What is a Personal loan?
How does a Personal Loan work?
If your application is accepted, the loan amount is deposited straight into your bank account. You can pay back the loan amount along with interest over a period of 6 months to five years through monthly EMIs. The interest rate depends on factors like your credit score and the type of loan taken.
Benefits of Personal Loans
No Limitation on End Use
No Collateral Required
Flexibility Of Tenure
Fixed-Rate Of Interest
How to Get a Personal Loan Online?
At LoanTap, the application process is very straightforward. You can apply for a loan in 3 easy steps:
e-KYC and Verification
Why take a Personal Loan from LoanTap?
Emergencies are unexpected by nature, and they can cause a significant drain on your finances. You may need to take a personal loan to meet expenses related to travel, home improvement, buying a car, medical emergencies and more. LoanTap makes it quick and easy to apply online. See why LoanTap is the ideal solution.
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
- Aadhaar Card/ Driving License/Passport
- Bank statement of last six months
The service provided by Loan Tap is great, everything is seamless and very convenient. Its one of the very best experiences, I’ve had with any loan provider.
You are doing an awesome work as team. Faster service with immediate response is quite amazing. Will recommend to everyone in need, faster documents processing …….Keep up the good work
This is truly awesome service. Associates are very friendly and providing efficient service on time. After documents pickup, within 24 hours net amount was disbursed and that’s what I call efforts reducing service. Thank you LoanTap Team.
Awesome and superfast Service.I have never come across so polite, professional and fast service providers for Loan. I have taken a personal loan and was disbursed within 3-4 hours in my bank account. This was just a superb feeling. Thank you so much LoanTap for a wonderful experience.
Excellent service from all team members. All are supportive. Its different from others NBFCs. Now and in future, LoanTap is my first choice for financial needs.
Applicable charges and fees
Type of fee
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
Ans. The interest rate varies depending on factors such as your credit score, income, and the lender. Interest rates usually vary from 12% to 24%.
Ans. The approval process at LoanTap takes just 24 to 36 hours.
Ans. A missed payment might lower your credit score, result in late fees, and increase interest rates. You should contact your lender to discuss options for catching up on missed payments.
Ans. If you work for yourself, you can obtain this type of loan. You may need to provide additional documentation, such as tax returns or business financial statements to verify your income.
Ans. Personal Loan is available in cities where LoanTap is operational. Currently, we are providing 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.
The documents required are:
- PAN Card
- Salary slips for the last 3 months
- Salary account bank statement
- Address proof
You can use the money for any personal expenses, whether planned or unplanned. For example, you may use the loan amount to meet medical expenses, home improvement, or wedding expenses.
We usually disburse loans within 24 to 48 hours of successful submission of your application.
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.