Frequently Asked Questions

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Frequently Asked Questions

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.
Yes, your loan application can be considered, with earlier employment details and documentation.
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.
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.
Yes, it can be considered provided proper documentation is available as per our checklist and other credit parameters getting fulfilled.
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.
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.
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.
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.
Yes, we offer loans for debt consolidation.
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.
No security or collateral is required for obtaining our unsecured loans.
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.
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.
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.
Yes, we will consider your application. Customer’s residence and office should be in LoanTap’s operational location.
We take a copy of NACH (National Automated Clearing House) from you at the time of loan disbursement. This enables us to automatically debit your designated bank account on due dates.
Customer needs to pay interest/EMI as applicable on the due date. Failure to service monthly obligation timely might impact customer in following manner:
  • Adversely affect your credit rating and score (reporting to bureaus like, Crif, CIBIL). This will have an impact on other credit facilities availed from other NBFCs /Banks and in case of any future borrowing requirements. 
  • Bounce and penal charges start getting applied on overdue amount. Customer will need to pay higher amount to clear outstanding dues.
  • We may initiate legal recourse depending on the performance of loan.
  • We may initiate any other action as also mentioned in the loan agreement signed by you.
Yes, your loan and performance of your loan track will be reported to CIBIL, Crif and other credit bureaus; as per the RBI guidelines. A good loan repayment ensures building a good credit history and score; at the same time a bad loan repayment with delayed payments and over dues – adversely affect your credit history and score.
As part of our risk policy, your Loan repayment must come from the salary account only (as submitted at the time of loan sanction). However, in case of change in salary account post loan disbursement, you may request for swapping of NACH from other account by providing fresh NACH form, bank statement and PDCs. This change is permitted only at the discretion of our in-house NBFC.
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.
Please visit us at https://loantap.in and click on ‘My Account’ tab, you will be asked to verify your registered email id by a OTP sent on your email ID. By using your registered email ID and OTP you can access complete loan details.
In case you are unable to access your account, you can reach us at the contact number mentioned on our website. Alternatively, you can also reach us by email at info@loantap.in and we will be happy to serve you.
Yes, you can pre-pay the loan facility post 6 months of disbursement. No foreclosure charges applicable post 6 months of loan completion, however within 6 months you can prepay your loan with minimal charges
You can apply for top up loans once you have paid 6 EMI on the existing loan from our inhouse NBFC. Loan sanction is based on fresh documents and eligibility check.
Products offered on Loantap platform are flexible and custom made for you. We provide speed of disbursal, No lock in period for part or full payment, no penalty on pre-payment post 6 months of loan* (Part or Full), Lower cash outflow, Higher loan amount eligibility. *Conditions Apply
Yes, you can make part payments towards your loan outstanding. We do not charge any part payment charges post 6 EMIs are paid. You can also make part payments within 6 months, however some charges are applicable.
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.
Our in-house NBFC will provide you with a No Due Certificate on closure of the loan.
We have stringent processes in place to protect customer data and documents. Hence, security cheques would be cancelled once loan is over.
It normally takes from 8 – 24 hours depending upon the information furnished.
Documents required for processing loan application are-
