So, How does Personal loan work?
Why take Personal Loan from LoanTap?
Instant approval & disbursal
Flexible Repayment Option
Higher Loan Amount
Longer Loan Tenure
Basic Eligibility Criteria for availing 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 Loans with LoanTap
- PAN Card
- Salary Slips (Last 3 months)
- Salary Account Bank Statement (3/6 months)
- Address Proof
Personal Loan Product Suite
Flexible Repayment options
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.
Your Personal Loan, Your Way!
Frequently Asked Questions
Any individual with a monthly income more than Rs 30,000 can apply online and check eligibility at https://loantap.in/personal-loan/. You will need to fill in a few basic information to know your basic eligibility instantly. Final loan amount is decided on the basis of your eligibility and credit checks.
We need below documents for processing your loan request-
3 months’ pay slips,
6 month’s salary account bank statement.
However, we might request for other documents if need arises during credit checks.
We offer personal loans from Rs 50,000 up to Rs 10 Lacs. Final loan amount is decided on the basis of your eligibility and credit checks.
Personal 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.
We have a very quick and efficient underwriting system which ensures that we deliver to you on time. It usually takes from 24 hours to 36 working hours; provided all documentation and credit checks are in place.
For Short Term Personal Loan, it is minimal. For example, for Personal Loan of Rs 1 Lakh and for 60 months tenure, difference between EMIs at 14% and 18% interest rate is approx. Rs 213 per month. Check our Personal Loan EMI Calculator for further clarity on the subject.
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.
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.