Facing a financial emergency can be tough on anyone. You may find a sudden need for cash for any reason. It could be a medical emergency or the deadline for paying the course fees could be approaching. You might need to book urgent flight tickets. The reason could be anything but the shortage of cash could leave you feeling helpless. You may need a small sum of money to tide over the immediate crisis. You have a job and a steady income but you might have wiped out your savings recently on something else that was equally important. The reasons could be numerous and genuine too. All you need is a helping hand to tide over the immediate liquidity crisis. 

Here is where you understand the real convenience of a personal loan. Not everyone has friends or family to fall back on. That is why we have personal loans. It is a versatile loan that can be used for any purpose. The eligibility criteria is simple and the processing is quick and easy with no paperwork involved.

In India, you can get a personal loan for an amount as low as Rs 10000 and the tenure could be as short as three months. Interest rates could vary from 11% – 24% annually .That’s quite convenient, isn’t it?

What is the magic wand called Personal Loan?

A personal loan is an unsecured loan which means there is no collateral attached. This makes it immensely popular among the younger generation. It also covers a large portion of the population.

Fulfilling the Personal loan eligibility criteria is easy. If you are an Indian citizen or resident with a net monthly income of over Rs 30,000, you can apply for personal loan.

What is the minimum and maximum loan amount given by LoanTap?

At LoanTap, the lowest personal loan you can avail is Rs 50,000 while the maximum is Rs 10,00,000. The tenure can be as low as 6 months or as high as 60 months. The interest rate starts at 18% per annum.

What is the procedure to get a personal loan?

The Personal loan process at LoanTap is very simple.

Step 1 – Go to the LoanTap website and fill up an online application form

Step 2 – Upload the following documents –

  • PAN Card
  • Aadhaar Card
  • Salary Slips for the last three months
  • Bank Statement of the Salary Account for last six months

Step 3 – Evaluation of the loan application is done by the LoanTap team  Your credit score and other details are verified.

If everything is in order, the loan is approved  and disbursed within 24-36 hours.

You can decide the repayment plan as per your convenience. If you pay the EMIs for 6 months, you can prepay the loan without any prepayment penalty.

What are the benefits of taking a small, short term personal loan?

There are several benefits of taking a short term personal loan. Let us list them below.

Your immediate fund problem is sorted

Your immediate fund problem is sorted without much stress or tension. We understand  your emergency and we will help you overcome it as soon as possible.

Cheaper than a credit card

Borrowing against a credit card will cost you 2-2.5% interest per month which is a whopping 24-30% on an annualized basis. Personal loans are much cheaper than this and more structured.

No dependence on friends or family

Access to an easy personal loan eliminates the need to depend on friends or family in a crisis and the feeling of obligation. It is always preferable to be independent and be able to manage your own issues.

A personal loan provides you with that freedom and flexibility.

Easy EMIs

If the loan amount is small, the EMIs will be small too and easily manageable. You can easily tide over the crisis. There won’t be much pressure on the monthly budget and you can sort out your immediate problem.

No prepayment penalty after 6 months

Once you have serviced the loan for six months, you can pay off the loan in full or in part without  the need to pay any prepayment penalty. The earlier you pay off the loan, the less your interest outgo.

No collateral

The fact that personal loans demand no collateral can be a great relief for someone who is just starting off in life and does not have any assets to pledge. Everyone faces financial crunches from time to time and not needing to provide collateral is a blessing for them. It gives them the opportunity to avail of a financing option without any worry.

Quick processing

The beauty of personal loans lies in the speed of their processing. The entire process takes only 24-36 hours from start to finish. The speed of processing allows people to choose personal loans over credit cards even in case of an emergency.

Minimal paperwork

The latest technology has eliminated the need for cumbersome paperwork. This is the main reason why personal loan processing is so quick and clean. Everything from start to finish is completed online without any compromise on risk or data integrity.

There you go. Is it any wonder then that today personal loans are the go to option for people who need a helping hand to tide over a short term financial crisis. Personal loan is an umbrella that shelters you from sudden showers. The reason could be any but you can always seek shelter in a personal loan. It is quick, easy, flexible and a ready saviour in times of crisis. So, what are you waiting for? No matter how small your need or how short your time frame, you can surely find a solution in the world of personal finance.

Visit the LoanTap website today to know how personal loans have evolved into customized financing plans to take care of your needs.

Related blog – Short term Personal loans – Answering a Few common questions

Which Personal Loan is better for you? – Long term or Short Term

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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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