EMI Free Loan - Eligibility Criteria, Documents required

When you apply for any loan, you have to pay EMIs every month. EMIs are a sum of the principal payment and monthly interest. In the fast-paced world, salaried professionals struggle every day to manage the expenses with a monthly salary which makes it hard for them to indulge in what they love to do. A large part of the salary goes towards paying for the higher expenditure, including hospital bills, credit card bills, rent deposits, and travel expenses. This reason makes us realize how to reduce your monthly loan repayments. LoanTap brings you a new kind of loan called an EMI-free loan. Borrowers don’t need to worry about monthly EMI payments since only the interest component needs to be paid on a monthly basis.

But, How does EMI Free Loan Work?

EMI Free Loans are personal loans, where you pay interest only on the total amount. On a monthly basis, you can repay the principal amount as quarterly or half-yearly bullet payments. The total outstanding balance will be reduced whenever you make payments. The interest rates are calculated only on the remaining account balance. It is an innovative and affordable financial product for salaried people. The LoanTap offers you this EMI Free Personal Loan based on your income proof, identity, and profile. Monthly cash outflow gets better when your monthly loan repayment reduces by 40% compared to a personal loan. 

Benefits of EMI Free Personal Loans

LoanTap offers you flexible and unsecured personal loans, which can help you manage unexpected expenses. We follow a transparent and comfortable process without any prepayment charges if you foreclose after 6 months. This lending platform is easy to access and you can get your loan comfortably. Along with this, it has multiple benefits to reduce the weight of payments every month.

  • Instant Approval: We offer a simple online process to get immediate cash in your bank on the same day. To avail of EMI Free Personal Loans , LoanTap provides you with a simple online application and verifies your details instantly. LoanTap can help with the immediate funds within 24-36 hours.
  • Flexible Repayments: It is the primary feature of the EMI Free Loan Online, where you are allowed to choose the mode of repayments and decide the tenure. The flexible principal payment is the better approach for managing monthly cash outflow. It is a better option than any other fixed EMI personal loan for salaried professionals.
  • Minimum Documentation: LoanTap will collect the required documents to qualify your application and verify your profile. It applies to all personal loan products. But, you make sure that all the documents are valid while applying for any Personal loan. 
  • Transparent Process: EMI Free Loan facility will charge interest rates only on the amount you utilize. You will not be charged any hidden fees apart from those clearly mentioned. You can make bullet payments towards the principal on a quarterly or half yearly basis post which the interest will be recalculated.
  • No Collateral Required: EMI Free Personal Loans are unsecured loans, with no requirements of submitting any collateral against the loan. The LoanTap team will never ask you to give your assets towards a mortgage. That’s the reason why these personal loans are popular among millennials.
  • Lower Interest Rates: LoanTap offers personal loans at much cheaper interest rates than credit cards. Interest is calculated on the utilized amount and principal can be paid in bullet payments after 3 or 6 months. EMI Free Personal Facility reduces the deduction by 40% from the total amount every month. It is an affordable solution to maintain a healthy account balance.
  • Easy Repayment Tenure: LoanTap offers personal EMI Free loans for amounts of INR 1,00,000 – INR 10,00,000. There will be enough time to repay over a tenure of 3 months to 60 months. You only need to pay the interest-only when you withdraw the amount from your bank account. Easy Repayments Method will help you decide tenure to pay off the loan amount.
  • No Hidden Charges: There are no hidden charges  on the loan amount. However, you have to pay a processing fee of 2% + GST on the gross loan amount. Customers can avail of loans at any time they want. You can make prepayments within six months with minimal charges or without penalty thereafter.

Eligibility Criteria for Personal Loans

EMI Free Loan is the best financial product where you can manage the repayment of the principal. The list of criteria that you need to fulfill are given below –

  • You should be an Indian Citizen/ Resident.
  • You must be 21 years old or above. 
  • Individuals should have a minimum income of INR 30,000/- .
  • You should have a steady income source to pay off the loan.
  • Applicants should have a decent CIBIL Score.