  • PAN
  • Address proof
  • 3 months’ pay slips
  • 6 months’ salary account statement
However, the requirement may decrease or increase depending on customer’s individual profile and the nature of loan.
We have a very quick and efficient underwriting system which ensures that we deliver to you on time. It usually takes from 24 hrs to 36 working hours; provided all documentation and credit checks are in place.
As part of our risk policy, we collect couple of security cheques. These are kept with us for only security purpose and cancelled once loan is finished. However, we use them only in case customer makes any defaults towards the loan.
It normally takes from 8 – 24 hrs depending upon the information furnished.
We provide complete details of Fee and Interest at the time of loan application itself and subsequently at the time of loan agreement. We charge a one-time processing fee equal to 2% plus applicable Taxes, of the sanctioned loan amount. However, the onetime processing fee ratio is different for some of the products and we communicate the same accordingly. No other fee needs to be paid. . All details regarding your loan are shared with you as a part of loan agreement as well. We do not charge any processing fees in case we don’t sanction your loan application.
Loan processing fee would be deducted from gross loan amount at the time of disbursement.
After signing of agreement, one working day; provided all documentation and checks are in place.
EMI gets auto debited from your bank account every month on due date – as mentioned in loan agreement. As part of disbursement requirement, we collect copy of NACH form from you. NACH form authorizes us to present EMI into your bank account every month.
No, availing insurance is not mandatory but completely at your discretion. You may decide whether to avail insurance or not.
Yes. EMI gets auto debited from your bank account every month on due date as mentioned in loan agreement. As part of disbursement requirement, we collect copy of NACH form from you; which authorizes us to present EMI into your bank account every month.
One working day if all documentation and checks are in place.
Once your loan is approved, our operations team contacts you via phone and email. You will get to know all details in the discussion and documentation that ensues post loan approval.
You will be contacted by LoanTap team and details will be shared in email upon approval and disbursal of personal loan. You can also check your loan details by accessing “My Account” feature on our website.
Credit decision is based on machined underwriting process where several checks are conducted. We inform the customer about rejection of application. You may get back to us in case of any query and it will be addressed on priority.
You can check your loan details by accessing “My account” feature on our website. It provides all up to date information pertaining to your loan.
After your loan is approved, we will need below documents- Security cheques NACH form Loan agreement Self-attested KYC However, requirements may vary from customer to customer and you might need to provide few more documents on basis of our credit checks.
As per our risk policy, disbursement can be done in salary account of customer. However, in few situations we might consider customer’s request for disbursement into any other bank account. However, this is subject to our credit processes.
You can check your loan details by accessing “My Account” feature on our website. You will need to login – using your registered email ID. For quick check you can use below URL :
Our in-house NBFC will transfer the disbursed amount to your bank account as mentioned in the loan or facility agreement.
You will receive funds into your account from our in-house RBI registered NBFC.
You can check your loan details by accessing “My Account” feature on our website. You will need to login – using your registered email ID. For quick check you can use below URL :
The outbreak of Global pandemic Covid-19 has impacted our lives. As an immediate relief measure, The RBI has released a framework (“Resolution Framework”) to lending institutions to offer resolution plans to mitigate the financial stress of the borrowers. In line with the Resolution Framework, we have implemented a restructuring plan in order to facilitate revival of activities.   We have provided below some of the frequently asked questions (FAQs) pertaining to restructuring of credit facilities.  

