Personal Overdraft Loan

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