So, How does Credit Card Takeover Loan work?

Now you can consolidate your credit card outstanding debts with our ‘Step Up’ repayment option and enjoy 3 months of interest only payments. With our Credit Card Takeover Loan, you will be free of long-pending credit card debt immediately and this unique personal loan will help build financial discipline. You can take Credit Card Takeover Loan for a total of one or multiple credit cards outstanding. Such prudent steps taken eventually help improve CIBIL score.

Why take Credit Card Takeover Loan from LoanTap?

With a pile of outstanding credit card bills come inflating interest rates and the hassle of managing multiple payments due on different dates. Our Credit Card Takeover loan helps you consolidate all the bills and clear them in one go. Debt consolidation of credit card bills not only helps save on the interest component and late payment penalties but also protects your CIBIL score.

Instant approval & disbursal

Instant approval & disbursal

Easy online process for loan sanction and fast disbursal within 24-36 hours
Flexible Repayment Option

Flexible Repayment Option

Flexibility to switch to accelerated repayment option after 6 months of disbursal
Higher Loan Amount

Higher Loan Amount

Option to choose from amount ranging from INR 50,000 to INR 10,00,000 basis your requirement
Longer Loan Tenure

Longer Loan Tenure

Flexibility to choose longer loan tenure from 6 months to 60 months making EMIs more affordable
Minimum documents

Minimum documents

We collect only what is basic minimum documents for all our custom personal loan products
Transparent Process

Transparent Process

No hidden charges, No pre-payment charges and secured processes
Basic Eligibility Criteria for availing Credit Card Takeover Loans with LoanTap
  • Individuals with a minimum monthly income of INR 30,000
  • Indian citizens/residents who are 21 years and above
Basic Documents required for availing Credit Card Takeover Loans with LoanTap
  • PAN Card
  • Salary Slips (Last 3 months)
  • Salary Account Bank Statement  (3/6 months)
  • Address Proof

Personal Loan Product Suite

No matter what your requirement, use LoanTap’s Special Purpose Loan to fulfill all your needs.

House Owner Loan

Rental Deposit Loan

Holiday Loan

Wedding Loan

Medical Loan

Credit Card
Takeover Loan

Two wheeler loan

Electric
Two wheeler loan

Premium Bike Loan

Personal Loan

EMI Free Loan

Personal Overdraft

Advance Salary

Flexible Repayment options

Final installment options for a loan will be decided based on your profile and inputs.

Step Up

Interest only Payment for 3 months followed by fixed EMI. Gives you space to manage expenses post an event.

Ideal when: Heavy expenditure is involved in a particular event such as Wedding or a Medical Emergency.

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Term Loan

Repayment done via Fixed Equated Monthly Installments, where EMI=Principal + Interest.

Each Installment reduces both interest and Principal amount.

Ideal when: You know the precise Loan Amount needed and your income is consistent.

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Your Personal Loan, Your Way!

Avail our personal loans through your preferred platform and enjoy unmatched convenience at your fingertips…

Apply Using
Website
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Our App
iOS
Apply Using
WhatsApp

Frequently Asked Questions

Credit cards are a most commonly used form of debt borrowing without much thought. It eases monthly finances by offering up to four to five times of usual salary. This gets you entwined in the vicious credit cycle payments. Minimum amount due seems easy but what you should fear is paying more than 25- 40% interest per annum on the outstanding.

Now, working professionals who are entangled in this vicious cycle of credit card can set themselves free by availing credit card takeovers. But why should you take a loan to pay another? Credit Card Takeover Loan is a type of Personal Loan and are available at around 1.5 – 2% monthly interest versus 3-4% monthly interest applicable on outstanding credit card payments. They allow you to get over the vicious minimum payment due cycle and ensure you maintain good credit history.

You should aim at debt consolidation at one go. It immediately builds in financial discipline and helps in reducing monthly outflow.

No, you have to apply only once. Loan will be sanctioned as per your eligibility and credit checks; you can consolidate multiple debts in one go.

LoanTap offers Credit Card Takeover Loans ranging from Rs 50,000 up to Rs 2 Lakhs; Tenure offered is 6-24 months.

We need below documents for processing your loan request-

PAN,
Address proof,
3 months’ pay slips,
6 month’s salary account bank statement,
e-NACH mandate form.

However, we might request for a few other documents if need arises during credit checks.

Credit Card Takeover Loan is available in cities where LoanTap is operational. Currently we are providing our loans in Bangalore, Hyderabad, Chennai, Coimbatore, Mumbai, Pune, Ahmedabad, Vadodara, Raipur, Bhopal, Indore, Jaipur, Delhi-NCR, Ajmer, Lucknow, Mysore, Visakhapatnam, Kolkata, Howrah, Bhubaneshwar, Patna, Nagpur, Nashik, Rajkot, Surat and Chandigarh locations.

Processing fee for this loan is 2%+applicable taxes; on the gross loan amount sanctioned.

Yes, you can make higher payments towards your loan. No charges for higher payments or foreclosure are applicable post 6 months. Within 6 months you can make part payments or foreclosure-with minimal charges applicable.

In Credit Card Takeover Loan, you get two repayment plans –
Step Up Repayment Option (interest only payment for the initial 3 months, followed by fixed EMIs; and Term Repayment plan (Pay equal monthly installments throughout the tenure). The decision of the final repayment plan is taken on the basis of your eligibility and credit checks.

Yes. There are no foreclosure charges for pre-paying after six months of loan disbursement. You can prepay your loan at nominal charges within six months of disbursement.

Yes, you can make higher payments towards your loan. No charges for higher payments or foreclosure are applicable post 6 months. Within 6 months you can make part payments or foreclosure-with minimal charges applicable.

Yes, you can prepay the loan facility post 6 months of disbursement. No foreclosure charges are applicable post 6 months of loan completion, however within 6 months you can prepay your loan with minimal charges.