Credit Card Takeover Loan

Are you still struggling to clear off your credit card dues?

Stay away from high interest rate of credit card by using debt consolidation loan. Online application, easy repayments and at half the cost. A low interest option to your credit card worries.

So, how does Credit Card Takeover Loan work?

Now you can consolidate your credit card oustanding debts with our 'Step Up' repayment option and enjoy 3 months of interest only payments. With our Credit Card Takeover Loan, you will be free of long-pending credit card debt immediately and this unique personal loan will help build financial discipline. You can take Credit Card Takeover Loan for a total of one or multiple credit cards outstanding. Such prudent steps taken eventually helps improve CIBIL score.

Why LoanTap's Credit Card Takeover Loan?

Instant approval and minimum documentation

Easy online process and disbursal within 24-36 hours

Lower interest rate

Lower rate of interest rate as compared to credit card. Balance transfer and cash top-up like personal loan available.

Improved Credit Score

Because you are showcasing financial discipline in paying off your personal loan through fixed EMIs, chances are that your CIBIL score will increase

Transparent Processes

No hidden charges, No pre-payment charges

Apply Now

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eligibility-criteria

Eligibility Criteria for Credit Card Takeover Loan

1

Individuals with a minimum income of INR 30,000

2

Indian Citizens/Residents who are 21 years old & above.

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Flexible Instalment Options

Final instalment options for a loan will be decided based on your profile and inputs

Step Up

Interest only Payment for 3 months followed by fixed EMI. Gives you space to manage expenses post an event.

Ideal when: Heavy expenditure is involved in a particular event such as Wedding or a Medical Emergency

Term Loan

Repayment done via Fixed Equated Monthly Instalments, where EMI = Principal + Interest.
Each instalment reduces both interest and Principal amount.

Ideal when: You know the precise Loan Amount needed and your income is consistent

How we make loans happen in 24-36 hours

online application
Online Application

Apply online, upload basic documents or mail us

record your time
Record your time for representative visit

Download documents as per checklist, sign and handover to our representative.

verification sanction disbursal
KYC & Fund transfer

We check documents, verify them and activate instant disbursal online

Apply Now

Frequently Asked Questions

What are the benefits of Credit card Takeover Loan?
Credit cards are a most commonly used form of debt borrowing without much thought. It eases monthly finances by offering up to four to five times of usual salary. This gets you entwined in the vicious credit cycle payments. Minimum amount due seems easy but what you should fear is paying more than 25- 40% interest per annum on the outstanding. Now, working professionals who are entangled in this vicious cycle of credit card can set themselves free by availing credit card takeovers. But why should you take a loan to pay another? Credit Card Takeover Loan is a type of Personal Loan and are available at around 1.5 - 2% monthly interest versus 3-4% monthly interest applicable on outstanding credit card payments. They allow you to get over the vicious minimum payment due cycle and ensure you maintain good credit history.
You should aim at debt consolidation at one go. It immediately builds in financial discipline and helps in reducing monthly outflow.
No, you have to apply only once. Loan will be sanctioned as per your eligibility and credit checks; you can consolidate multiple debts in one go.
LoanTap offers Credit Card Takeover Loans ranging from Rs 50,000 up to Rs 2 Lakhs; Tenure offered is 6-24 months.
In Credit Card Takeover Loan, you get two repayment plans -
Step Up Repayment Option (interest only payment for the initial 3 months, followed by fixed EMIs; and Term Repayment plan (Pay equal monthly installments throughout the tenure). The decision of the final repayment plan is taken on basis of your eligibility and credit checks.
Yes. There are no foreclosure charges for pre-paying after six months of loan disbursement. You can prepay your loan at nominal charges within six months of disbursement.
Processing fee for this loan is 2%+applicable taxes; on the gross loan amount sanctioned.
We need below documents for processing your loan request-
  • PAN
  • Address proof
  • 3 months’ pay slips
  • 6 month’s salary account bank statement
  • e-NACH mandate form
However, we might request for few other documents if need arises during credit checks.
Yes, you can make higher payments towards your loan. No charges for higher payments or foreclosure are applicable post 6 months. Within 6 months you can make part payments or foreclosure-with minimal charges applicable.
Yes, you can pre-pay the loan facility post 6 months of disbursement. No foreclosure charges are applicable post 6 months of loan completion, however within 6 months you can prepay your loan with minimal charges
Credit Card Takeover Loan is available in cities where LoanTap is operational. Currently we are providing our loans in Bangalore, Hyderabad, Chennai, Coimbatore, Mumbai, Pune, Ahmedabad, Vadodara, Raipur, Bhopal, Indore, Jaipur, Delhi-NCR and Chandigarh locations.

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