Personal Overdraft

Personal Overdraft is cash on the go facility. It is a premium unsecured facility that allows customers to utilize the pre-set line of credit. It is a revolving credit facility available to the borrower and interest is paid only on the amount withdrawn from the credit limit. Customers also have the option of multiple withdrawal and repayment as per his and her requirement.

Any salaried customer with monthly salary more than Rs 30,000 can apply online and check eligibility at https://loantap.in/personal-overdraft/. You will need to fill in few basic information to know your eligibility instantly. Final loan amount is decided on the basis of your eligibility and credit checks.

We need below documents for processing your loan request- PAN, Address proof, 3 months’ pay slips, 6 month’s salary account bank statement, e-NACH mandate form. However, we might request for other documents if need arises during credit checks.

Within your credit limit, you can withdraw any amount as you need. For doing the same, you will need to access the “My Account” feature on our website; using your registered email ID and OTP which you get in your email during the login process. You can raise a service request for requisite loan amount disbursement from “My Account”. Alternatively, you can also email your request to us at info@loantap.in.

Interest on credit card outstanding is anywhere from 3% to 4% per month which is significantly higher than interest charged in overdraft facilities, normally you save at least 50% on interest amount. Moreover, interest calculation is on daily reducing balance in Personal Overdraft, making it more convenient for you to utilize the credit line as per your convenience and avoid unnecessary interest payment.

We offer Personal Overdraft facility from Rs 1 Lakh up to Rs 10 Lakhs. Final amount is decided based on your eligibility and credit checks.

Personal Overdraft is available in cities where LoanTap is operational. Currently we are providing our 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.

Interest is calculated on daily reducing balance method, hence customer needs to pay interest only on amount utilized/outstanding and as per the number of days of amount utilization. Once a customer makes principal amount payment in full or in part, the available limit is revised accordingly, and interest cycle is recalculated. For e.g. Take an instance of a customer with an approved credit line of Rs 1 Lakh for 36 months tenure. Customer withdraws Rs 10,000; his available limit is revised to Rs 90,000. He uses it for 10 days and then repays entire Rs 10,000 to LoanTap, his available limit is again revised to Rs 1 Lakh. Here, the customer will need to pay interest on Rs 10,000 for 10 days only.

Within your credit limit, you can withdraw any amount as you need. For doing the same, you will need to access the “My Account” feature on our website; using your registered email ID and OTP which you get in your email during the login process. You can raise a service request for requisite loan amount disbursement from “My Account”. Alternatively, you can also email your request to us at info@loantap.in.

Yes, this is a dynamic balance facility. Interest charges are applied on the amount utilized only, which can be repaid by the customer as per convenience.

Usually it takes between 4 to 6 working hours for us to disburse the requested amount into your bank account.

Processing fee for this loan is 2%+applicable taxes; on the gross loan amount sanctioned.

You can access complete details on your Overdraft account using “My Account” feature on our website https://loantap.in. You can transfer the amount into our account via NEFT; the credit limit will be resettled accordingly.

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 prepay 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.