Loantap Credit Products Private Limited Personal Loan
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Check Loantap Credit Products Private Limited Personal Loan Eligibility
Personal Loan Banks
Loantap Credit Products Private Limited Personal Loan
11% - 24%
Up to 2%
₹50K - ₹10L
Tenure(1 - 5 Years)
Features and Benefits of Loantap Credit Products Private Limited personal loan
Loantap offers a number of options to assist you get a personal loan quickly and easily to satisfy your financial needs. Customers are drawn to Loantap personal loans by the following characteristics, in addition to the customised services:
- Unsecured loans are personal loans. Personal loans don't require collateral, making them accessible to a large number of youthful applicants.
- Personal loans are simple to obtain.
- Applying for personal loans online is a straightforward procedure that anybody can understand.
- A personal loan just requires a small amount of documentation.
- A personal loan application does not require any papers. All you have to do now is upload the appropriate paperwork for a personal loan.
- From start to end, the personal loan procedure might take anywhere from 24 to 36 hours.
- In collaboration with SBM Bank and Rupay, LoanTap gives you the LIMITLESS Platinum & Platinum Plus Cards.
- Users may enjoy endless benefits with their Limitless cards! You can convert your outstanding debt into simple EMIs in addition to the Buy Now Pay Later option. You may borrow up to INR 10,00,000 and pay it back over a period of up to 36 months!
Loantap Credit Products Private Limited Personal Loan Overview
If you are looking forward to meeting your lifestyle goals or require funds for medical and unexpected emergencies, Loantap has just the right type of personal loans for you to avail. With their attractive interest rates and quick loan disbursal facility you can avail their loan with easy loan repayment feature and desired flexibility. So, check out the loan eligibility for marriage, holiday or other emergencies and you can apply for Loantap Credit Products Private Limited personal loan online.
Eligibility Criteria and Factors Affecting Loantap Credit Products Private Limited personal loan Eligibility
It is simple to apply for a personal loan. You only need to fulfil the minimum personal loan qualifying conditions to get started. You can apply for a personal loan if you are an Indian citizen or resident above the age of 21 and under 60, with a net monthly income of more than Rs 30,000.
If you fulfil the following conditions, you may be eligible for an EMI-Free Loan, Personal Loan, Overdraft, or Special Purpose Loan:
|Age||23 years – 58 years|
|Net Salary||Salaried individuals with minimum monthly income Rs.30,000. (Resident India Citizen only)|
|Total years in job/profession||2 Years|
|Nature of residence||Owned or Rented (Leave and License Agreement)|
Loantap Credit Products Private Limited Fees and charges
Loantap gives you all the information you need about fees and interest when you apply for a loan and later when you sign the loan agreement. They impose a one-time processing fee of 2% of the sanctioned loan amount plus applicable taxes. However, for certain of the items, the one-time processing charge ratio is different, and they explain this properly. There are no further fees to pay. As part of the loan agreement, all data about your loan are also provided with you. They don't charge any processing costs if your loan application isn't approved.
Loantap Credit Products Private Limited Personal Loan Interest Rates
Personal loans are a type of unsecured loans because they are collateral free and hence it is higher than the secured loans. Therefore, the lenders try to secure themselves by applying higher rate of interest. The interest rate could be 11% and go up to 24% per annum. It is worth mentioning that the rate of interest is not fixed and it varies according to the CIBIL score and borrower’s eligibility.
For instance, at Loantap, the short-term personal loan of Rs 1 Lakh for a tenure of 60 months, the difference between the EMIs at the rate of interest of 14% and 18% is approximately Rs 213/ month.
Factors affecting Loantap Credit Products Private Limited personal loan interest rates
There are several factors that can affect the personal load interest such as:
- Your income- This is among the most important factors that determine your eligibility and interest rate on this loan. The lender has to make sure that the borrower is able to repay the loan on time before deciding the interest rate. To apply for a personal loan, the borrower must have a monthly income of at least Rs 30,000.
- Your Credit history- When evaluating the loan application, the credit score plays an important role and is measured using the CIBIL scores. The CIBIL score is the numerical summary of your credit history ranging between the bands 300-900. If your score is above 750, you can apply for the loan easily and also negotiate the interest rate. But if you are a loan defaulter, the chances of getting your loan approved may be less.
- Your employer- If the borrower is employed at a reputed company, they can have a better chance of negotiating the rate of interest and also qualify for Loantap Credit Products Private Limited personal loan eligibility for faster loan approval. It is because people work in a reputed company has a stable career and their repayment capacity is always high.
- Debt-Income ratio- The repayment capacity of the borrower is also calculated by the debt-income ratio. It is mainly calculated by dividing the total debt payments by the total income. It helps the lender to calculate the financial health of the borrower. Higher debt-income ratio would indicate higher debt burden and hence the interest rate will also be high.
