General

How do I update my mailing address, mobile number or e-mail ID registered under my loan account?
You may update your mailing address, mobile number or e-mail ID through any of the following modes: Through Internet Banking: STEPS:
  • Login to www.loantap.in with your user ID and password
  • Click on the "Update Account Info" option
  • Select the option "Request for Address Change" or "E-mail and contact number updation"
  • Scan and upload us a proof of new address
Will my EMI under personal loan change once I have made a partial pre-payment ?
No, the same can not be done automatically. You have the option of either continuing with the same EMI and thus repay the loan earlier than the sanctioned tenure OR reduce your EMI. If you wish to change your monthly EMI, please write Loantap.in and the same will be facilitated. You will need to issue us a revised Standing Instruction (SI) or ECS (Electronic Clearing System) mandate for the revised EMI amount.
Once the loan is repaid and the outstanding has been cleared, will the Bank send me some confirmation?
The Bank / NBFC issues its customer a No Due Certificate on closure of the loan.
Do I have an option to pre-close a loan?
Yes, You can pre-pay the overdraft facility post 6 months of disbursement after sending us an intimation in writing and pay in accordance with the prepayment amount confirmation given by the Bank / NBFC.
How will I receive the disbursed amount?
The disbursed amount will be credited to your bank account as mentioned in the loan or facility agreement. In certain loan takeover cases, the Pay Order will be issued to you in the name of the other financial institution (from where the loan has been taken over).
Can I change my loan repayment account?
No. Loan repayment has to come from the salary account only (submitted at the time of loan sanction. In case of change in salary account, the details can be submitted with salary credit refection on Loantap.in. Affiliated NBFC / Bank will approve changes post verification.
Do you offer Balance Transfer facility ?
We offer Balance Transfer Facility if you have paid 9 EMI to your current bank / NBFC.
Do you offer top up on existing Personal Loans?
We offer Top Up facility if you have paid 6 EMI on the existing Personal Loan.
Do I have to provide any security or collateral?
No security or collateral or guarantors are required for obtaining loans.
Why Loantap, if I can get loan from the bank holding my savings account?
Product offered on Loantap platform are flexible and custom made for you. Speed of disbursal, No Penalty on Pre-Payment* (Part or Full), Lower cash outgo, Higher loan amount. * Conditions Apply
How secure is my information?
For us, data security is of utmost priority. All of your data is kept strictly confidential and is shared with the funding institution of your choice, based on your application.
Is there pre-closure charges?
Our affiliate NBFCs don't levy any pre-closure charges, post 6 months of Interest servicing.
Do you have hidden charges?
There are no hidden charges. Complete list of Fee and Interest are provided at the time of disbursal as part of loan schedule. Our affiliate NBFCs levy only one time processing fee equal to 2% plus applicable Taxes, of the sanctioned amount. Special Purpose Loans can carry higher processing fees.
What is the basis of maximum loan amount or Overdraft limit approval?
Same is offered on the basis of your credit profiling, salary, banking habits and loan tenure requested.
What would be the duration of loan?
Our affiliate NBFCs offer loans with durations anywhere between 1 year to 5 years. Special purpose loans are offered from 10 Days to 33 months, as per the agreement term
How do I pay the installments?
Through NACH to our affiliate NBFCs wherein your account will automatically get debited on due dates.
What is the repayment frequency?
Once in a month for loan products, the same will be settled against outstanding principal at the end of EMI cycle, as defined in your loan / facility agreement. For Advance Salary, once during the facility period, on the due date. Other Special Purpose loans can be paid as per the terms of agreement
What all documents do I need to submit to get credit evaluation done?
Pan Card Copy, 6 Months Bank statement of salary account, Latest salary slip and Address Proof.
How much time does it take to get credit evaluation done?
8 hrs to 24 hrs depending upon the information furnished.
What is the minimum/maximum amount that I can get?
Starting from Rs. 1 Lakh upto Rs. 10 Lakhs. Special purpose loans can be done for an amount starting from Rs. 10,000/- upto Rs. 4 Lakhs.
What if I don’t need the funds right now?
Once Loan is approved online, you can avail disbursal within next 3 months.
Why should I use LoanTap?
Get Credit Evaluation done and instant loans through our affiliate NBFCs and banks.
Who is eligible to apply for loan or Overdraft Limit?
Currently, financial intuitions affiliated on LoanTap extend Loan or Overdraft facilities to salaried professional having residence in Mumbai, Pune, Delhi-NCR & Bangalore.

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