Get up to Rs. 10 Lakhs within 24 hours!
Need an instant loan without going through the hassles of complicated application procedures? Get instant loans deposited directly in your bank account. Through our RBI registered in-house NBFC, we specialize in quick disbursement of loans with minimal documentation and no collateral. We process loan applications in next to no time. So download the app and fill out our simple application to get your loan quickly.
Apply Quickly on The LoanTap Instant Loan App
LoanTap helps you get instant loans up to Rs. 10 lakhs through our app.
Sometimes you require funds for emergency situations. Perhaps you suddenly need medical treatment, or perhaps your car broke down and needs repair work. In such unforeseen circumstances when cash is needed instantly, LoanTap can help you out with an instant loan disbursed quickly, directly into your bank account. Simply download the app and fill out our simple application. We process applications and disburse loans within 24 hours.
With LoanTap, you wouldn’t have to worry about borrowing money from your family or friends. You can now easily access loans in India instantly! Pay bills, repair vehicles, renovate homes, cover medical costs, and many other financial obligations with simplicity. We also provide appealing interest rates and flexible tenures to ensure that repaying the loan is as simple as applying for it.
What is an instant loan?
In India, instant loans are a type of unsecured loan provided with minimal documentation and no collateral. These loans can be easily applied for online and there is no need to visit a bank branch and fill out lengthy applications. The loans are also disbursed quickly and are deposited directly into your savings bank account. While usually these loans are for smaller amounts, LoanTap provides instant loans for amounts up to Rs. 10 lakhs.
Why use LoanTap Instant Loan App?
With LoanTap, you need not worry about length loan application procedures like your local bank branch. Whatever your financial needs, we’ve got you covered. LoanTap is an instant loan app curated towards individual requirements. Below are some features offered that will help you avail instant loans easily:
- Instant loans customised to meet your needs: With flexible repayment options and loan tenures, you can customise your instant loan as per your needs.
- Instant approval and disbursal: Apply quickly through our app and get your loan disbursed within 24 hours.
- User-friendly: LoanTap has an easy-to-use, convenient user interface for a seamless and hassle-free experience.
- Transparent process: We don’t charge any hidden fees, prepayment penalties, and our application process is fully transparent. No shocks. No unpleasant surprises.
- Larger loan amounts: Apply for a loan amount ranging between Rs. 50,000 up to Rs. 10 lakhs.
- Flexible repayment options: LoanTap allows you to even switch between repayment modes like EMI free loan, enhancement and accelerated repayment after 6 months of disbursal.
Eligibility Criteria for Instant Loans
The eligibility criteria for applying for a loan on LoanTap is that an individual must be 21 years and above and should have a minimum salary of Rs. 30,000.
Following are the documents required to apply for instant loans on LoanTap:
- PAN card
- Salary slips (Of last 3 months)
- Salary account bank statement (3/6 months)
- Address proof
What is the minimum and maximum loan amount that you can avail of?
With LoanTap, you can avail of instant loans from Rs. 50,000 up to Rs. 10 lakhs. The final amount would be decided based on your eligibility and credit checks.
Repayment options with LoanTap
Using our loan app, you will have fixed equated monthly instalments for repayment; an EMI = the principal + interest. Each instalment lowers the principal as well as the interest. Ideal when: Your income is reliable, and you are aware of the exact loan amount required.
What can you use the instant loan for?
An emergency is an emergency because it is usually unexpected and it can often put you on the back foot. LoanTap helps you tackle emergencies head on by giving you access to instant and flexible instant loans. You can use this money for the following reasons:
- Pay your phone bills, credit card bills, maintenance bills, and much more using the LoanTap instant loan app and stay stress-free about late payments.
- Healthcare expenditures: Medical emergencies are often unexpected. With LoanTap, you can cover your medical expenditures hassle-free with an instant loan.
- Education fees: Education has always been necessary, but not everyone can afford quality education. Inflation in the education industry has also been historically higher than aggregate inflation. LoanTap doesn’t let you fall behind in supporting your child’s education and helps you with the funds required to ensure your child gets the best education possible..
- Loan for Rental Deposits: Landlords typically charge 3 to 6 months’ worth of rent as a deposit when you initially move into a new flat. LoanTap helps you take care of this expense without any problems.
- Wedding loans: A wedding is one of the most important milestones in a person’s life, and you would want to ensure that everything on the big day turns out to be perfect. But that perfection often comes with a significant cost. LoanTap’s Wedding Loan facility makes your special day grander without you stressing about the massive expenses.
- Credit Card takeover loan: The hassle of handling multiple payments due on various dates and rising interest rates often leads to a mountain of unpaid credit card debt. You can combine all your payments into one with our Credit Card Takeover loan. This will help you save money on interest and late payment penalties, which leads to a healthier CIBIL Score.
- Two-wheeler loan: LoanTap provides two-wheeler loans for new as well as used vehicles. Take out a two-wheeler loan from LoanTap and pay back the amount over a term of 12 to 36 months in affordable installments.
What makes LoanTap different?
Besides the various customised facilities offered by LoanTap, what makes it different is that it provides EMI-free loans, Personal overdrafts, and advance loan on salary to fulfil all your needs. Let’s discuss this in detail.
- EMI-free loan: This is the most popular type of loan in our portfolio. The reason is in the name. You don’t need to pay a monthly EMI to repay this loan. Instead, you pay interest on the total outstanding principal on a monthly basis. You can make lump sum payments (or bullet payments) to partially knock off the loan in stages. These payments can be made at your convenience. Once you make a bullet payment, your outstanding principal reduces and further interest calculations are based on the new outstanding principal amount. This allows for maximum repayment flexibility for the borrower.
- Personal Overdraft: A personal overdraft provides you access to cash as when required. This is very handy when you have a requirement for funds, but it is unclear exactly how much you require. With a personal overdraft facility, you will have access to funds even if you do not require the whole amount. But the great thing is you only need to pay an interest on the loan amount that you use, not the entire loan amount. If you don’t use a part of the amount, you don’t get charged any interest on that part. It is as simple as that. With our transparent processes and responsive customer service team ensure that your entire borrowing, withdrawing and repayment experience is smooth.
- Advance salary: Why swipe credit cards needlessly, when you can avail of an advance salary loan? LoanTap provides a line of credit up to 2.5 times your net salary. This is a short term loan given for a period of 3-12 months. You can repay the loan in equal installments over the tenure of the loan, leading to a fully repaid loan by the end of the tenure. You can use this money to meet any unforeseen expenses, like getting your car repaired, or needing to buy a new phone because you lost your earlier one. We understand that this type of loan is often required in emergency situations, so we disburse loans quickly and with minimal documentation.
How does the interest rate affect the amount of my EMI?
It is minimal for a short-term instant loan. For instance, the difference between EMIs at 14% and 18% interest rates for an instant loan of Rs 1 lakh with a 60-month term is roughly Rs 213. For more information, use our instant loan EMI calculator.
How to apply for a loan using LoanTap?
Use your favourite platform to apply for one of our instant loans and take advantage of our instant loan app’s unparalleled convenience.
You can apply for an instant loan online using our website, your phone (compatible with Android and IOS), or WhatsApp.
All you need to do is perform the following three steps:
- Download the app: Fill out the application form and provide basic details to build your profile.
- Upload Documents: Upload KYC Documents (PAN and Aadhar card) and income proof and await quick verification
- Receive your money within 24 hours: Post verification the disbursal process is initiated & money will be transferred within 24 hours.