I have never availed loan in past; am I eligible for a loan from LoanTap?
Our underwriting is based on machined credit process where multiple data points are checked. It can be considered if your profile qualifies our underwriting parameters.
I have recently joined in my current organization, am I eligible for loan?
Yes, your loan application can be considered, with earlier employment details and documentation.
My CIBIL score is bad, am I eligible for loan?
Our underwriting is based on machined credit process where we check customer’s multiple data points. Loan application can be considered if your profile qualifies our underwriting parameters.
How does Rate of Interest impact monthly cash outflow?
We can understand this better, with the help of an example. For example, for personal loan of Rs. 1 Lakh and for 60 months tenure, difference between EMIs at 14% and 18% interest rate is approx. Rs 213 per month. Check our Personal Loan EMI Calculator for further clarity on the subject.
I have other income apart from my salary, will it be considered for loan eligibility calculation?
Yes, it can be considered provided proper documentation is available as per our checklist and other credit parameters getting fulfilled.
I have other earning members in family, can it be considered for loan eligibility calculation?
Income of immediate family member or blood relative can be considered, provided proper documentation is available as per our checklist and other credit parameters getting fulfilled.
Do you ask for co-applicant for sanctioning loan?
Co-applicant is not mandatory for all customers. However, in very few circumstances we would request you to provide with co-applicant; this is decided on basis of credit requirements.
What rate of interest will apply for loan from LoanTap?
Rate of interest and repayment methodology depends on the type of loan availed. Our customer interface is transparent, we provide complete details on loan scheme at the time of application as well as at the time of signing loan agreement.
How secure is the information provided by me for personal loan?
Customer’s data and his/her personal confidential details are completely secured with our in-house RBI registered NBFC. We take utmost care to maintain confidentiality of the data.
Do you offer Balance Transfer facility?
Yes, we offer loans for debt consolidation.
After availing loan from LoanTap, can I request for change in loan type at a later stage? What are the conditions?
You can apply for a top up loan, once you have paid 6 EMI on the existing loan from our in-house NBFC. You will need to make a fresh application, wherein you can request for change in loan type. Loan sanction is based on fresh eligibility and credit checks.
Do I need to provide any security or collateral?
No security or collateral is required for obtaining our unsecured loans.
How should I select best tenure for loan?
You should try to balance between tenure and monthly outflow. Shorter tenures will save on the total interest paid by you. On the other hand, longer tenure will give you the benefit of lower EMI. So a balance needs to be maintained.
Which loan type should I select?
Benefits in each of loan type are different, hence it is suggested that you check all product features and then select the best as per your need. You have option to choose from flexible EMI products to fixed EMI loans.
Are LoanTap’s loan facilities available in my city?
Our products are available in cities where LoanTap is operational. Currently we are providing our products in Bangalore, Hyderabad, Chennai, Coimbatore, Mumbai, Pune, Ahmedabad, Vadodara, Raipur, Bhopal, Indore, Jaipur, Delhi-NCR and Chandigarh locations.
I work in city where LoanTap is operational, but my marriage is happening in my hometown. Am I eligible for wedding loan?
Yes, we will consider your application. Customer’s residence and office should be in LoanTap’s operational location.