Personal Overdraft Loan
Why pay EMI for the loan lying in your bank account?
Think of Personal Overdraft or credit line OD henceforth instead of standard fixed EMI based personal loan. Quick on-the-go cash withdrawal facility for salaried professionals against approved loan amount.
So, how does Personal Overdraft Work?
Personal Overdraft is like a credit line that provides cash on the move. Pay interest only when you withdraw and be not bothered with interest cost when not using it.Our processes are transparent and customer servicing team is highly responsive. You will have more comfort and lesser hassles right from the day of online application to different tranches drawn from your approved amount.
Why take Line of Credit / Personal Overdraft from LoanTap?
Instant approval and disbursal
Easy online process for loan sanction. Fast tranche withdrawal through online LoanTap account
Flexible Re-payment
You pay interest only when you withdraw. Unrestricted re-payment and withdrawal option
Minimum documents
We collect only what is basic minimum for all our personal loan products
Transparent Processes
No hidden charges, No pre-payment charges. Minimum documentation & secured processes
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Eligibility Criteria for Personal Overdraft Loan
Individuals with a minimum income of INR 30,000
Indian Citizens/Residents who are 21 years old & above.
How we make loans happen in 24-36 hours
Online Application
Apply online, upload basic documents or mail us
Record your time for representative visit
Download documents as per checklist, sign and handover to our representative.
KYC & Fund transfer
We check documents, verify them and activate instant disbursal online
Frequently Asked Questions
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 customer makes principal amount payment in full or in part, 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, 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 “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.
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 basis of your eligibility and credit checks.
- PAN
- Address proof
- 3 months’ pay slips
- 6 month’s salary account bank statement
- e-NACH mandate form