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 to your CIBIL score.

So, how does EMI Free Loan work?

It is a new kind of personal loan wherein you pay only interest on total loan amount on monthly basis. The principal amount remains unchanged until you make a bullet payment. Once partial bullet principal payment is realized in your loan account, the total outstanding loan balance reduces and fresh interest calculations are effected based on new outstanding amount.

The flexibility of EMI is in your hands and that makes EMI Free Loan, most wanted personal loan from our portfolio.

Why LoanTap's EMI Free Loan ?

Instant approval and disbursal

Easy online process and fast disbursal of EMI Free Loan within 24-36 hours

Minimum documents

We collect basic minimum documents for all our custom loan products

Flexible Payment

Flexible principal payment leading to better management of monthly cash outflow as compared to fixed EMI based personal loan

Transparent Processes

No hidden charges, No pre-payment charges. Minimum documentation & secured processes

Apply Now

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eligibility-criteria

Eligibility Criteria for EMI Free 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

EMI Free

Interest only payment every month (40% lower monthly instalment versus regular EMI) coupled with bullet payment every 3/6 months towards Principal.

Ideal when: You receive additional income or a incentive every 3-6 months.

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

Is EMI Free Loan different from Personal Loan?
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, 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 in every 3/6 months. Interest amount charges once customer has made 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 interval 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 number of 3/6 months in loan tenure.
For e.g. for a loan of Rs 1 Lakh and 60 months tenure, bullet amount applicable would be Rs 5,000 in every 3 months.
Customer needs to make bullet repayment in every 3rd/6th month; from the date of 1st interest payment.
Customer should make bullet repayment on or before the 7th of respective due month so that interest reduces in subsequent months.

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.

Any salaried customer with 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.
It is calculated by dividing loan amount by number of 3 months in loan tenure. For e.g. for a loan of Rs 1 Lakh and 60 months tenure, bullet amount applicable would be Rs 5,000 in every 3 months.
We setup 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.
You can check your loan details by accessing “My Account” feature on our website. You will need to login using your registered email ID.
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 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.
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

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