What is a Personal loan ?

A personal loan is an unsecured loan offered to individuals for their personal use. What makes them beneficial for borrowers is the fact that they do not require any collateral. Often, having a good credit score is enough to get the loan, if you can provide the required documentation (such as salary slips, bank statements etc). The documentation requirement is minimal.

Borrowers can avail these loans to meet financial obligations for various purposes, such as car purchases, wedding expenses, medical emergencies, or other unforeseen expenses.

How does a Personal Loan work?

If your application is accepted, the loan amount is deposited straight into your bank account. You can pay back the loan amount along with interest over a period of 6 months to five years through monthly EMIs. The interest rate depends on factors like your credit score and the type of loan taken.

Benefits of Personal Loans

No Limitation on End Use

There are no limits on how you can use your loan amount. Borrowers have used these loans for everything from medical expenses and home renovations to starting a business or consolidating debt. You can use the loan for expenses such as weddings, travel, down payments, medical needs, rental deposits, the purchase of a two-wheeler, home renovation or any other personal requirements while ensuring the payments are made on time.

Quick Disbursal

When you apply for a personal loan, the last thing you want is to wait around for days or even weeks to find out if you’ve been approved. Quick disbursal means that once your loan application has been approved, the money will be deposited into your account quickly – usually within 24 hours. This can be a huge relief if you need the money urgently for an unexpected expense.

No Collateral Required

When you take out a personal loan, the lender doesn’t require you to put up any collateral. That means you don’t have to collateralize your car, house or other assets to secure the loan. This can be helpful if you don’t have any equity in your home or other valuable property to use as collateral.

Flexibility Of Tenure

One of the key features of this type of loan is the flexibility it offers in terms of repayment tenure. Most loans have a tenure of 6 months to 5 years, which gives borrowers the freedom to choose a repayment plan that best suits their financial needs and repayment ability.

Fixed-Rate Of Interest

You can use these unsecured loans for various purposes. The interest rate is fixed, therefore it won’t fluctuate over the loan’s term. This makes them an ideal choice for borrowers who want predictable monthly payments.

How to Get a Personal Loan Online?

At LoanTap, the application process is very straightforward. You can apply for a loan in 3 easy steps:

1

Online Application

Fill out the application form on our Personal Loan App or website. You will be asked to enter some basic information, such as employment status, purpose of the loan, contact details and some supporting documents.

2

e-KYC and Verification

During this stage, we will verify the information that you have provided us to see if it is genuine. You will be asked to enter your PAN Card Details, Date of Birth and Mobile Number, all of which will be checked and verified. Once done, you will receive customised offers from LoanTap. Choose the one that makes the most sense for you.

3

Fund Transfer

After choosing the appropriate loan offer, all you need to do is upload some basic documents and review the terms and conditions carefully before signing the e-Agreement. Upon signing, the loan amount will be disbursed to your bank account within 24 hours.

Why take a Personal Loan from LoanTap?

Emergencies are unexpected by nature, and they can cause a significant drain on your finances. You may need to take a personal loan to meet expenses related to travel, home improvement, buying a car, medical emergencies and more. LoanTap makes it quick and easy to apply online. See why LoanTap is the ideal solution.

Instant approval & disbursal

Instant approval & disbursal

Easy online process for loan sanction and fast disbursal within 24-36 hours
Flexible Repayment Option

Flexible Repayment Option

Flexibility to switch to EMI free loan, enhancement and accelerated repayment option after 6 months of disbursal
Higher Loan Amount

Higher Loan Amount

Option to choose from amount ranging from INR 50,000 to INR 10,00,000 basis your requirement
Longer Loan Tenure

Longer Loan Tenure

Flexibility to choose longer loan tenure from 6 months to 60 months making EMIs more affordable
Minimum documents

Minimum documents

We collect only what is basic minimum documents for all our custom personal loan products
Transparent Process

Transparent Process

No hidden charges, No pre-payment charges and secured processes
Basic Eligibility Criteria for availing Loans with LoanTap
  • Individuals with a minimum monthly income of INR 30,000
  • 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

What Our
Customers Say

We continuously strive to provide a
Seamless experience to our customers…

The service provided by Loan Tap is great, everything is seamless and very convenient. Its one of the very best experiences, I’ve had with any loan provider.

