Personal loans are a saviour in a lot of financial complications one might face – be it a medical emergency, a debt consolidation exercise, or additional monies required for planning travel. In addition to this, the fact that you don’t have to furnish situation-specific documents to avail a personal loan makes it an easier option. Also, one can use personal loan amount for more than one purpose. Here are nine reasons why you should complete your LoanTap loan application if you have left it incomplete.

1. LoanTap has the fastest disbursal turn-around time:

fastest-disbursal

No more do you have to wait endlessly for loan applications to get processed, especially if it is an emergency. LoanTap takes only 24 to 36 hours to process your application to disburse your loan. That effectively means that you will have the Loan Money within the same or the next business day.

2. Lower EMIs:

If High EMIs are a concern for you, LoanTap has various customised products tailored to your needs to reduce your EMI burden. Some of them are

  • Longer Tenure of Term Loans to reduce your EMI or monthly cash outgo.
  • EMI Free Loans reduce your monthly outgo by as much as 40%.
  • Personal Overdraft can be used to spread out your loan requirements and reduce your EMI further.

3. The user-friendly loan application process:

LoanTap has a very simple online process with great user experience. Gone are the days of repeated branch visits or calling your banking correspondent person to get your loan application submitted and processed. LoanTap makes the process much simpler with a shorter turnaround time. The credit team of LoanTap calls you within the same business day as you submit the online loan application. Next, we send someone to collect your documents, and voila, your application is complete.

4. Protect your CIBIL score:

Cibil ScoreDid you know that every time you apply for a loan, it impacts your CIBIL score negatively? But what is even worse is that many companies check your CIBIL score multiple times over, many times leaving a severe dent on your CIBIL score that might take months to recover. On the other hand, LoanTap doesn’t ping your CIBIL in the pre-sanction phase. Loantap pings your CIBIL after all the basic checks have been cleared and all the necessary documents are in place, to protect your interests and provide top-notch service.

5. Stop paying 4% Foreclosure Charges to close your loan account:

Did you know that almost 95% of loans are paid off by foreclosure? To take advantage of this, most banks charge a 4 to 5% foreclosure charge, forcing you to either keep paying the interest or pay the foreclosure charges along with the loan amount if you want to foreclose the loan. But LoanTap works very differently. With a customer-first approach, LoanTap allows you to foreclose your entire loan at no extra charges after six months of the loan tenure.

6. Prepay when you have the money:

One of the major shockers about different lenders is their refusal to accept part-prepayments. This effectively means even if you have some extra cash that you could use to prepay a part of the loan some months later, you won’t be allowed to do that as a clause of the terms and conditions of the loan.

But at LoanTap, we put our customers first. You can prepay any loan from LoanTap at zero extra charges after six months.

7. Direct access to the credit team:

EligibilityVarious details may be required to take a decision regarding the suitability of the loan for you. Generally, the queries arise with respect to EMI, tenure, eligibility.

In most organisations, a sales person who answers customers’ queries, is driven by his/her sales target. But that’s not how LoanTap works.

LoanTap’s credit team talks to every customer individually to clarify their doubts before the loan is disbursed. The team not only clarifies any concerns regarding the loan but also helps to structure the loan to get the best benefit out of it.

8. Transparency:

Loans are famous for their flurry of hidden charges that you get to know once your application has been processed, and you can’t back out – thanks to a myriad amount of charges like processing fees, insurance fees, foreclosure fees, and added taxes that you simply don’t get to know beforehand. And even then, getting interest certificates and past statements become a major challenge. Not anymore with LoanTap.

LoanTap has a transparent system where every figure is mentioned in your agreement, shared well before the application is processed. We also provide a detailed SOA so that you know exactly what is going on. You can also close your loan any time you want to or request a break-up and be assured of a prompt response.

9. 3-Day Free Look Period:

In addition to all the benefits mentioned above, LoanTap is also offering you unique three-day free look period for all your loans. This means you are no longer bound to the terms and conditions of the loan for the first three days. If you are not satisfied with the service, you can return the loan amount at zero charges, within a 3-day window, no questions asked. We would, however, like to understand how we can further improve our services.

CIBIL scoreEmi Free LoanFree Look PeriodLow EMINo Prepayment ChargesPersonal LoanPersonal OverdraftQuick LoanTransparent Processes