So, How does EMI Free loan work?
It is a new kind of personal loan wherein you pay only interest on the total loan amount on a 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 affected based on the new outstanding amount. The flexibility of EMI is in your hands and that makes EMI Free Loan, the most wanted personal loan from our portfolio.
Why take EMI Free Loan from LoanTap?
Instant approval & disbursal
Easy online process for loan sanction and fast disbursal within 24-36 hours
Flexible Repayment Option
Flexible principal payment leading to better management of monthly cash outflow as compared to fixed EMI based personal loan
Higher Loan Amount
Option to choose from amount ranging from INR 50,000 to INR 10,00,000 basis your requirement
Longer Loan Tenure
Flexibility to choose longer loan tenure from 6 months to 60 months making EMIs more affordable
We collect only what is basic minimum for all our custom personal loan products
No hidden charges, No foreclosure charges
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
Flexible Repayment options
Interest only payment every month (40% lower monthly installment versus regular EMI) coupled with bullet payment every 3/6 months towards Principal. Ideal when: You receive additional income or an incentive every 3-6 months.