If you clear all the conditions, visit our website or download the LoanTap app. Personal Loans can help you as a short-term credit facility for emergency needs. It allows you to spare your savings and enjoy a better lifestyle with a higher credit amount. With minimal charges, you can get what you want and pay off the loan hassle-free.

Documents Required for Availing Overdraft Loan

LoanTap promises you to get the best user experience while you use the mobile application to request loans. Within a few minutes, we can provide you with the chances of a sanctioned loan in your bank account. But, you must make sure that all the repayment history is cleared and credit bills/debts are paid. 

  • PAN
  • Address proof such as Aadhar Card/ electricity bill/ Water Bill/ Voter’s ID.
  • Pay slips for the last three months. 
  • Valid salary account bank statement for the last six months.

However, we might request other documents if the need arises during credit checks. You should validate all the documents before uploading them. LoanTap offers you instant personal loans without making you wait during times of emergency. 

How to Apply for Personal Overdraft Loans Online?

LoanTap offers you an easy-to-access platform to get digital financial products. It is the best way to meet urgent needs without waiting for the month-end salary. It is the best solution at the time of a cash crunch when you need urgent funds. To get this affordable financing option, you only need to follow some basic steps:-

Step 1: Visit this link or go to the Apply Now button at the right corner of the webpage. Click on the button and build your application there. 

  • Step 2:  You can also choose the KYC verification online process. Complete the online process by installing the LoanTap app from Google Play Store.
  • Step 3: Once you have filled out the application form, you go upload the required documents to verify your profile. 
  • Step 4: You can also download documents and sign them to hand over to our representative.
  • Step 5: After verification of all the documents, your loan will be approved on the same day. We will activate instant disbursal of the loan for paying the bills.

 As soon as the process is done, the loan amount will be credited to your account. Try to repay the loan on the agreed repayment date. LoanTap offers you personal loans so that it can be helpful in occasional situations when you don’t have a sufficient account balance. It is the fastest way to get the funds at your convenience. 

End Use of Personal EMI-Free Loan

  • Paying rental deposits: You are planning to shift into a new house. But, you cannot put down a deposit or pay the rent in advance. Because it is the end of the month and your account balance does not have enough funds. You can ask near or dear ones to lend you some money. But, if you feel embarrassed to borrow money from family members, EMI Free Loans Online can help you as a friend in need.
  • Foreign Holidays: You and your family are planning to go on a holiday vacation to spend some time away from the hustle and bustle of life. If you want to go on an expensive foreign holiday, you will need enough to finance the trip. But, your financial condition is not supporting your dream to have a vacation. In this case, you can borrow funds through an instant personal loan with no cost EMI. 
  • Home Renovation:  Your financial budget is out of scope and you need extra cash for repairs.  Home Renovation can be expensive If you want new appliances or fittings.  Personal Loan can easily provide you with a good amount to upgrade your home.
  • Higher Education Fees:  Your children need college fees to pay for the next semester. Higher Education Fees will be quite expensive, depending on your monthly salary. Personal Loans can help you pay your children’s fees without any fixed EMIs. 
  • Medical emergency: You cannot avoid any medical urgency. If your salary day is one or two weeks away, you feel hopeless without much balance. Any medical emergency can generate bills worth thousands. EMI Free Loans in India is the ideal solution in tough times.
  • Wedding Planning:  Weddings are the memorable days of everybody’s life. You are planning to hire a wedding planner. Then, let free EMI Loans handle all your wedding expenses. By taking a personal loan,  you can make your D-day a dreamy celebration without spending big chunks from your savings. 
  • Buying an expensive item: You want to surprise your partner on this anniversary. But, you are a little worried about buying such an expensive gift. Here comes Personal Loans, which offer loan amounts ranging from 1 lakh to 10 lakhs. 

EMI Free Loan is available now. It is popular among the younger generation from the cities, including Bangalore, Hyderabad, Chennai, Coimbatore, Mumbai, Pune, Ahmedabad, Vadodara, Raipur, Bhopal, Indore, Jaipur, Delhi-NCR, and Chandigarh locations.