LoanTap Personal Loan

LoanTap Personal Finance are offered to both salaried and nonsalaried individuals who need quick funds. The interest rates on LoanTap Personal Loan starts at 18% to 30% p.a. for loans from Rs 50,000 to Rs. 10 lakh. LoanTap offers a 100% digital process with no collateral or income proof, making your loan process easy and hassle free.

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LoanTap Personal Loan Details

LoanTap Personal loan offers help you fulfil different financial needs. Check the table below for LoanTap personal loan details-

Loan amount Rs. 50,000 to Rs.10 Lakhs
Tenure 6 to 60 Months
Rate of Interest 18%- 30% p.a.
Eligible Borrowers Salaried & Self-Employed
Purpose Emergency, Wedding, Medical, Personal Use & Others
Disbursement Time 24-36 hours

LoanTap Personal Loan Interest Rates

LoanTap personal loan interest rates start at 18% per annum and can go up to 30%p.a. Interest rate can depend on several factors associated with the applicant. Based on credit history and creditworthiness, the bank will decide on interest rates.

Interest rate 18%- 30%p.a.

LoanTap Personal Loan Fees & Charges

Banks and non-banking financial companies (NBFCs) rarely charge extra fees for the services they provide. However, they may charge processing fees or other additional charges. You can find more information about LoanTap’s fees and charges in the table below.

Processing fee Up to 2.5% + TAX
Late payment charges 24% per annum + TAX
Foreclosure charges NIL
EMI Bounce Charges Rs.400 + Taxes (if any )
Repayment Mode Swap Charges Rs500(per transaction)+ Tax

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LoanTap Personal Loan Eligibility Criteria

Eligibility criteria helps lenders analyse their risk to give you a loan, similarly LoanTap personal loan also sets certain eligibility criteria that a borrower must meet in order to be approved for a loan. The LoanTap loan eligibility criteria for a personal loan are relatively simple and include:

Age 21 and above
Min Income Monthly income of Rs 30,000
Income Proof Salary account bank statement(3/6 months)

Documents Required for LoanTap Loan

Having the required documents can speed up the loan approval process. You can find the documents needed for a LoanTap personal loan here.

  • Identity proof: Voter’s ID, PAN card, Driver's licence, Passport, etc.
  • Address proof: Aadhaar card, Ration card, driving licence, Voter’s ID, passport, utility bills, rent agreement, etc.
  • Proof of income: Latest salary slips of the last three months or income tax return certificate or latest Form 16.

Calculate LoanTap Personal Loan EMI

An EMI calculator can help you determine how much you need to pay each month to repay your loan. It is easy to use and can help you make sure that you are financially prepared for your loan payments. Just by entering your loan amount, tenure and interest rate you can know how much EMI you need to pay for your loan amount.

₹
%
Monthly EMI ₹86
Principal Amount ₹1,000
Total Interest ₹32
Total Amount ₹1,032.00

Year Month Principal (A) Interest (B) EMI (A+B) Balance Loan Paid to Date (%)

Formula:
EMI = P x R x (1+R)^N / [ (1+R)^N - 1 ]

Where,

  • EMI is the equated monthly instalment.
  • P is the principal amount.
  • R is the interest rate.
  • N is the loan tenure.

Features & Benefits of LoanTap Personal Loan

LoanTap Personal loan provides a range of important features and benefits, such as:

Instant Approval & Disbursal

Get your loan within
24-36 hours with 100%
online process.

Flexible Repayment Option

After 6 months of
disbursal, switch to
EMI-free loan.

Higher Loan Amount

Choose amount ranging
from 50,000 to 10,00,000

Longer Tenure

Loan Tenure range from
6 months to 60 months

Minimum Documents

Basic minimum details
for loan

Great Interest Rates

Enjoy interest rates
ranging from 18% - 30% p.a.

Compare LoanTap Personal Loan Vs Other Lenders

Banks and non-banking financial companies (NBFCs) offer a variety of interest rates and charges. Each lender may differ from each other based on several factors. Comparing and reviewing with other banks can help you make a better financial decision.

Banks/NBFCs Interest Rates(p.a.) Rates/ Charges
LoanTap 18%- 30%p.a. Up to 2.5% + Tax
L&T Finance 12% p.a. onwards Up to 3% + GST
HDFC Bank 10.05% to 21% p.a 0.50% onwards
Axis Bank 10.49% p.a onwards 1%
Punjab National Bank 8.90% p.a onwards 0.30% + GST

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Note: The above mentioned rates are subject to change with the finance market and differ marginally with the respect to the individual banks.

