18%- 30%p.a.||Up to 2.5% + Tax|
|L&T Finance||12% p.a. onwards||Up to 3% + GST|
|HDFC Bank||10.05% to 21% p.a||0.50% onwards|
|Axis Bank||10.49% p.a onwards||1%|
|Punjab National Bank||8.90% p.a onwards||0.30% + GST|
|Induslnd Bank||10.49% p.a onwards||Up to 3%|
|ICICI Bank||10.75% p.a onwards||Up to 2.5%|
|KreditBee||12.24% p.a onwards||Up to 6%|
|Muthoot Finance||14% p.a onwards||2%|
|Bajaj Finserv||11% p.a onwards||Up to 3.93%|
|MoneyTap||13% p.a onwards||Up to 2%|
|Fullerton||11.99% p.a onwards||Up to 6%|
Read LessNote: The above mentioned rates are subject to change with the finance market and differ marginally with the respect to the individual banks.
LoanTap offers personal loans and Special Purpose Personal Loan. These loans can help individuals with their personal and business needs.
EMI Free Loan is a new kind of personal loan that lets you pay only interest on the loan amount every month.
Make a partial or full payment of the principal amount at any time, which will reduce the outstanding balance and lower your future interest payments.
This loan offers you the flexibility to choose your repayment schedule, making it the most popular personal loan in our portfolio.
Personal Overdraft is a credit line that allows you to withdraw cash as needed. You only pay interest on the amount you withdraw, so you don't have to worry about interest charges when you're not using the line of credit.
Advance Salary Loan is a line of credit that provides you with early access to your salary. You can borrow up to 2.5 times your net salary and repay it through equal monthly instalments over a short tenure of 3-12 months. The loan is fully repaid at the end of the tenure, so you don't have to worry about any outstanding balance.
LoanTap Wedding Loan is a unique personal loan that can help you cover the expenses of your wedding ceremony. It comes with a flexible repayment option called "Step Up", which allows you to pay only interest for the first 3 months and then fixed EMIs for the rest of the tenure. This can help you ease your expenditure post-marriage.
LoanTap offers flexible holiday loans with interest-only payments for the first three months. It can keep your monthly payments low during important events like a honeymoon or family wedding.
LoanTap offers flexible repayment plans and longer loan tenures for medical loans. You can pay interest for the first 3 months, followed by fixed EMIs. The final repayment option available to you depends on the information you provide and is at the discretion of the company
LoanTap's Home Renovation Loan can help you meet all your home renovation and repair needs. You can spread out the loan over a longer tenure and repay in fixed monthly instalments.
Renting a new apartment can be expensive, especially for the security deposit. LoanTap's Rental Deposit Loan offers an overdraft facility repayment plan, which can help you spread the cost of the deposit over a longer time. This can make it easier to afford the move and can help you avoid having to dip into your savings.
LoanTap's Credit Card Takeover Loan can help you merge your credit card debt and enjoy 3 months of interest-only payments. This loan can help you get rid of your long-pending credit card debt immediately and can help you improve your CIBIL score.
Follow these steps to apply for a LoanTap personal loan on Buddy Loan:
Step 2 - Fill out the application form, including the loan amount, the tenure in months, and contact details.
Step 3 - Fill out the following personal details where required:
Step 4 - Submit the details & wait for the loan confirmation.
Ready to take next step ?
Getting a loan always proceeds with a good repayment plan. Repaying a loan is an important step towards creating a good credit score and for approval of any future loans. A good repayment plan and discipline with good repayment options can help you pay your EMIs on time.
LoanTap personal loans offer flexible repayment options ranging from 6 to 60 months. Choosing a tenure and loan amount that works best for your financial needs can help you pay the loans on time and maintain a credible credit score.
A LoanTap personal loan requires you to have a minimum salary of Rs 30,000 per month.
LoanTap takes about 24-36 hours for loan disbursal.
LoanTap's processing fees vary depending on the loan amount and the loan tenure. It can be anywhere up to 2.5% with tax.
LoanTap provides personal loans to salaried individuals through an online platform that is quick, transparent, and hassle-free.
The highest loan amount you can avail of with LoanTap Personal Loan is Rs. 10 lakhs. The loan amount is based on your income, credit score, and other factors.
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