Overview

In today’s fast paced era, our needs have started seeking faster gratification too, including the need for funds. Personal loans provide an easy solution that is always within the reach of the person and is the solution to today’s financing needs. One can go for personal loans for any purpose such as a wedding, buying a new gadget, setting up a  home gym, creating an art studio and what not! 

Earlier, applying for personal loans was a  task in itself. The time taken to process the loans, the lengthy paperwork and other procedures deterred people as they wanted their needs to be catered to as soon as possible. Today, the process of applying for personal loans has been simplified drastically. The digital processes have made life easier and increased the popularity of personal loans, especially among the younger generation. Nowadays, getting the loan sanctioned is as simple as buying a product. 

There are many aspects related to the processing of personal loans. Read on to get all the information you need about personal loans.

What Is A Personal Loan?

A personal loan is a short term loan. This is an unsecured loan which means that the bank does not ask for collateral security from the applicants. This can be applied for any legal purpose which includes things like buying equipment, buying a new sofa set, purchasing a new PC and so on. 

Personal loans are very popular, specifically among the younger generation who have just started building financial security and need their wishes and needs fulfilled at the same time.

Since personal loans are meant to be repaid over a period of 6 months -5 years, they can be considered both short term and long term financing options depending on your needs. Personal loans also help to bridge the gap when one needs emergency financial support when a crisis crops up.

Are Personal Loans Beneficial?

Some of the advantages of the personal loans are:

  1. Quick Approval: Normal loans take longer to process but personal loans are processed in a day or two.
  2. Higher Loan Amount: LoanTap provides personal loans up to 10 lakhs depending on your eligibility and income.
  3. Competitive Interest rates: Affordable interest rates that are cheaper than credit cards make personal loans attractive.
  4. Simple eligibility: Very Simple Eligibility Criteria that a majority of the people can fulfil.
  5. Collateral Free: No collateral security is required. The loan is unsecured and the lender does not require any mortgage against the loan
  6. Flexible repayments: Usually personal loans are meant to be repaid within 6 months to 5 years.
  7. Minimal Paperwork: Minimum documentation is required to process the loan. 
  8. Easy Process: The digital process to apply for personal loan is very simple which allows for quick approval and disbursal.

How To Apply For A Personal Loan

Here are the simple steps that you need to follow at LoanTap to get your personal loan:

Step 1: Check Eligibility criteria 

You can apply for a personal loan if 

  • Your net monthly income is over INR 30,000.
  • You are an Indian resident.
  • Your age is over 21 years.

If you fulfil these criteria, you can move on to stage 2 of the application!

Step 2: Application Process

At this stage, you need to fill the online application on the LoanTap website or you may download the LoanTap’s Personal loan App. The form will require you to fill in the details like name, the loan you want to have, your address, the purpose of sanctioning the loan, the details of your employment etc. 

Step 3 : Upload documents 

Say goodbye to humongous paperwork! All you need to do is to upload the following documents –

  • Aadhar card.
  • PAN card.
  • Last three months salary slip.
  • Bank statement of the salary account of the last six months.

Step 4 : Verification 

The LoanTap team will evaluate the application, confirm the credit score and go through the documents. If you fulfill all the parameters that are related to the personal loan and have a good CIBIL score, your chances of having a loan application approved is very high. Once the loan is approved, your requested amount is disbursed to your mandated account. 

Step 5: Disbursal

It takes only 24-36 hours after the filing of an online application for the amount to get credited to the bank account. With minimal cumbersome paperwork and only a few mandatory documents that are needed to be submitted online, processing the loan is as easy as pie. 

The LoanTap Advantage

At LoanTap, we understand your needs and create tailored solutions to address them. Personal loans ranging from Rs 50,000 to Rs 10,00,000 are available from LoanTap, with terms ranging from 6 months to 5 years. Interest rates start at 18 per cent per year. You can choose a flexible repayment plan that suits your needs. You can use a personal loan EMI calculator to figure out the best term for you to keep your EMIs low. After six months of loan servicing, you have the option to prepay or foreclose on all or part of the loan with no penalty. 

Personal loans from LoanTap are the best short term finance solutions that will come to your rescue on a rainy day. They are quick, easy to process and require bare minimum paperwork. At LoanTap, we endeavour to make personal loans a very pleasant experience. Next time, you need a personal loan for any need under the sun, do visit our website https://loantap.in/ and we will gladly assist you in sorting out your funding needs. Remember, you are just a few clicks away from getting your financing sorted with LoanTap.

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Satyam Kumar is banking industry veteran with enriched experience of more than 20 years. Apart from founding LoanTap and FinTech Association of Consumer Empowerment, he is an avid traveler and holds keen interest in Blogging. He has amassed profound knowledge in FinTech trends, banking, consumer trends, food and mythology which he loves sharing with others.
Satyam kumarSatyam KumarCEO & Co-Founder, LoanTap asset 8 asset 9
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