Personal Loan from LoanTap App
Our application process is quick, requires minimal paperwork and no collateral. We disburse loan amounts within 24-36 hours. You should have a minimum salary of Rs. 30,000 to be eligible for a personal loan.
Benefits of a Personal Loan App
A personal loan app helps you get access to instant loans easily. Using our personal loan app saves you time when applying for a loan.
With LoanTap’s personal loan app, you can get loans quickly and hassle-free. We offer quick disbursals, flexible repayment plans and pocket-friendly EMIs to help you meet your financial needs.
Features of our Personal loan app
Customized personal loans
Secured data system
Instant approval & disbursal
Flexible repayment options
Basic Eligibility Criteria for availing Loans with LoanTap
- Individuals with a minimum monthly income of INR 30,0000
- Individuals must have filled the latest ITR
- Indian citizens/residents who are 21 years and above
Basic Documents required for availing Loans with LoanTap
- PAN Card
- Aadhaar Card/ Driving License/Passport
- Bank statement of last six months
- Income tax returns (ITR) of last two years
What can you use the loan for?
An emergency does not ring a bell before arriving. LoanTap helps you escape from such situations
by giving you access to instant and flexible personal loans. You can use this money for the following reasons:
Paying Bills : You can pay your phone bills, credit card bills, electricity bills, maintenance bills and much more with LoanTap without stressing about late payments.
Healthcare expenditures : Medical emergencies are the most random and arrive when it’s least expected. With LoanTap, you can cover your expenditures hassle-free.
School fees : Education has become necessary, but not everyone can afford quality education. LoanTap doesn’t let you stay back and helps you with the funds required to aid your child get the best education. You can easily take a personal loan and help your child reach heights.
Rental deposit loans : In big cities, a tenant’s requirement to pay an advance fee of 8–12 months as a security deposit becomes a significant barrier in choosing a residence. The tenant pays the interest on the principal loan amount computed for the rental lease period, and the loan money is paid directly to the landlord. At the end of the lease, LoanTap receives payment for the principal loan amount. This lessens your anxiety about moving with a large purchase on your mind.
Wedding loans : You want this to be the most memorable day of your life, so make sure everything is perfect, including the venues, the shopping, the catering, and other arrangements. By selecting LoanTap’s Wedding Loan, you can make this special day grander without worrying about costs.
Credit Card takeover loan : The trouble of handling multiple payments due on various dates and rising interest rates comes with a mountain of unpaid credit card bills. You can combine all your debts into one payment with our Credit Card Takeover loan. Consolidating your credit card debt will help you save money on interest and late payment fees while also preserving yourCIBIL score.
Two-wheeler loan : With our two-wheeler loan, you may walk into the showroom of your preference, submit the loan sanction letter provided by LoanTap, and ride home in your preferred two-wheeler. Our two-wheeler loans may fund brand-new two-wheeler purchases as well as used two-wheeler purchases. Take a two-wheeler loan from LoanTap and pay back the amount over a term of 12 to 36 months in affordable monthly installments!
What makes LoanTap different?
Besides the various customised facilities offered by LoanTap, what makes it different is that it provides EMI-free loans, Personal overdrafts, and advance salary features to fulfil all your needs. Let’s discuss this in detail.
EMI-free loan : With this new type of personal loan, you only pay interest on the complete loan amount each month. Up until a bullet payment is made, the principal sum is unaffected. The total outstanding loan balance decreases, and new interest calculations are revised based on the new outstanding amount once a partial bullet principal payment is reflected in your loan account. The most popular personal loan in our portfolio is the EMI Free Loan since you have EMI flexibility at your disposal. No matter the financial need—whether it’s a planned occasion or an emergency—our EMI-Free loans can help you meet it without breaking the bank. Your monthly EMI is reduced by 40% with the help of our unique, cost-effective personal loan.
Personal Overdraft : A personal Overdraft is akin to a credit line that offers access to cash whenever needed. Only pay interest when you withdraw money; do not worry about paying interest when the money is not being used. Our procedures are open, and our customer service team responds quickly. From the moment your online application is submitted until the various tranches of your approved amount are pulled, you will experience more ease and fewer hassles. One may only sometimes be certain that they are aware of the money needed or the duration of the need when they require money. Whether or not you require the entire amount, the overdraft facility ensures the money is available. You can make as many withdrawals as you require, paying interest only on what you actually take out.
Advance salary : You won’t ever feel the need to swipe your credit card when you have an Advance Salary Loan. Up to 2.5 times your net pay can be received as an early salary or line of credit. Loans against future salaries are available for a brief period of 3 to 12 months. They are paid back in equal monthly payments, so no loans are left over when the term is up. Apply online to receive loan offers right away. Disbursements are quick and require little paperwork. Our advance salary loans let you cover these unplanned expenses without waiting for your salary, whether it’s a mountain of bills that appeared before payday or an essential automobile repair. With this short-term loan, you can receive up to 2.5 times your salary in advance and spread the payments over 12 months!
How to apply for a loan using LoanTap?
Use your favorite platform to apply for one of our personal loans and take advantage of our personal loan app’s unparalleled convenience.
All you need to do is build your application, enter the required details, and process the loan within minutes.
Frequently Asked Questions
With LoanTap, you can avail of instant personal loans from Rs. 50,000 up to Rs. 10 lakhs. The final amount would be decided based on your eligibility and credit checks.
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.
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:
- Avoid lenders who want upfront payments.
- Customer ratings.
- Fast turnaround.
- 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.