Loantap Personal Loan

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:

Here are the documents required for LoanTap Personal Loan:

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:

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.

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:

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:

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. 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. 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.