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.

This won't impact 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.

LoanTap's Advantage


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

eligibility-criteria

Eligibility Criteria for EMI Free Loan

1

Salaried Professional with monthly income more than Rs 30,000

2

Individual working with a limited/private limited company or in a government job

Check My Instalment

Check your reduced tentative monthly outflow as compared to personal loan by representative loan of Rs 1 Lakh

Key Features
Monthly Instalment / Minimum Payment
Time to Disburse
Tenure
Lock-in Period
Foreclosure Charges
Bank Loan LoanTap Credit Card
Rs. 2327 Rs. 1500 Rs. 5000
5-7 days Next Business Day (24-36 hours) Instant
36-48 Months 60 Months 30 days
12 Months None None
4% after Lock-in Zero after 6 Months Nil
Check My Rate
Key FeaturesLoanTap
Monthly Instalment / Minimum Payment Rs. 1500
Time to Disburse Next Business Day (36 hours)
Tenure 60 Months
Lock-in Period None
Foreclosure Charges Zero after 6 Months
Check My Rate
Bank LoanCredit Card
Rs. 2327 Rs. 5000
5-7 days Instant
36-48 Months 30 days
12 Months None
4% after Lock-in Nil

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

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, 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 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 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 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 10,000 in every 6 months.

Customer needs to make bullet repayment in every 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
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 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 10,000 in every 6 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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