Personal Loan App

• Android users can download the LoanTap app from the Google Play Store.
• iOS users can download the personal loan app from the Apple App Store.

With LoanTap, you can avail of instant personal loans from ₹50,000 up to ₹10 lakhs. The final amount would be decided based on your eligibility and credit checks.

LoanTap provides instant loans for various purposes, like emergencies and important life events. You can use the loan to make bill payments, meet healthcare and medical expenses, pay education fees, make rental deposits, fund wedding expenses, consolidate your credit card debt, or buy a two-wheeler.

It is minimal for a short-term personal loan. For instance, the difference between EMIs at 14% and 18% interest rates for a personal loan of Rs 1 lakh with a 60-month term is roughly Rs 213. For more information, use our personal loan EMI calculator.

Before applying for a personal loan, you must pay attention to the following:

• Avoid upfront payments: Stay away from lenders requesting upfront payments or fees, as this could indicate a scam. Trust lenders with high customer ratings (above 4 stars) and many reviews.
• Eligibility: Ensure you meet the income and credit score requirements for better loan terms. Otherwise, your application has every chance of being rejected, which could harm your credit score. To get a personal loan from LoanTap, you need to be at least 21 years old with a minimum salary of ₹30,000
• Turnaround Time: Opt for instant personal loans with quick sanctions and approvals. The faster your loan is disbursed, the better you’ll be able to meet your urgent financial needs. At LoanTap, we ensure to disburse all loans within 24 to 36 hours.
• Affordability: Make sure you are getting your personal loan on terms that are affordable. As a general rule of thumb, look for the lowest possible interest rate, and if you can’t get that, look for a longer tenure so that you can make the monthly payments more affordable.
• Repayment Tenures: Verify the repayment tenure before using a personal loan app. LoanTap offers terms of up to 60 months for convenient repayment.

• Apply During Business Hours: Submit your application on a working day before 5 PM to expedite processing and receive quicker sanctions.
• Prepare Documents: Keep essential documents ready, including PAN card, salary slips (last 3 months), salary account bank statement (3/6 months), and address proof, for a smoother application process.

LoanTap offers different loan repayment plans to suit your needs:

• Step-up Repayment Plan: Begin with interest-only payments for the initial three months, followed by fixed EMIs, giving you more liquidity upfront, like a loan to cover medical expenses.
• Term Repayment Plan (Reducing Interest Rate): EMI is calculated using the reducing interest rate method, where interest is charged on decreasing principal, reducing both interest and principal outstanding over time.
• EMI-free Repayment Plan: Pay only interest monthly, with partial bullet payments towards principal every 3-6 months, effectively reducing interest through principal repayments.
• Overdraft Repayment Plan: Similar to a credit line, make multiple withdrawals within a set limit, paying interest only on the withdrawn amount, offering flexibility akin to a credit card. LoanTap provides the most flexible repayment terms, providing various options for managing your loan repayment. This lets you choose the option that best suits your financial circumstances.

Applying for a personal loan is a huge decision as it may include borrowing a big amount of money. Here are a few things to note before applying for a personal loan:

1. Avoid lenders who want upfront payments.

1. Customer ratings.

1. Eligibility

1. Fast turnaround.

1. Affordable.

1. Repayment tenures.

Are you considering applying for a personal loan online?  Well, you’ll discover that using LoanTap makes the entire procedure a piece of cake! However, you would be wise to heed these 3 straightforward suggestions if you want things to proceed more quickly and smoothly. Apply during business hours: Do you need money instantly? Then it is ideal that you submit your loan application during regular business hours on a working day. We can process your application more quickly and issue sanctions a lot more quickly if you submit it before 5 PM on a business day. Keep your documents ready. Before starting the online process of applying for a personal loan, ensure to keep your documents ready. Keeping your documents ready may aid you in a quicker application process. With LoanTap, all you need is your PAN card, Salary slips (Of the last 3 months), Salary account bank statement (3/6 months), and address proof.

Using our loan app, you will have fixed equated monthly instalments used for repayment; an EMI = the principal + interest. Each instalment lowers the principal as well as the interest. Ideal when: Your income is reliable, and you are aware of the exact loan amount required.