LoanTap provides personal loans to its customers via an online platform, and the loan balance is issued through an internal non-banking finance organisation (NBFC). Although the borrower is not requested to offer any security or a third-party insurer, in certain cases, the borrower may be asked to do so.
LoanTap Features on Personal Loans
LoanTap has many features on its loans, such as:
- Amount of loan – The max amount of a personal loan that a customer can obtain through LoanTap is determined by several variables, including the borrower’s income, profession, age, employment, credit score, and work history. However, the loan amount offered under this program typically ranges from Rs. 50,000 to Rs. 10 lakh.
- Duration of repayment – These loans have terms ranging from six months to sixty months for repayment. However, depending on the loan amount taken out and the borrower’s income, different customers may be eligible for a different maximum repayment time.
- Interest rate – Based on the user’s eligibility, the interest rates given under this scheme range from 15% p.a. to 24% p.a. By taking into account several variables, including income, credit evaluation reports, personal circumstances, duration, loan amount, etc., LoanTap determines the suitable interest rate for a person.
- Online procedure – Anyone interested in a personal loan from LoanTap can apply through the company’s online application system. Customers will therefore be able to enrol in this program and receive the funds they require without leaving their homes.
LoanTap Personal Loans Benefits
The customer must meet the requirements listed in the list below to become eligible for a personal loan from LoanTap:
- The borrower must be at least 23 years old.
- A maximum age of 58 is required for the applicant.
- The person must be an Indian citizen.
- The borrower must be a salaried worker with a reputable company.
- The customer’s net monthly income must be at least Rs. 30,000.
- The person must have at least two years of job experience.
Steps to follow while applying for LoanTap Personal Loan
The following are the main steps that makeup LoanTap’s loan application process:
- Complete the application form online with the necessary information.
- Send the properly completed loan application form and digital copies of appropriate documents.
- Scheduling for a company representative to visit at a suitable time.
- Download the necessary paperwork following the lender’s provided checklist.
- Sign and deliver the necessary paperwork to the representative.
- The lender will verify the documentation before approving the loan.
- After the loan has been approved, the borrower’s active bank account will receive the funds.
Conclusion: Generate the Estimate before Applying
It is important to generate an estimate on the website of LoanTap before applying for a loan. To get a free quote on your LoanTap Personal Loan, follow the instructions listed below:
- Visit the business’s official website.
- On the navigational tab, under the heading “Loans,” select “Personal Loans.”
- Find and click the “Check My Rate” button on the website.
- It will redirect the website containing the loan calculator to you.
- After that, you must enter the correct information in the form that is on the website.
- To generate an estimate, click “Show My Rate.”
Frequently Asked Questions
1. I am 30 years old. Can I apply for a LoanTap personal loan?
People aged between 23 and 58 can apply for a personal loan.
2. I am not a citizen of India. Can I get a LoanTap personal loan?
No, you cannot apply and get a LoanTap personal loan which is limited to citizens of India.
3. What is the repayment period under a LoanTap personal loan?
The minimum and maximum repayment tenure under LoanTap personal loan are 6 to 60 months.
4. My monthly income is 50000. Can I get a LoanTap personal loan?
Yes, the minimum monthly income required to get a LoanTap personal loan is Rs. 30000.
5. My monthly income is 30000, but I need more work experience. Can I get my LoanTap personal loan application approved?
No, you need to have at least 2 years of work experience to get your LoanTap personal loan application approved.