Types of LoanTap Personal Loan

LoanTap offers personal loans and Special Purpose Personal Loan. These loans can help individuals with their personal and business needs.

LoanTap EMI Free Loan

EMI Free Loan is a new kind of personal loan that lets you pay only interest on the loan amount every month.

  • Make a partial or full payment of the principal amount at any time, which will reduce the outstanding balance and lower your future interest payments.
  • This loan offers you the flexibility to choose your repayment schedule, making it the most popular personal loan in our portfolio.

LoanTap Personal Overdraft

Personal Overdraft is a credit line that allows you to withdraw cash as needed. You only pay interest on the amount you withdraw, so you don't have to worry about interest charges when you're not using the line of credit.

LoanTap Advance Salary

Advance Salary Loan is a line of credit that provides you with early access to your salary. You can borrow up to 2.5 times your net salary and repay it through equal monthly instalments over a short tenure of 3-12 months. The loan is fully repaid at the end of the tenure, so you don't have to worry about any outstanding balance.

LoanTap Wedding Loan

LoanTap Wedding Loan is a unique personal loan that can help you cover the expenses of your wedding ceremony. It comes with a flexible repayment option called "Step Up", which allows you to pay only interest for the first 3 months and then fixed EMIs for the rest of the tenure. This can help you ease your expenditure post-marriage.

LoanTap Holiday Loan

LoanTap offers flexible holiday loans with interest-only payments for the first three months. It can keep your monthly payments low during important events like a honeymoon or family wedding.

LoanTap Medical Loan

LoanTap offers flexible repayment plans and longer loan tenures for medical loans. You can pay interest for the first 3 months, followed by fixed EMIs. The final repayment option available to you depends on the information you provide and is at the discretion of the company

LoanTap House Owner Loan

LoanTap's Home Renovation Loan can help you meet all your home renovation and repair needs. You can spread out the loan over a longer tenure and repay in fixed monthly instalments.

LoanTap Rental Deposit Loan

Renting a new apartment can be expensive, especially for the security deposit. LoanTap's Rental Deposit Loan offers an overdraft facility repayment plan, which can help you spread the cost of the deposit over a longer time. This can make it easier to afford the move and can help you avoid having to dip into your savings.

LoanTap Credit Card Takeover Loan

LoanTap's Credit Card Takeover Loan can help you merge your credit card debt and enjoy 3 months of interest-only payments. This loan can help you get rid of your long-pending credit card debt immediately and can help you improve your CIBIL score.

How to Apply For LoanTap Personal Loan with Buddy Loan?

Steps To Apply For a Personal Loan with Buddy Loan

  • Step 1: Visit buddyloan.com or Download & install the Buddy Loan app (Android or iOS).
  • Step 2: Open the Personal Loan Application Page. Provide the mobile number and enter the received OTP.
  • Step 3: Specify the desired loan amount & personal email. Next, choose the Personal Loan option
  • Step 4: Choose the employment type (Salaried, Self-Employed, or Student) and the salary mode (bank or cash).
  • Step 5: Enter your work details (Including company name, years of service and Designation)
  • Step 6: Enter your personal details (Including Full Name, PAN, address DOB & Gender)
  • Step 7: Provide your communication address, and income details and Click the ‘Submit’ button.

Are you looking for a personal loan?

LoanTap Finance Personal Loan Repayment

Getting a loan always proceeds with a good repayment plan. Repaying a loan is an important step towards creating a good credit score and for approval of any future loans. A good repayment plan and discipline with good repayment options can help you pay your EMIs on time.

LoanTap personal loans offer flexible repayment options ranging from 6 to 60 months. Choosing a tenure and loan amount that works best for your financial needs can help you pay the loans on time and maintain a credible credit score.

Frequently Asked Questions

A LoanTap personal loan requires you to have a minimum salary of Rs 30,000 per month.

LoanTap takes about 24-36 hours for loan disbursal.

LoanTap's processing fees vary depending on the loan amount and the loan tenure. It can be anywhere up to 2.5% with tax.

LoanTap provides personal loans to salaried individuals through an online platform that is quick, transparent, and hassle-free.

The highest loan amount you can avail of with LoanTap Personal Loan is Rs. 10 lakhs. The loan amount is based on your income, credit score, and other factors.

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