Loantap is a digital lending platform that offers personal loans to individuals with varying credit scores and financial backgrounds. Loantap’s personal loan product is designed to meet the diverse financial needs of its customers, including home renovation, medical emergencies, travel expenses, debt consolidation, and more.
Here are some key highlights of LoanTap’s personal loan product.
Loan Amount | Rs. 50,000 to Rs. 10 Lakhs |
Loan Tenure | 6 Months to 60 Months |
Interest rate | 15% p.a to 24% p.a |
Processing Fee | 2%+ Gst |
Documents Required | ● PAN Card |
LoanTap’s personal loan interest rate starts at 15% per annum, which is a competitive rate compared to other lenders in the market. However, the actual interest rate offered to a borrower may vary depending on various factors such as credit score, income, loan amount, loan tenure, and repayment capacity. LoanTap offers personalized interest rates to its customers based on their creditworthiness and repayment history. It’s always a good idea to check your eligibility and compare interest rates from multiple lenders before finalizing a loan.
LoanTap is a digital lending platform that offers various types of loans, including personal loans. Here are some of the features and benefits of LoanTap personal loans:
Overall, LoanTap personal loans offer a range of features and benefits that make them a convenient and affordable option for borrowers looking for quick and flexible financing.
Here are the eligibility criteria for LoanTap personal loans for both salaried and self-employed individuals:
Eligibility Criteria | Salaried Individuals | Self-Employed Individuals |
---|---|---|
Age | 21 to 60 years | 23 to 55 years |
Employment | MinMinimum 2 years of work experience and currently employed | Minimum 3 years of business experience and currently running |
Monthly Income | At least Rs. 30,000 gross monthly income | At least Rs. 40,000 gross monthly income |
Credit Score | At least 650 | At least 650 |
Citizenship | Indian | Indian |
Residency | Resident of any of the following cities: Bangalore, Chennai, Hyderabad, Mumbai, Pune, Delhi NCR, Ahmedabad | Resident of any of the following cities: Bangalore, Chennai, Hyderabad, Mumbai, Pune, Delhi NCR, Ahmedabad |
Bank Account | Must have a valid bank account in India | Must have a valid bank account in India |
Here are the documents required for LoanTap Personal Loan:
Documents Required | Salaried Individuals | Self-Employed Individuals/Professionals |
---|---|---|
Identity Proof | Aadhaar Card or any other valid government-issued ID proof |
Aadhaar Card or any other valid government-issued ID proof |
Address Proof | Aadhaar Card or any other valid government-issued ID proof |
Aadhaar Card or any other valid government-issued ID proof |
Income Proof | Latest 3 months salary slips and bank statements |
Latest 6 months bank statements and ITR for the last 2 years |
Employment Proof | Offer letter, appointment letter, or experience certificate |
Business registration proof, GST registration certificate, business profile, and business bank statements |
Bank Statements | Latest 3 months bank statements |
Latest 6 months bank statements |
Note: The above-listed documents are indicative, and LoanTap may request additional documents based on its internal policies and regulations. It’s always recommended to check with the lender for the latest and accurate information.
Here are the processing fees and charges for LoanTap personal loan:
Processing Fees and Charges | Details |
---|---|
Processing Fees | Up to 2% of the loan amount (varies based on the loan type and amount) |
Prepayment Charges | Nil (No charges for prepayment or foreclosure of the loan) |
Late Payment Fees | 2% per month of the overdue amount (subject to a minimum of Rs. 1,000 and a maximum of Rs. 5,000) |
EMI Bounce Charges | Rs. 1,500 per bounce |
Secure Fee | Up to 0.25% of the loan amount (for certain types of loans) |
Stamp Duty and other statutory fees | As per applicable laws and regulations |
Note: The above processing fees and charges are subject to change based on LoanTap’s internal policies and regulations. It’s always recommended to check with the lender for the latest and accurate information.
Principal amount
Loan EMI
Total Intrest Payble
Total Payment (Principal + Interest)
To calculate the EMI for LoanTap personal loan, you can use the following formula:
EMI = [P x R x (1+R)^N]/[(1+R)^N-1]
where,
P = Loan amount
R = Rate of interest per month (annual rate/12)
N = Loan tenure in months
Let’s assume you have taken a LoanTap personal loan of Rs. 5 lakh for a tenure of 36 months at an interest rate of 12% per annum.
So, the monthly rate of interest would be 12%/12 = 1% per month. The loan tenure would be 36 months.
Using the formula mentioned above, the EMI for the loan would be:
EMI = [500000 x 0.01 x (1+0.01)^36]/[(1+0.01)^36-1] = Rs. 16,842
Here’s the amortization schedule for the loan:
Payment Month | Opening Balance | EMI | Principal | Interest | Closing Balance |
---|---|---|---|---|---|
1 | 500000 | 16842.00 | 4087.20 | 12755.80 | 459912.80 |
2 | 459912.80 | 16842.00 | 4275.94 | 12566.06 | 455636.86 |
3 | 455636.86 | 16842.00 | 4468.08 | 12373.92 | 451168.78 |
... | ... | ... | ... | ... | ... |
35 | 21846.17 | 16842.00 | 16481.72 | 3570.28 | 5359.45 |
36 | 5359.45 | 5359.45 | 5359.45 | 64.61 | 0.00 |
As you can see from the above table, at the beginning of the loan, the majority of the EMI amount goes towards paying off the interest, and as the loan tenure progresses, the amount paid towards the principal gradually increases. By the end of the loan tenure, the entire principal amount and interest would be repaid.
