LoanTap Personal Loan @ 15% p.a - Get Upto Rs. 10 Lakhs

Loantap Personal Loan

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.

Best Loantap Personal Loan Offer – Get Instant Loan Approval

LoanTap Personal Loan Highlights

Here are some key highlights of LoanTap’s personal loan product.

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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
● Salary Slips (Last 3 months)
● Salary Account Bank Statement (3/6 months)
● Address Proof

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:

  1. Fast disbursal: LoanTap personal loans are approved and disbursed quickly, usually within 24 to 36 hours of application.
  2. Flexible repayment options: LoanTap offers flexible repayment options such as EMI-free loans, bullet loans, step-up loans, and balloon loans, which allow borrowers to choose a repayment schedule that suits their financial situation.
  3. No prepayment charges: LoanTap does not charge any prepayment penalty if the borrower decides to pay off the loan before the due date.
  4. Low-interest rates:LoanTap offers competitive interest rates on personal loans, making it an affordable option for borrowers.
  5. Minimal documentation: LoanTap requires minimal documentation, which makes the loan application process quick and hassle-free.
  6. Use the loan amount as per your requirement: LoanTap personal loans can be used for any purpose, such as medical emergencies, home renovations, wedding expenses, or debt consolidation.
  7. High loan amount: LoanTap offers personal loans of up to Rs. 10 lakhs, which is higher than many other lenders in the market.
  8. Transparent process: LoanTap follows a transparent loan application and approval process, which means that borrowers are informed of all the terms and conditions upfront.
  9. Easy application process: Borrowers can also transfer their existing high-interest personal loan to Axis Bank and avail of lower interest rates and other benefits.
  10. No collateral required: LoanTap personal loans are unsecured loans, which means that borrowers do not have to provide any collateral or security to avail of the loan.

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:

  1. Phone: +91-8376904904, +91-8377904904
  2. Email: customercare@loantap.in
  3. Corporate Office Address: 301-302, A Wing, Sagar Tech Plaza, Andheri Kurla Road, Sakinaka, Andheri East, Mumbai – 400072

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:

  1. Eligibility Criteria: LoanTap offers personal loans to salaried individuals and self-employed professionals. The eligibility criteria include minimum age of 23 years and maximum age of 57 years, minimum net monthly income of Rs. 30,000 for salaried individuals, minimum net annual income of Rs. 3 lakhs for self-employed individuals, and a minimum credit score of 650.
  2. Loan amount and tenure: LoanTap offers personal loans ranging from Rs. 50,000 to Rs. 10 lakhs for a tenure of 3 to 36 months.
  3. Interest Rate: The interest rate on LoanTap personal loans starts from 10.50% per annum and goes up to 24.00% per annum, depending on the applicant’s creditworthiness and other factors.
  4. Processing fee: LoanTap charges a processing fee of up to 2% of the loan amount.
  5. Prepayment charges: There are no prepayment charges for LoanTap personal loans.
  6. Late payment charges: LoanTap charges a late payment fee of up to 2% of the overdue amount per month.
  7. Collateral: : LoanTap personal loans are unsecured loans and do not require any collateral or security.
  8. Repayment: LoanTap personal loans can be repaid through equated monthly installments (EMIs) using post-dated cheques or through automatic electronic clearing system (ECS) from the borrower’s bank account.
  9. Default: : If the borrower defaults on the loan, LoanTap reserves the right to take legal action against the borrower, which may include recovery of the outstanding amount along with interest and charges, and reporting the default to credit bureaus, which may negatively impact the borrower’s credit score
  10. Disbursement: The loan amount will be disbursed directly to the borrower’s bank account within 24-36 hours of loan approval, subject to completion of documentation and verification.

The advantages of LoanTap Personal Loan are:

    1. Quick disbursal: LoanTap offers quick disbursal of personal loans within 24-36 hours of loan approval, making it a convenient option for those in need of immediate funds.
    2. Flexible repayment: LoanTap provides flexible repayment options with repayment tenure ranging from 3 to 36 months, allowing borrowers to choose a repayment schedule that suits their financial situation.
    3. No prepayment charges: LoanTap does not charge any prepayment penalties for early repayment of the loan, which means borrowers can save on interest by repaying the loan early.
    4. Competitive interest rates: LoanTap offers competitive interest rates starting from 10.50% per annum, making it an affordable option for borrowers.
    5. Online application: LoanTap allows borrowers to apply for a personal loan online, making the application process convenient and hassle-free.
    6. Minimal documentation: LoanTap requires minimal documentation for loan processing, making it a convenient option for borrowers who may not have all the necessary documents.
    7. No Collateral required: : LoanTap provides unsecured personal loans, which means borrowers do not have to provide any collateral or security to avail the loan.
    8. Customer service: LoanTap has a responsive customer service team that provides prompt assistance to borrowers with any queries or concerns they may have.

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:

    1. Limited eligibility: : LoanTap personal loans are available only to salaried individuals and self-employed professionals, which may exclude other individuals who may be in need of funds.
    2. High interest rates: While LoanTap offers competitive interest rates, the interest rates can still be relatively high compared to other personal loan options available in the market, especially for borrowers with lower credit scores.
    3. Processing fee: LoanTap charges a processing fee of up to 2% of the loan amount, which can increase the overall cost of borrowing.
    4. Limited loan amount: LoanTap personal loans have a maximum loan amount of Rs. 10 lakhs, which may not be sufficient for individuals with larger funding requirements.
    5. Limited presence: LoanTap is a relatively new player in the personal loan market and has limited presence in some regions, which may make it difficult for borrowers in those regions to access its services.
    6. No part-payment option: LoanTap does not offer part-payment facility, which may be a drawback for borrowers who want to make partial payments towards their loan to reduce the overall interest burden.

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.

FAQs

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.

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