So, How does EMI Free loan work?

It is a new kind of personal loan wherein you pay only interest on the total loan amount on a monthly basis. The principal amount remains unchanged until you make a bullet payment. Once partial bullet principal payment is realized in your loan account, the total outstanding loan balance reduces and fresh interest calculations are affected based on the new outstanding amount. The flexibility of EMI is in your hands and that makes EMI Free Loan, the most wanted personal loan from our portfolio.

Why take EMI Free Loan from LoanTap?

Whether it’s a planned event or an unplanned emergency, our EMI Free loans help you meet any financial requirement without denting your pockets. Our one of a kind pocket friendly personal loan helps you lower your monthly EMI by 40%.

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

Flexible principal payment leading to better management of monthly cash outflow as compared to fixed EMI based personal loan
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 for all our custom personal loan products
Transparent Process

Transparent Process

No hidden charges, No foreclosure charges
Basic Eligibility Criteria for availing EMI Free Loan 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 EMI Free Loan 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 Personal 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.

EMI Free

Interest only payment every month (40% lower monthly installment versus regular EMI) coupled with bullet payment every 3/6 months towards Principal.

Ideal when: You receive additional income or an incentive every 3-6 months.

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Frequently Asked Questions

Yes, Personal Loan and EMI Free Loan are different.

EMI amount remains same throughout the loan tenure in Personal Loans.
In personal loan, EMI is a sum of interest and principal amounts. Hence, the Principal amount reduces proportionately every month post EMI payment.

In EMI Free Loan, customer pays only interest amount (applicable on loan principal amount remaining) every month and principal amount every 3/6 months. Interest amount charges once the customer has made a bullet payment towards principal.
As customer pays only interest amount every month in EMI Free Loan-monthly outflow of customer is significantly low as compared to normal personal loan; lower by approximately 40% as compared to personal Loan EMI.

Since we charge only interest every month and principal in regular intervals of 3/6 months, the principal payment is supposed to be done in lump sum amounts-which are bullet payments. It is calculated by dividing loan amount by the number of 3/6 months in loan tenure. For e.g.,

For a loan of Rs 1 Lakh and 60 months tenure, the bullet amount applicable would be Rs 5,000 in every 3 months.

Customers need to make bullet repayment every 3rd/6th month; from the date of 1st interest payment.
Customers should make bullet repayment on or before the 7th of the respective due month so that interest reduces in subsequent months.

Any salaried customer with a monthly salary more than Rs 30,000 can apply online and check eligibility at https://loantap.in/check-my-rate/home/emi-free/. You will need to fill in few basic information to know your eligibility instantly.

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 other documents if need arises during credit checks.

LoanTap offers Loans between Rs 1 Lakh to Rs 10 Lakhs, final loan amount is decided basis your eligibility and credit checks.

We set up these loans for a maximum period of Five Years. You can consult the Credit Manager for exact tenure. LoanTap allows you to close the loan before that with minimal or no charges.

EMI Free 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.

It is calculated by dividing loan amount by the number of 3 months in loan tenure. For e.g. for a loan of Rs 1 Lakh and 60 months tenure, the bullet amount applicable would be Rs 5,000 in every 3 months.

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

You can check your loan details by accessing the “My Account” feature on our website. You will need to login using your registered email ID.

Yes, you can make foreclosure or do part payments any time during the loan tenure. There are no part payment or foreclosure charges applicable post 6 months of loan completion. However, nominal charges are applicable for part payment or foreclosure within 6 months of loan.

Yes, you can make foreclosure or do part payments any time during the loan tenure. There are no part payment or foreclosure charges applicable post 6 months of loan completion. However, nominal charges are applicable for part payment or foreclosure within 6 months of loan.

You can check your loan details by accessing the “My Account” feature on our website. You will need to login using your registered email ID.

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 pre-pay 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.