So, How does Personal Overdraft work?

Personal Overdraft is like a credit line that provides cash on the move. Pay interest only when you withdraw and be not bothered with interest cost when not using it. Our processes are transparent and the customer service team is highly responsive. You will have more comfort and lesser hassles right from the day of online application to different tranches drawn from your approved amount.

Why take Line of Credit / Personal Overdraft facility from LoanTap?

When in need of funds, it may not be certain that one is aware of the exact amount of finances required or the exact duration of the need. The overdraft facility ensures that the funds are made available to you whether or not you need the entire amount. You can carry out multiple withdrawals as per your need and pay interest only on the amount used.

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 for all our custom personal loan products
Transparent Process

Transparent Process

No hidden charges, No foreclosure charges
Basic Eligibility Criteria for availing Personal Overdraft 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 Personal Overdraft 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.

Personal Loan

EMI Free Loan

Personal Overdraft

Advance Salary

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

Flexible Repayment options

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

Overdraft

0 Usage, 0 Interest. You are required to pay only interest on the amount withdrawn from the sanctioned credit limit while the Principal amount can be repaid and withdrawn within the sanctioned tenure multiple times. 

Ideal when: The amount of expenses involved in an event are variable.

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Frequently Asked Questions

Personal Overdraft is cash on the go facility. It is a premium unsecured facility that allows customers to utilize the pre-set line of credit. It is a revolving credit facility available to the borrower and interest is paid only on the amount withdrawn from the credit limit. Customers also have the option of multiple withdrawal and repayment as per his and her requirement.

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

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.

Within your credit limit, you can withdraw any amount as you need. For doing the same, you will need to access the “My Account” feature on our website; using your registered email ID and OTP which you get in your email during the login process.
You can raise a service request for requisite loan amount disbursement from “My Account”. Alternatively, you can also email your request to us at info@loantap.in.

Interest on credit card outstanding is anywhere from 3% to 4% per month which is significantly higher than interest charged in overdraft facilities, normally you save at least 50% on interest amount. Moreover, interest calculation is on daily reducing balance in Personal Overdraft, making it more convenient for you to utilize the credit line as per your convenience and avoid unnecessary interest payment.

We offer Personal Overdraft facility from Rs 1 Lakh up to Rs 10 Lakhs. Final amount is decided based on your eligibility and credit checks.

Personal Overdraft 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.

Interest is calculated on daily reducing balance method, hence customer needs to pay interest only on amount utilized/outstanding and as per the number of days of amount utilization. Once a customer makes principal amount payment in full or in part, the available limit is revised accordingly, and interest cycle is recalculated.

For e.g. Take an instance of a customer with an approved credit line of Rs 1 Lakh for 36 months tenure. Customer withdraws Rs 10,000; his available limit is revised to Rs 90,000. He uses it for 10 days and then repays entire Rs 10,000 to LoanTap, his available limit is again revised to Rs 1 Lakh. Here, the customer will need to pay interest on Rs 10,000 for 10 days only.

Within your credit limit, you can withdraw any amount as you need. For doing the same, you will need to access the “My Account” feature on our website; using your registered email ID and OTP which you get in your email during the login process.
You can raise a service request for requisite loan amount disbursement from “My Account”. Alternatively, you can also email your request to us at info@loantap.in.

Yes, this is a dynamic balance facility. Interest charges are applied on the amount utilized only, which can be repaid by the customer as per convenience.

Usually it takes between 4 to 6 working hours for us to disburse the requested amount into your bank account.

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

You can access complete details on your Overdraft account using “My Account” feature on our website https://loantap.in. You can transfer the amount into our account via NEFT; the credit limit will be resettled accordingly.

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.