You must have heard of personal loans and you are familiar with credit cards. What if someone combined the features of the two in a single card? Wouldn’t that be an interesting combo? Well, since its inception, LoanTap has been looking for ways to help its customers enjoy financial flexibility without the stress.
After observing customer behaviour and their purchasing habits, we decided to come out with a new product called the Limitless Platinum and Platinum Plus Cards and has been launched in association with SBM Bank and Rupay.
So what are the features of these cards and how would a member benefit from owning them? Let us explore the top ten reasons in detail.
- Simple eligibility criteria
- Instant Approval
- Credit Limit upto Rs 3,00,000
- Buy Now and Pay later
- Conversion into easy EMIs with tenure up to 60 months
- Personal Accident Insurance
- Unlimited offers
- Domestic Lounge access
- Cheaper than normal credit cards
- Better credit score
Simple eligibility criteria
As with personal loan products, the eligibility criteria for LoanTap’s limitless cards are also very simple.
If you are
- An Indian citizen or resident
- Over the age of twenty three years
- Earning a net monthly income of over Rs 30,000
You are eligible to apply for a platinum /platinum plus card. The eligibility criteria can be met by most of the population in the target audience.
The process of application and approval barely takes twenty four hours. All you have to do is to fill up an online application form on the LoanTap website and upload the following documents-
- PAN Card
- Aadhaar Card/ Passport/ Driving Licence
- Salary slips for the last three months
- Bank Statement of the Salary Account for the last six months
The LoanTap team will evaluate the application and approve the card if everything is found ok. The approval process is completed within a day however, the physical dispatch of the card takes three to seven working days. The process is very easy, quick and involves minimum documentation.
Credit Limit upto Rs 3,00,000
LoanTap limitless cards give you an enhanced credit limit of Rs 300,000. This is higher than what other cards offer. It is sufficient to take care of most of your immediate needs without the need for further approvals. It is extremely convenient for customers when they go shopping.
Buy Now and Pay Later
LoanTap’s Limitless Platinum and Platinum Plus cards work basically like credit cards where you can buy now and pay later by the due date. If you want to improve your credit score, you can pay on time alongside enjoying the benefits of unlimited rewards.
Conversion into easy EMIs with tenure up to 60 months
This product has the flexible option of converting the outstanding balance into easy EMIs with repayment tenure up to sixty months. This makes it extremely convenient for customers when they are planning a big ticket purchase. It saves them the hassle of applying for a personal loan separately.
Personal Accident Insurance
With LoanTap’s Limitless Platinum and Platinum Plus cards, the cardholder gets a personal accident insurance up to Rs 2,00,000 which is a big plus in case of an unfortunate incident.
Limitless Platinum and Platinum Plus cards bring a bonanza of offers for its customers. It is accepted at thousands of establishments where Rupay is accepted. Customers can enjoy a variety of perks including cashbacks, discounts, rewards etc.
Domestic Lounge access
In addition to numerous benefits mentioned above the Platinum Plus card holders get the privilege of domestic lounge access at 20+ domestic airports. This is an extra benefit over and above the numerous offers.
Cheaper than normal credit cards
This product offered by LoanTap is cheaper than the normal credit cards. While other credit cards charge 24-30% on outstanding balance, the Limitless platinum cards charge a lower interest from 18-24% p.a. This gives the Limitless Platinum card an edge over its competitors.
Better credit score
Managing your credit is a responsibility. Timely payments ensure an enhanced credit limit and a better credit score. You can repay the entire amount in one go or you can choose to switch to easy EMIs and protect your credit score.This flexible product gives you the opportunity to convert your dues into convenient and affordable EMIs over a long tenure of 60 months.
In conclusion, we can comfortably conclude that Loan Tap’s Platinum and Platinum Plus cards are a cut above the rest. Getting a membership would open the gateway to unlimited offers and benefits while giving you a financial back up in case of an emergency. By tying up with Rupay, the card has ensured maximum acceptance at most merchant establishments. It gives you flexibility to be used as a credit card or converted into a personal loan when the need arises. This is the main feature that differentiates this card from others. So what are you waiting for? If you meet the eligibility criteria, you should go ahead and apply for Limitless card. We promise you will not regret the experience.
Please visit the LoanTap website for more information. We will be happy to assist you!