  1. What is the meaning of restructuring in common parlance?
    • Restructuring is an act in which financial institutions grant certain measures to borrowers in times of economic difficulty. The measures may include, among others, change of repayment period, change in EMI etc. Restructuring is carried out as per the Guidelines issued by the Regulators.


  1. Will opting for the restructuring package have an impact on my credit bureau report?
    • As per RBI regulatory guidelines, your loan will be tagged as restructured on your credit bureau report.


  1. Will a settlement, which is done between the borrower and LoanTap, come under the purview of restructuring?
    • No, any settlement independently done earlier between the borrower and LoanTap will not come under the purview of restructuring.


  1. Will borrowers against whom LoanTap has initiated legal recourse for recovery of dues be eligible for restructuring?
    • No, these borrowers are not eligible for restructuring of their credit facilities.


  1. Whether credit facility(ies) disbursed after March 1, 2020 will be eligible for restructuring?
    • No, any credit facility disbursed after March 1, 2020 will not be eligible for restructuring.


  1. Once my loan is restructured, will I still be eligible to revert back to terms and conditions of the original loan?
    • No, once your loan is restructured you will not be able to revert back to the original loan payment structure or other terms and conditions. Restructuring is final and binding.
An MSME Loan is a Business loan extended to small – medium businesses. LoanTap and Bank of Maharashtra have come together to make access to funds more convenient, affordable and easy for business owners. This loan can be used to expand your business, upgrade machinery, invest in inventory or maintain liquidity for daily operations.
We need below documents for processing your loan request
  • PAN
  • Address proof
  • GST registration / Shop Act License
  • 6 month’s bank statement
  • Latest 2 years ITR filed
However, we might request for other documents if need arises during credit checks.
We have a very quick and efficient underwriting system which ensures that we deliver to you on time. It usually takes from 24 hours to 36 working hours; provided all documentation and credit checks are in place.
We offer business loans from Rs 50,000 up to Rs 2,50,000. Final loan amount is decided on the basis of your eligibility and credit checks.
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.
Personal Loan is available in cities where LoanTap is operational. Currently we are providing our loans in Ahmedabad, Bengaluru, Bhopal, Chandigarh, Chennai, Coimbatore, Delhi NCR, Indore, Jaipur, Lucknow, Mumbai, Nagpur, Nashik, Pune, Raipur, Vadodara, Patna, Agra.
Any individual with a monthly income more than Rs 30,000 can apply online and check eligibility at https://loantap.in/msme-business-loan/. You will need to fill in few basic information to know your basic eligibility instantly. Final loan amount is decided on the basis of your eligibility and credit checks.
Limitless Card is a prepaid card where users are extended a credit limit. The credit can be used to withdraw cash from any ATM, swipe at any POS terminal or make purchases at any online merchant on a real-time basis. All spends more than Rs. 10,000 will be converted into easy EMIs for tenures ranging from 6 to 18 months.
With Platinum Card you can get a credit limit up-to Rs 1 Lakh. With Platinum Plus Card you can get a credit limit up-to Rs 3 Lakhs.
With LoanTap’s Limitless card users get to repay their outstanding dues in Fixed EMIs for tenures up to 18 months at 18% to 24% per annum.
Processing fee for Limitless Card is 2%+applicable taxes; on the gross total limit sanctioned. Also, a flat fee of Rs. 499 + GST will be charged for each time your spends are converted into EMIs. What are the Documents required to avail a Limitless Card? You require the following documents to avail Limitless card –
    • PAN Card
    • Aadhaar Card
    • Latest Salary slip
    • Bank Statement of salary account for the last three months
Any individual with a monthly income more than Rs 30,000 can apply online and check eligibility at . You will need to fill in few basic information to know your basic eligibility instantly. Final credit limit will be decided on the basis of your eligibility and credit checks.
You may visit My account on the LoanTap App and view/download the Statement of Account (SOA) to access your transaction summary.
Daily transaction limit and single transaction limit are capped at INR 1,00,000 per transaction. Whereas, daily limit for ATM transaction is INR 25,000 and daily limit for POS/Ecom transactions are INR 75,000.
Currently you will receive a physical card. However, we are working towards providing users with a virtual card.
Yes, both Platinum and Platinum Plus Cards are Contactless Cards.
Yes, You will receive a personalized card with your name on it.
In the case of fraudulent transactions, the cardholder should inform and raise a dispute with us immediately at -https://www.sbmbank.co.in/aboutus/contact-us.php https://loantap.in/contact-us/
In the case of fraudulent transactions, the cardholder should inform and raise a dispute with us immediately at -https://www.sbmbank.co.in/aboutus/contact-us.php https://loantap.in/contact-us/
Go to My Account and raise a service request or reach out to us at our customer service touch points as below – -https://www.sbmbank.co.in/aboutus/contact-us.php https://loantap.in/contact-us/
If you are a Platinum card holder you are eligible for an accidental cover up to 2 Lakhs and if you’re a Platinum Plus card holder you are eligible for an accidental cover up to 10 lakhs.
Kindly visit the Rupay website – https://www.rupay.co.in/faqs to know any information related to Insurance.

Product Related FAQs

Please click on the links below

Personal Loan

EMI Free Loan

House Owner Loan

Rental Deposit Loan

Holiday Loan

Wedding Loan

Credit Card Takeover Loan

Two wheeler loan

Medical Loan

Personal Overdraft

Advance Salary

Premium Bike Loan

Limitless Platinum plus Card

Electric Two wheeler loan

MSME Loan

Working Capital Loan

AfterPay – Merchant

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