Chennai is the biggest cultural and economic center situated on the Bay of Bengal coast in eastern India. It is the perfect blend of architecture, dance, music, and drama. The capital city of Tamil Nadu is also the leading commercial center of South India. Chennai has become a popular place for headquarters of leading industries, including automobile, software services, petrochemicals, textiles, and hardware manufacturing. Chennai is less known as a home for foreign banks such as Bank of America, Bank of Tokyo Mitsubishi, Standard Chartered Bank, and more. It is popularly known as the Gateway to South India, 

Students and working professionals move for better opportunities and create a bright future. Because of this, it attracts a large part of the workforce to settle down in the city. Chennai is an affordable city but you may still face a financial strain at the end of the month while managing all the monthly bills and expenses. Sometimes, unexpected situations arise which put a burden on your account balance. LoanTap introduces you to EMI Free Loans to get immediate financial help without depending on anyone. 

What is EMI Free Loans

With traditional personal loans, your EMIs start after the loan amount is disbursed into your bank account from the next month. In EMI Free Loans, the loan repayments don’t start from the next month of the disbursal. LoanTap offers you an interest-only installment option on personal loans, in which you don’t need to pay the full EMI on a monthly basis. Only the interest component needs to be paid monthly while principal repayments can be done every 3/6 months.  EMI Free Loan is one of the most popular financial products from LoanTap. It gives you the freedom to stay in complete control of your cash flow. 

But, How does EMI Free Loan Work?

Whether you are a working professional or business owner, EMI Free Loans have been designed to cater to the financial needs during tough times. Some banks and NBFC may reject your loan application because of low income or some other factors. Unlike other fintech lenders, LoanTap will accept your loan application for the EMI Free Loans in Chennai, if your net monthly income is over Rs 30000. You can make bullet repayments towards the principal amount on a quarterly/ half-yearly basis. The loan interest is calculated from disbursal and added to your loan statement. You  can pay it in flexible installments on the 7th of the following months. 

Why you should go for EMI Free Personal Loans 

 LoanTap provides you with EMI Free Loans Online without asking for any charges. Also, our team understands the customers’ requirements of getting a Personal loan in Hyderabad. Interest-only loans give you the liberty to enjoy the disbursal amount without paying EMI for a period as decided during the sanctioning process of the loan. It comes with some following benefits which attract you to apply now. 

  • Quick Disbursal and Approval: LoanTap provides you with an easy online application process and offers fast disbursal of EMI Free Personal Loan. In tough times, you don’t need to wait for days to get the funds. It will sanction the loan amount on the same day of approval. If your CIBIL score is good, the loan will be disbursed within 24-36 hours.
  • Convenient Repayments: EMI Free Loan Online allows you to choose how much you want to pay and decide the tenure period as per your capacity. You can plan your budget and maintain a healthy account balance to tackle the expenses. You will get a better option compared to any other fixed EMI personal loan for salaried professionals. 
  • Minimum Documentation: No paperwork is required to qualify your application and verify your profile. It includes residential proof, identity proof, and bank statements. LoanTap collects the basic minimum documents when you apply for any financial products. You are free to apply for the loan while sitting at your office or home.
  • Transparent Process: EMI Free Loan facility will charge interest only on the amount you withdraw from the account but not on the entire amount. No bank or NBFC will ask for prepayments or hidden charges for processing your loan application. You need to pay only interest on a monthly basis while the principal amount should be repaid at a regular interval of 3/6 months. 
  • No Collateral Required:  EMI Free Instant Loans are quick and easy on a secured and safe digital platform like LoanTap. These personal loans are essentially unsecured loans, where you don’t have to give any security and assets against the loan amount. It makes it a  popular financing option available online and easy to access in just a few clicks. 
  • Cheaper than credit card: Free EMI Loans Online is an inexpensive solution that charges interest only on the loan amount. Using credit cards to handle the monthly expenses can charge you high-interest rates in the range of 24% – 36% annually.
  • Easy Expense Management: Personal loans EMIs could create some pressure on you to compromise with your expenses till you pay off the loan. However, it is the opposite with EMI-free loans. You can manage the principal amount without any compromises and live a comfortable life as your monthly budget will not be impacted much. This is a convenient solution for those who get bonus and incentives on a staggered basis during the year.
  • No Prepayment Fees: The loan is offered with no prepayment charges after 6 months of paying EMIs. Any foreclosure before 6 months will have a prepayment charge.

