Credit Card Takeover Loan
Are you still struggling to clear off your credit card dues?
Stay away from high interest rates on credit cards by using debt consolidation loan. Online application, easy repayments and at half the cost. A low interest option to your credit card worries.
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So, How does Credit Card Takeover Loan work?
Why take Credit Card Takeover Loan from LoanTap?
With a pile of outstanding credit card bills come inflating interest rates and the hassle of managing multiple payments due on different dates. Our Credit Card Takeover loan helps you consolidate all the bills and clear them in one go. Debt consolidation of credit card bills not only helps save on the interest component and late payment penalties but also protects your CIBIL score.
Instant approval & disbursal
Flexible Repayment Option
Higher Loan Amount
Longer Loan Tenure
Minimum documents
Transparent Process
Basic Eligibility Criteria for availing Credit Card Takeover Loans with LoanTap
- Individuals with a minimum monthly income of INR 30,000
- Indian citizens/residents who are 21 years and above
Basic Documents required for availing Credit Card Takeover Loans with LoanTap
- PAN Card
- Salary Slips (Last 3 months)
- Salary Account Bank Statement (3/6 months)
- Address Proof
Personal Loan Product Suite
No matter what your requirement, use LoanTap’s Special Purpose Loan to fulfill all your needs.
Flexible Repayment options
Final installment options for a loan will be decided based on your profile and inputs.
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Frequently Asked Questions
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.
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 a few other documents if need arises during credit checks.
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, Ajmer, Lucknow, Mysore, Visakhapatnam, Kolkata, Howrah, Bhubaneshwar, Patna, Nagpur, Nashik, Rajkot, Surat and Chandigarh locations.
Processing fee for this loan is 2%+applicable taxes; on the gross loan amount sanctioned.
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.
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 the 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.
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 prepay 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.
