EMI Free Loan - Flexible EMI - Flexible Payments
Reduce your monthly loan re-payment by 40% as compared to Personal Loan
Get a flexible personal loan with an interest only and bullet payment option. Check your rate online with no impact to your CIBIL score.
So, how does EMI Free Loan work?
It is a new kind of personal loan wherein you pay only interest on total loan amount on 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 effected based on new outstanding amount.
The flexibility of EMI is in your hands and that makes EMI Free Loan, most wanted personal loan from our portfolio.
Why LoanTap's EMI Free Loan ?
Instant approval and disbursal
Easy online process and fast disbursal of EMI Free Loan within 24-36 hours
We collect basic minimum documents for all our custom loan products
Flexible principal payment leading to better management of monthly cash outflow as compared to fixed EMI based personal loan
No hidden charges, No pre-payment charges. Minimum documentation & secured processes
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Eligibility Criteria for EMI Free Loan
Individuals with a minimum income of INR 30,000
Indian Citizens/Residents who are 21 years old & above.
How we make loans happen in 24-36 hours
Apply online, upload basic documents or mail us
Record your time for representative visit
Download documents as per checklist, sign and handover to our representative.
KYC & Fund transfer
We check documents, verify them and activate instant disbursal online
Frequently Asked Questions
- EMI amount remains same throughout the loan tenure in Personal Loans.
- In personal loan, EMI is a sum of interest and principal amounts. Hence, 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 in every 3/6 months. Interest amount charges once customer has made 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
For e.g. for a loan of Rs 1 Lakh and 60 months tenure, bullet amount applicable would be Rs 5,000 in every 3 months.
Customer should make bullet repayment on or before the 7th of respective due month so that interest reduces in subsequent months.
Are there any extra charges for foreclosure or part-payment of this type of loan? Can I pay amount higher than due bullet amount?
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.
- Address proof
- 3 months’ pay slips
- 6 month’s salary account bank statement
- e-NACH mandate form