Eligibility Criteria for Personal EMI Free Loans

As a Salaried Professional, you feel helpless sometimes when faced with unexpected situations. When you need money for a medical emergency, buying a gadget, or moving to a new city. LoanTap offers you a perfect approach to clear all the debts by applying for a loan online. Here are a few conditions you need to qualify to get the loan:-

  • Identity proof such as PAN card, Aadhar Card, Passport, Driving License. 
  • Address proof including Electricity bill, Aadhar card, telephone bill, passport, rent agreement.
  • Submit the three latest salary slips
  • Bank account statements for the last six months
  • You need to submit IT return filed copies for the last 2 years if self-employed

After qualifying the eligibility criteria, you can go on the LoanTap website and apply for the loan online. You don’t need to visit any bank to get any financial products in this digital world. LoanTap had created a digitally trusted platform to avail of instant loans at competitive interest rates.

Documents Required for Availing EMI Free Loan

LoanTap provides a simple and quick process by providing an online application form. You are required to upload a list of some documents to avail of the loan. If your documents are valid and verified, LoanTap will disburse the sanctioned loan amount in less than 24 hours. Here are the following basic documents for availing of EMI Free Personal Loan:

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

However, you will be asked for other documents if there’s a need during credit checks. Check all the documents before handing them over to our representative. Instant disbursal of loans can help you in a hopeless situation with a higher amount up to 10 lakhs over a tenure of 60 months. Make sure your documents are updated with the correct details.

A Step-by-Step Guide to Get the Personal Loans EMI Free

Technology has bridged the gap between NBFC and borrowers with digital solutions of availing financial products. EMI Free loan is a product that allows you to pay only the interest on a monthly basis and the principal in bullet payments every 3/6 months. So, take a tour of the following steps to activate instant disbursal of the loan with minimum documentation.

  • 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 canupload 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, you will get the cash into your bank account instantly. You don’t need to wait for a long registration process or waste time filling out numerous forms. LoanTap’s EMI Free Loans are low-interest products that can help you meet urgent expenses. 

End-Use of LoanTap’s EMI Free Loan

  • Debt Consolidation: It is one of the wisest ways to spend the loan amount. Using credit cards for managing expenses can cause outstanding payments, which further leads to financial troubles. Personal EMI Free Loans in India will help you clear all the credit card debts and missed payments in a month. In this way, you can become more financially disciplined and build a healthy financial future. 
  • Emergency Funds: No one knows when you face emergency expenses. Unpleasant times come with no warning and create havoc in our peaceful lives. Emergency funds can cover the expenses of hospitalization and medical treatment, home repairing, and unforeseen circumstances like an unexpected relocation. EMI Free Loans reduce the burden of paying monthly payments and stop you from denting your savings. 
  • Home Construction: You want to construct your own house on a piece of land or repair some parts of your home to upgrade its look and style from the outside. It requires hiring a talented constructor to complete the job. This Free Cost EMI Loan is best suited for heavy expenditures and covers overall the cost of repairing, remodeling, and rewiring your home. 
  • Holiday Vacation: This type of Personal Loan can cover all the travel expenses, including flight fares, accommodation, tours, and travel insurance. Instant EMI Free Loans can help you with travel arrangements and plan a journey with family or friends. You can have a dream holiday away from the hustle and bustle of life. 
  • Education Fees: Your children want to pursue certain courses, which may not qualify for an educational loan. You need urgent cash to fund the education fees and fulfil your child’s ambitions. Parents can apply for personal loans to help their aspiring children pursue their dreams. As a salaried professional, you can take this loan to finance short-term certifications, pursue a degree, and an online educational course for upgrading your skills.
  • Wedding Planning: Hire a wedding planner with LoanTap’s EMI Free Loans. With a sufficient loan amount, you can manage unexpected wedding expenses. The wedding budget can exceed the limit when you want to have a marvellous celebration on your D-day. EMI Free Loans are the best financing option to make your grand affair hassle-free and memorable for a lifetime.