Online Personal loan
Explore the countless opportunities with the LoanTap Personal Loan. Our personal loan meets a variety of needs, from funding a dream wedding to planning an exotic vacation to covering unforeseen emergencies.
Experience the smooth digital application process where you can obtain a personal loan of up to ₹10,00,000. Enjoy competitive interest rates and the freedom to select repayment terms up to 60 months.
With an instant personal loan, the possibilities are limitless. Apply today and step into a future where your financial aspirations become reality.
How does LoanTap Personal Loan work?
To get a personal loan, submit your application along with all required documents. LoanTap will review the application. Upon approval, the loan amount will be transferred to your bank account within 24-36 hours. You will have to repay the loan in fixed monthly installments with interest over a period of 6 months to 60 months.
Key Features of Personal Loans
Unrestricted Use
Swift Disbursal
No Collateral Needed
Flexible Tenure
Fixed Interest Rates
Steps to Apply for LoanTap Personal Loan Online
LoanTap provides hassle-free instant personal loans with minimal documentation. Here is the process to apply for Personal Loan
1
Online Application
2
e-KYC and Verification
3
Fund Transfer
Reasons to Choose Online Personal Loan from LoanTap
A personal loan is a great solution for those who are looking for urgent funds. Below are some of the reasons to choose personal loans from LoanTap.
Instant Approval And Disbursal
Flexible Repayment Option
Higher Loan Amount
Longer Loan Tenure
Minimum documents
Transparent Process
Basic Eligibility Criteria For Instant Personal Loan
- Individuals with a minimum income of ₹30,000
- Indian citizens and residents who are at least 23 years old
- Individuals must have filed the latest ITR
Basic Documents Required for Online Personal Loan
- PAN Card
- Aadhaar Card/Driving License/Passport
- Bank Statement of the last 6 months
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EMI Calculator
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Personal Loan Details
Below are the fees and charges for LoanTap personal loans.
Type of fee
Applicable charges
Personal Loan Product Suite
No matter what your requirement is, use LoanTap’s Personal loan to fulfil all your needs.
Flexible Repayment options
Final installment options for a loan will be decided based on your profile and inputs.
Term Loan
Your Personal Loan, Your Way!
Avail our personal loans through your preferred platform and enjoy unmatched convenience at your fingertips…
Frequently Asked Questions
Ans. A Personal Loan is an unsecured loan that provides a lump sum amount for personal use. It is repaid in fixed monthly installments over a specified period. No collateral is required, and interest rates are determined based on factors such as credit history, income, etc.
Ans. The loan amount depends on factors like your income, credit score, and debt-to-income ratio, LoanTap offers personal loans from ₹50,000 to ₹10 Lakh.
Ans. Types of personal loans offered by LoanTap include medical loan, holiday loan, wedding loans, rental deposit loans, personal overdrafts, home renovation loan etc.
Ans. Interest rates on personal loans vary by lender and individual credit profile. Rates usually start at 12% and are influenced by factors like credit score, credit history, job stability, income etc.
Ans. You can use an EMI calculator to calculate EMI amount for instant personal loan, where you enter the loan amount, interest rate, and tenure. Check out the LoanTap personal loan calculator to calculate your monthly EMIs. Alternatively, the formula: EMI = [P x r x (1+r)^n] / [(1+r)^n-1] can help you calculate it manually.
Ans. Personal Loans offer flexibility in end use. Borrowers can utilize the funds for a multitude of purposes, like debt consolidation, home improvements, education expenses, medical bills, or even planning a vacation. There are typically no restrictions on how the funds are spent.
Ans. Collateral, such as a house or car, is needed to get a secured loan. On the other hand, a personal loan, which is an unsecured loan, is easier to obtain because it doesn’t need collateral. However, in this case, the interest rate may be higher as approval is determined by the borrower’s creditworthiness and other factors.
Ans. A CIBIL score of 700 or more is typically regarded as good for personal loan approval with favorable terms, though requirements across lenders may differ.
Ans. To apply for an instant loan online, choose a trustworthy lender, fill out the application, scan and upload the necessary documents, and go through a short verification process for prompt approval.
Ans. Under the Income Tax Act, personal loans are not eligible for any special tax incentives like home loans are. Personal loan interest usually cannot be written off as tax deductible. However, depending on how you utilize personal loans, you can avail the tax benefits on your loan.
Ans. Compare interest rates, processing fees, and loan terms to select the best personal loan available in India. Assess your credit score and eligibility. Make sure to consider hidden charges, repayment flexibility, and customer reviews. Select a reputable lender with transparent policies that align with your requirements.
Ans. Yes, obtaining a personal loan can have an effect on your credit report. While the initial loan application could cause a slight, temporary drop in your credit, timely repayment can eventually improve your score.
Ans. If your application for a personal loan is denied, it may be because you fail to meet the criteria or because your credit score is too low. However, avoid applying for multiple loans as it might harm your credit score. If one is rejected for a personal loan, they should wait for some time, preferably, 6 months before applying for another.
Ans. The approval process for personal loans varies among lenders. LoanTap generally approves personal loans within 24 hours. Traditional banks may take longer. Preparing the necessary documents and maintaining a good credit score can expedite the approval process.
Ans. The duration of a personal loan is usually one to five years. A longer tenure could mean higher total interest payments but lower EMIs.
Ans. Yes, LoanTap allows borrowers to prepay personal loans before the end of the tenure. However, it’s essential to check the terms and conditions, as some lenders may charge prepayment penalties. Repaying early can save on interest costs and improve your overall financial health.