Personal loans today are an upgraded version of the traditional personal loans extended by banks. 

Personal loans have not only become easily accessible but also affordable, which used to be rare previously.   

LoanTap’s personal loans are designed in such a way that they can be accessed easily and repaid in affordable instalments. They can be used to meet any cash shortfall arising in the day to day life. Also, we strive to provide a seamless personal loan application process so that funds are made available to borrowers when they most need it. However, that’s’ not it! LoanTap’s Personal loans are Fast, Flexible and friendly too! Want to know how?! Here’s an instance to show you what makes LoanTap’s loans so desirable. Read on ..  

Fast 
Karan, a young millennial in his early 30s, plans to take an impromptu leisure trip with family in the holiday season. As his adventure wasn’t planned, he realised he hadn’t made room for expenses of the trip in his monthly budget. Thus, he started looking for other alternatives to meet these expenses without touching upon his savings. One of his colleagues suggested that he must opt for a personal loan with a digital lender. After considerable research, he applied for a personal loan with LoanTap. He filled the online application, provided a few details and he could see his personal loan eligibility instantly. He uploaded the necessary documents online and post verification of the provided documents, the loan was sanctioned. The entire loan approval to the disbursal process took only 24 hours!!

So, you see, If the right details are provided while applying for a loan and the documents are sufficient and authentic too, the application process would not take longer than a few hours. That’s what defines a Fast Personal loan application process. 

Read more about quick loans – Personal Loan in 24 Hours – How Is it Possible?

Flexible 
The feature that primarily attracted Karan, was the varied flexible repayment options that he could choose from. We have a variety of repayment schedules designed to help borrowers choose the best suited repayment plan based on their monthly cash flows. Everyone’s needs are different and so are the salary cycles and monthly expenses. Thus, we believe that the “one size fits all” concept only adds rigidity. So we have repayment plans like step up, EMI free, term and overdraft repayment offers. Karan’s requirement being short term, he chose the Step up repayment option. With this repayment option, he enjoyed an interest only payment for the first 3 months followed by fixed EMI. He got his time to recover from the expenses post the trip, giving him a breather from paying  high EMIs in the initial months!

Read more about flexible repayment options – A Guide to Understanding Loan Repayment Plans offered by LoanTap

Friendly 
The entire process from choosing the right lender to the right loan was a hassle free one for Karan. While documents collected are limited, processing time is minimal, personal loan process being fast, the one thing that fueled his process with convenience is the option of pre closing his loan. After enjoying interest only payments in the initial months, he paid fixed EMIs for the next 3 months and closed his loan as He had received his quarterly incentive from his company. So within 6 months of availing the loan, he could close his loan account without any foreclosure charges. 

Read more about easy loans – Personal loan in 3 Steps!

Karan desired to avail a personal loan that is quick, easy to access and is flexible in the terms of service. He wanted the loan for a short term purpose, but not at the cost of heavy EMIs. Thus, A Personal Loan from LoanTap best suited his requirement. Karan had a happy holiday, when will you?! 

Related article – How LoanTap serves as a One Stop Solution for all your needs ?

Personal Loan
Top line
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
Bottom line