Here’s a comparison of LoanTap personal loan with personal loans offered by other Banks/NBFCs in India:
Lender | Interest Rate | Loan Amount | Loan Tenure | Processing Fee | Prepayment Charges | Maximum EMI per lakh |
---|---|---|---|---|---|---|
LoanTap | 10.50% - 24.00% | Rs. 50,000 - 10 lakh | 3 to 36 months | Up to 2% of the loan amount | Nil | Rs. 3,291 - Rs. 4,665 |
HDFC Bank | 10.50% - 21.50% | Up to Rs. 40 lakh | 12 to 60 months | Up to 2.50% of the loan amount | Nil | Rs. 2,224 - Rs. 2,650 |
ICICI Bank | 11.25% - 22.00% | Up to Rs. 20 lakh | 12 to 60 months | Up to 2.25% of the loan amount | 5% of the principal outstanding plus GST | Rs. 2,224 - Rs. 2,885 |
Kotak Mahindra Bank | 10.50% - 17.99% | Up to 2.50% of the loan amount | 3 to 36 months | Up to 2% of the loan amount | Nil | Rs. 3,291 - Rs. 4,665 |
Axis Bank | 12.00% - 24.00% | Up to Rs. 25 lakh | 12 to 60 months | Up to 2% of the loan amount | Nil | Rs. 2,224 - Rs. 2,746 |
Bajaj Finserv | 12.99% - 16.00% | Up to Rs. 25 lakh | 12 to 60 months | Up to 3.99% of the loan amount | Nil | Rs. 2,224 - Rs. 2,649 |
Citibank | 10.50% - 18.99% | Up to Rs. 30 lakh | 12 to 60 months | Up to 3% of the loan amount | 4% of the principal outstanding plus GST | Rs. 2,224 - Rs. 2,699 |
IDFC First Bank | 10.49% - 32.00% | Up to Rs. 40 lakh | 12 to 60 months | Up to 3.5% of the loan amount | Nil | Rs. 2,224 - Rs. 4,620 |
Kotak Mahindra Bank | 10.50% - 24.00% | Up to Rs. 20 lakh | 12 to 60 months | Up to 2.5% of the loan amount | 5% of the principal outstanding plus GST | Rs. 2,224 - Rs. 2,734 |
Tata Capital | 10.99% - 18.00% | Up to Rs. 25 lakh | 12 to 72 months | Up to 2.75% of the loan amount | Nil | Rs. 2,224 - Rs. 2,645 |
Fullerton India | 11.99% - 36.00% | Up to Rs. 25 lakh | 12 to 60 months | Up to 6.5% of the loan amount | 7% of the principal outstanding plus GST | Rs. 2,224 - Rs. 4,649 |
LoanTap provides customer support through multiple channels. Here is the contact information for LoanTap Personal Loan customer care:
Customers can reach out to LoanTap customer care for any queries or concerns regarding their personal loan application, disbursal, repayment, or other related issues.
The terms and conditions of LoanTap Personal Loan are as follows:
The advantages of LoanTap Personal Loan are:
Overall, LoanTap Personal Loan provides a convenient and hassle-free option for borrowers looking for quick and flexible access to funds at competitive interest rates.
While LoanTap Personal Loan has several advantages, there are also some drawbacks that borrowers should be aware of:
Overall, while LoanTap Personal Loan has its advantages, borrowers should carefully consider the drawbacks and compare it with other personal loan options available in the market before making a decision.
LoanTap is a real, legitimate online lending platform that offers personal loans to eligible borrowers. LoanTap is a registered NBFC (Non-Banking Financial Company) with the Reserve Bank of India (RBI) and is authorized to provide loans to individuals who meet the eligibility criteria.
LoanTap has been operating in the Indian market since 2016 and has established itself as a reliable and trustworthy lender. The company has received positive reviews from borrowers and has a responsive customer service team that provides prompt assistance to borrowers with any queries or concerns they may have. Therefore, LoanTap is not fake, it is a legitimate lending platform.
LoanTap offers an app for its customers to apply for loans, track their loan application status, and manage their loan accounts. Like any financial app, it is important to consider the safety and security of the app.
LoanTap’s app uses high-level encryption to protect the personal and financial data of its users. The app requires users to create a password and use two-factor authentication to log in, which adds an extra layer of security. LoanTap also uses secure servers to store user data and has implemented security measures to protect against cyber threats.
Furthermore, LoanTap is a registered NBFC (Non-Banking Financial Company) with the Reserve Bank of India (RBI) and is authorized to provide loans to individuals who meet the eligibility criteria. This regulatory oversight ensures that LoanTap operates in a safe and secure manner and follows best practices in the industry.
Therefore, based on these factors, it can be said that LoanTap’s app is safe for customers to use. However, it is important for users to also take necessary precautions such as not sharing their login credentials with anyone and keeping their devices updated with the latest security patches to ensure the safety of their personal and financial information.
LoanTap aims to disburse the approved loan amount to the borrower’s bank account within 24 to 36 hours of receiving all the necessary documents and completing the verification process. However, the actual time it takes for disbursement can vary depending on several factors, such as the borrower’s bank, the accuracy of the information provided by the borrower, and any unforeseen circumstances that may delay the process.
LoanTap has a streamlined online application process that allows borrowers to submit their application and required documents online, which can help speed up the processing and disbursement time. Once the loan is approved, LoanTap will initiate the disbursement process, and the borrower will receive a notification when the funds are credited to their bank account.
To ensure a faster disbursement process, borrowers should ensure that they provide accurate and complete information while submitting their loan application and provide all the necessary documents in a timely manner. They should also ensure that their bank account is active and can receive electronic transfers to avoid any delays in disbursement.