You are doing an awesome work as team. Faster service with immediate response is quite amazing. Will recommend to everyone in need, faster documents processing …….Keep up the good work

This is truly awesome service. Associates are very friendly and providing efficient service on time. After documents pickup, within 24 hours net amount was disbursed and that’s what I call efforts reducing service. Thank you LoanTap Team.

Awesome and superfast Service.I have never come across so polite, professional and fast service providers for Loan. I have taken a personal loan and was disbursed within 3-4 hours in my bank account. This was just a superb feeling. Thank you so much LoanTap for a wonderful experience.

Excellent service from all team members. All are supportive. Its different from others NBFCs. Now and in future, LoanTap is my first choice for financial needs.

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Applicable charges and fees

Type of fee
Applicable charges
Rate of interest
12%-24%
Flexi fee
NA
Processing fee
2% + GST
Bounce charges
Rs. 550
Pre-payment charges
4% + GST if foreclosed within 180 days from the date of disbursement post cooling-off period
Penal interest
36% p.a.
Stamp duty
0.1% of loan amount
Mandate rejection charges
Depends on participating bank
Annual maintenance charges
NA
Broken period interest / Pre EMI-interest
Dynamic value – Depends on loan amount, date of disbursement and first EMI date

Personal Loan Product Suite

No matter what your requirement is, use LoanTap’s Personal loan to fulfil all your needs.

Personal Loan

EMI Free Loan

Personal Overdraft

Advance Salary

House Owner Loan

Rental Deposit Loan

Holiday Loan

Wedding Loan

Medical Loan

Credit Card Takeover Loan

Two wheeler loan

Electric Two wheeler loan

Premium Bike Loan

Flexible Repayment options

Final installment options for a loan will be decided based on your profile and inputs.

Term Loan

Repayment done via Fixed Equated Monthly Installments, where EMI=Principal + Interest.  Each Installment reduces both interest and Principal amount.  Ideal when: You know the precise Loan Amount needed and your income is consistent.
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Your Personal Loan, Your Way!

Avail our personal loans through your preferred platform and enjoy unmatched convenience at your fingertips…

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Android
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Frequently Asked Questions

GeneralLoan ProcessingRepayments

The interest rate varies depending on factors such as your credit score, income, and the lender. Interest rates usually vary from 12% to 24%.

The approval process at LoanTap takes just 24 to 36 hours.

A missed payment might lower your credit score, result in late fees, and increase interest rates. You should contact your lender to discuss options for catching up on missed payments.

If you work for yourself, you can obtain this type of loan. You may need to provide additional documentation, such as tax returns or business financial statements to verify your income.

Personal Loan is available in cities where LoanTap is operational. Currently, we are providing loans in Bangalore, Hyderabad, Chennai, Coimbatore, Mumbai, Pune, Ahmedabad, Vadodara, Raipur, Bhopal, Indore, Jaipur, Delhi-NCR, Ajmer, Lucknow, Mysore, Visakhapatnam, Kolkata, Howrah, Bhubaneshwar, Patna, Nagpur, Nashik, Rajkot, Surat and Chandigarh locations.

The documents required are:

  • PAN card
  • Salary slips for the last 3 months
  • Salary account bank statement
  • Address proof

You can use the money for any personal expenses, whether planned or unplanned. For example, you may use the loan amount to meet medical expenses, home improvement, or wedding expenses.

We usually disburse loans within 24 to 48 hours of successful submission of your application.

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.

For Short Term Personal Loan, it is minimal. 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.

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.