EMI Free Loan – Flexible EMI – Flexible Payments
Reduce your monthly loan re-payment by 40% as compared to Personal Loan
Get a flexible personal loan with an interest only and bullet payment option. Check your rate online with no impact on your CIBIL score.
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So, How does EMI Free loan work?
Why take EMI Free Loan from LoanTap?
Whether it’s a planned event or an unplanned emergency, our EMI Free loans help you meet any financial requirement without denting your pockets. Our one of a kind pocket friendly personal loan helps you lower your monthly EMI by 40%.
Instant approval & disbursal
Flexible Repayment Option
Higher Loan Amount
Longer Loan Tenure
Minimum documents
Transparent Process
Basic Eligibility Criteria for availing EMI Free Loan 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 EMI Free Loan 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 Personal loan to fulfill all your needs.
Flexible Repayment options
Final installment options for a loan will be decided based on your profile and inputs.
EMI Free
Your Personal Loan, Your Way!
Avail our personal loans through your preferred platform and enjoy unmatched convenience at your fingertips…
Frequently Asked Questions
Yes, Personal Loan and EMI Free Loan are different. EMI amount remains same throughout the loan tenure in Personal Loans. In personal loan, EMI is a sum of interest and principal amounts. Hence, the Principal amount reduces proportionately every month post EMI payment. In EMI Free Loan, customer pays only interest amount (applicable on loan principal amount remaining) every month and principal amount every 3/6 months. Interest amount charges once the customer has made a bullet payment towards principal. As customer pays only interest amount every month in EMI Free Loan-monthly outflow of customer is significantly low as compared to normal personal loan; lower by approximately 40% as compared to personal Loan EMI.
Since we charge only interest every month and principal in regular intervals of 3/6 months, the principal payment is supposed to be done in lump sum amounts-which are bullet payments. It is calculated by dividing loan amount by the number of 3/6 months in loan tenure. For e.g., For a loan of Rs 1 Lakh and 60 months tenure, the bullet amount applicable would be Rs 5,000 in every 3 months.
Customers need to make bullet repayment every 3rd/6th month; from the date of 1st interest payment. Customers should make bullet repayment on or before the 7th of the respective due month so that interest reduces in subsequent months.
Any salaried customer with a monthly salary more than Rs 30,000 can apply online and check eligibility at https://loantap.in/check-my-rate/home/emi-free/. You will need to fill in few basic information to know your eligibility instantly.
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 other documents if need arises during credit checks.
LoanTap offers Loans between Rs 1 Lakh to Rs 10 Lakhs, final loan amount is decided basis your eligibility and credit checks.
We set up these loans for a maximum period of Five Years. You can consult the Credit Manager for exact tenure. LoanTap allows you to close the loan before that with minimal or no charges.
EMI Free 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.
It is calculated by dividing loan amount by the number of 3 months in loan tenure. For e.g. for a loan of Rs 1 Lakh and 60 months tenure, the bullet amount applicable would be Rs 5,000 in every 3 months.
Processing fee for this loan is 2%+applicable taxes; on the gross loan amount sanctioned.
You can check your loan details by accessing the “My Account” feature on our website. You will need to login using your registered email ID.
Yes, you can make foreclosure or do part payments any time during the loan tenure. There are no part payment or foreclosure charges applicable post 6 months of loan completion. However, nominal charges are applicable for part payment or foreclosure within 6 months of loan.
Yes, you can make foreclosure or do part payments any time during the loan tenure. There are no part payment or foreclosure charges applicable post 6 months of loan completion. However, nominal charges are applicable for part payment or foreclosure within 6 months of loan.
You can check your loan details by accessing the “My Account” feature on our website. You will need to login using your registered email ID.
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.
