A LoanTap Personal Loan can help salaried and self-employed individuals manage different personal expenses without providing collateral. Loan amounts range from Rs. 50,000 to Rs. 10 Lakhs, with interest rates between 16% and 24% p.a.
The loan application process is fully digital, and repayment tenure ranges from 6 to 60 months. Approved funds can be disbursed within 24 to 36 hours.
LoanTap Personal Loan Details
A LoanTap Personal Loan can be used for medical emergencies, weddings, travel, and other personal expenses.
Here are the main loan details:
| Parameter | Details |
| Loan Amount | Rs. 50,000 to Rs. 10 Lakhs |
| Repayment Tenure | 6 to 60 Months |
| Interest Rate | 16% to 24% p.a. |
| Maximum APR | Up to 29% |
| Eligible Borrowers | Salaried & Self-Employed Individuals |
| Loan Purpose | Emergency, Wedding, Medical, Travel & Personal Use |
| Disbursement Time | 24 to 36 hours |
LoanTap Personal Loan Interest Rates
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.
| LoanTap Personal Loan Interest Rate | 16% – 24% p.a. |
LoanTap Personal Loan Fees & Charges
Before applying for a LoanTap Personal Loan, check the processing fee, late payment charges, bounce charges, and other applicable costs.
| Fee Head | Applicable Charges |
| Processing Fee | 2% + GST (Up to 2.5% + Tax) |
| Late Payment Charges | 24% per annum + Tax |
| Foreclosure Charges | NIL |
| Prepayment Charges | NIL |
| EMI Bounce Charges | Rs. 400 + Tax |
| Repayment Mode Swap Charges | Rs. 500 (per transaction) + Tax |
| Document Pick Up Charges | Rs. 500 (per transaction) + Tax |
| Loan Cancellation Charges | Rs. 3,000 + Tax |
| Statement of Account Charges | NIL |
| Legal / Recovery Charges | As per actuals |
LoanTap Personal Loan Eligibility Criteria
You need to meet the basic eligibility requirements before applying for a LoanTap Personal Loan.
| Criteria | Requirements |
| Age | Indian citizens aged 23 years and above |
| Minimum Monthly Income | Rs. 30,000 per month |
| Employment Type | Salaried or Self-employed individuals |
| Income Documentation | Bank statement for last 6 months & salary slips / latest ITR |
Documents Required for LoanTap Loan
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.
Calculate LoanTap Personal Loan EMI
You can use the EMI calculator to estimate your monthly repayment before applying for a LoanTap Personal Loan.
Follow these simple steps:
- Step 1: Enter the loan amount you want to borrow.
- Step 2: Enter the applicable interest rate.
- Step 3: Select your preferred repayment tenure.
- Step 4: Check the estimated monthly EMI and plan your budget accordingly.
The standard EMI formula is:
EMI = P x R x (1+R)^N / [ (1+R)^N – 1 ]
Where,
- EMI is the equated monthly instalment.
- P is the principal amount.
- R is the interest rate.
- N is the loan tenure.
Features & Benefits of LoanTap Personal Loan
LoanTap Personal loan provides a range of important features and benefits, such as:
- Loan Amount up to Rs. 10 Lakhs: Eligible borrowers can access funds for different personal needs.
- Flexible Repayment Tenure: Choose a repayment period ranging from 6 to 60 months.
- 100% Digital Process: Complete the loan application online without physical paperwork.
- Quick Disbursal: Approved loan amounts can be transferred directly to your bank account within 24 to 36 hours.
- No Foreclosure Charges: You can close the loan early without foreclosure fees.
- No Prepayment Charges: No penalty is charged for prepaying the loan.
- Multiple Loan Options: LoanTap offers different products based on the borrower’s financial needs.
Compare LoanTap Personal Loan Vs Other Lenders
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 | 15% onwards | Up to 2% |
| L&T Finance | 11% onwards | Up to 3% |
| HDFC Bank | 9.99% onwards | Up to ₹6,500 |
| Axis Bank | 9.99% onwards | Up to 2% |
| Punjab National Bank | 8.95% onwards | Up to 1% |
| Induslnd Bank | 10.49% onwards | Up to 3.5% |
| ICICI Bank | 9.99% onwards | Up to 2.5% |
| KreditBee | 12.24% p.a onwards | Up to 6% |
| Muthoot Finance | 13.5% onwards | Up to 3% |
| Bajaj Finserv | 10% onwards | Up to 3.93% |
| MoneyTap | 13% onwards | Up to 2% |
Note: The above mentioned rates are subject to change with the finance market and differ marginally with the respect to the individual banks.
Types of LoanTap Personal Loan
LoanTap offers personal loans and Special Purpose Personal Loan. These loans can help individuals with their personal and business needs.
LoanTap EMI Free Loan
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.
LoanTap Personal Overdraft
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.
LoanTap Advance Salary
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
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 Holiday Loan
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 Medical Loan
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 House Owner Loan
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.
LoanTap Rental Deposit Loan
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 Credit Card Takeover Loan
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.
How to Apply For LoanTap Personal Loan with Buddy Loan?
Steps To Apply For a Personal Loan with Buddy Loan
- Step 1: Visit buddyloan.com or Download & install the Buddy Loan app (Android or iOS).
- Step 2: Open the Personal Loan Application Page. Provide the mobile number and enter the received OTP.
- Step 3: Specify the desired loan amount & personal email. Next, choose the Personal Loan option
- Step 4: Choose the employment type (Salaried, Self-Employed, or Student) and the salary mode (bank or cash).
- Step 5: Enter your work details (Including company name, years of service and Designation)
- Step 6: Enter your personal details (Including Full Name, PAN, address DOB & Gender)
- Step 7: Provide your communication address, and income details and Click the ‘Submit’ button.
Are you looking for a personal loan?
LoanTap Finance Personal Loan Repayment
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.
LoanTap Personal Loan Customer Care Number
You can contact LoanTap for help with loan applications, EMI status, repayment queries, or technical issues through the following channels:
| Contact Channel | Official Details |
| Customer Care Phone | +91-7888040000 / +91-99707-08080 |
| Email Support | info@loantap.in / loantap.manage@gmail.com |
| Official Website | https://loantap.in/ |
| Corporate Office Address | Hermes Waves, Office No – 103, Central Avenue Road, Kalyani Nagar, Pune – 411006, Maharashtra, India |
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