If you do not have sufficient funds to meet the requirements of unexpected medical emergencies, any unplanned expenses. You get an online personal loan from LoanTap in a few clicks.
Features of LoanTap App
Following are the advantages of the Loantap app
User-friendly service- It is very easy to use and convenient and its services are user-friendly for people with lower levels of knowledge also.
- Transparent procedure- Their process is very transparent because they don’t have any hidden charges.
- Minimum documents are required- They collect only minimum documents for loan processing for all loan products available with them.
- Long tenure- They provide loans for long tenure which is flexible enough for providing affordable EMIs.
- Loan amount is higher- The loan amount disbursement range is high, you can avail loan as per your requirement.
- Quick approval and disbursement- The loan process is very easy and they disburse loans in 24-36 hours.
- Repayment options are flexible- Quick payment options are there for the outstanding amounts after a few months of disbursal.
- Secured system- loantap claims encryption features which secured your data data.
Eligibility, Interest Rates, Loan Tenure
Given below are Loan Tap eligibility criteria, interest rates, and other details. Before applying for a loan you need to fulfill a pre-defined eligibility standard.
- Indian citizens or residents who fall in the age bracket between 21 years to 60 years.
- Individuals have an average monthly income of 30,000 per month.
- Individual working in a reputed organization.
- Self-employed (non-salaried) and salaried professional.
The Loantap approves an application for individuals based on their eligibility, loan amount, income, and tenure.
Loan tenure |
3 months to 60 months |
Interest rates |
12% to 25% |
Loan amount |
25,000 to 10,00,000 |
Age limit |
21 years to 60 years |
Processing fees |
2% on loan amount + applicable taxes |
Minimum income |
30,000 per month |
Foreclosure charges |
0 charges post six months of repayment. |
For example:- Loan amount- 2 lakhs, loan tenure for 36 months, Interest rate@18%.
Monthly EMI= Rs7230, Total interest payable= Rs60,297, Total amount= Rs2,60,297.
Processing fees@2%+GST= Rs4000+Rs720 (Rs4,720)
List of documents required
The Loantap requires less documentation as compared to other loan providers for fast disbursal of personal loans. Listed below are the documents required for an instant loan.
- Identity proof- PAN card
- Address proof- Voter id card/ Aadhar card/ driving license/Passport/Utility bills, etc.
- Salary account bank statement (3 months to 6 months).
- Salary slips of 3 previous months.
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Source- https://www.saralcredit.com/blog/review-of-loantap-personal-loan