- Your relationship with the lender- If you have a good relationship with your lender, it could acts an advantage for you as you will be able to negotiate the rate of interest with the lender. If you are a loyal customer, the lender will try not to disturb the long term relationship and lose his customer to a competitor.
Documents Required for Loantap Credit Products Private Limited personal loan
LoanTap makes applying for a personal loan a breeze. To apply, simply fill out an online application and attach the Loantap Credit Products Private Limited personal loan requirements or documents:
- PAN Card for proof of identity
- Aadhaar Card/ Driving Licence/ Passport /Gas or electricity bill/ Rental Agreement/Voter ID/ Ration Card/ Bank Statement for proof of address
- PAN Card or passport for signature proof
- Salary slips for the last three months
- Bank statements of the salary account
Loantap Credit Products Private Limited personal loan online application will be evaluated by the team of LoanTap. The loan will be authorised and disbursed within 24-36 hours if your credit score is excellent and your documentation are in order.
How the EMI calculation works for Loantap Credit Products Private Limited personal loans?
The Loantap online EMI calculator can help you calculate your monthly EMI. The calculator is divided into three sections: loan term, interest rate, and loan amount. You may calculate the EMI by inputting the personal loan's relevant interest rate, the amount of money you need to borrow, and the loan's term.
How Loantap Credit Products Private Limited compares with other lenders?
The following table compares Loantap to the other popular personal loan lenders in India. The interest rate offered was used to do this comparison.
|NBFCs/Banks||Interest Rates (annual)|
|IDFC First Bank||10.49% – 23%|
|SBI||9.60% – 13.85%|
|HDFC Bank||10.25% – 21%|
|PNB||7.90% – 14.50%|
|ICICI Bank||10.50% – 19%|
|Axis Bank||10.25% p.a. onwards|
|Kotak Mahindra Bank||10.25% onwards|
|IndusInd Bank||11.00% onwards|
|Bajaj Finserv||13.00% onwards|
|Tata Capital||10.99% onwards|
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Loantap Credit Products Private Limited's Other Products
Personal Loan By Other Banks
- Axis Bank Personal Loan
- Bank of Baroda Personal Loan
- HDFC Bank Personal Loan
- ICICI Bank Personal Loan
- Bajaj Finserv Personal Loan
- IndiaBulls Personal Loan
- Canara Bank Personal Loan
- YES Bank Personal Loan
- DHFL Personal Loan
- CITI Bank Personal Loan
- Union Bank of India Personal Loan
- IndusInd Bank Personal Loan
- Federal Bank Personal Loan
- State Bank of India Personal Loan
- IDFC FIRST Bank Personal Loan
- Hero FinCorp Personal Loan
- Punjab National Bank Personal Loan
- IDBI Bank Personal Loan
- Kotak Bank Personal Loan
- Muthoot Finance Ltd Personal Loan
- RBL Bank Personal Loan
- Shriram Urban Co Operative Bank Limited Personal Loan
- Tata Capital Financial Services LTD Personal Loan
- Tata Capital Housing Finance Limited Personal Loan
- HDFC Sales Personal Loan
- Indian bank Personal Loan
- Capital First Ltd. Personal Loan
- Clix Capital Personal Loan
- Aditya Birla Finance Limited Personal Loan
- L&T Finance Personal Loan
- HSBC Personal Loan
- Reliance Capital Personal Loan
- Bank of India Personal Loan
- Paysence Service Pvt Ltd Personal Loan
- IIFL Finance Personal Loan
- InCred Financial Services Personal Loan
- Edelweiss Financial Services Personal Loan
- Fullerton India Personal Loan
- Poonawalla Fincorp Limited Personal Loan
- DCB Bank Personal Loan
- Punjab & Sind Bank Personal Loan
- karnataka bank Personal Loan
- Bank of Maharashtra Personal Loan
- Ujjivan Small Finance Bank Personal Loan
- AU Small Finance Bank Personal Loan
- karur Vysya Bank Personal Loan
- FT Cash Personal Loan
- Axis Finance Limited Personal Loan
- Deutsche Bank Personal Loan
- MoneyWide Personal Loan
Mutual Fund Scheme
Mutual Fund Sector
Gold & Silver Rate
From refinancing to reducing your interest, we have the answers right here.
Can I switch to floating rate from a fixed rate during my loan tenor?
Yes, for a modest cost, you can convert to a variable interest rate at any moment throughout the loan term.
Is Opting For a Personal Loan Worth It?
Unexpected expenses, medical emergencies, and other situations might arise at any time. You might not have enough money to satisfy this criterion. But don’t be concerned. Personal loans from LoanTap are available online, promptly, and in a transparent manner.
When Does the Personal Loan Repayment Period Start?
They offer a highly swift and efficient underwriting method that assures on-time delivery. If all documents and credit checks are in order, it normally takes between 24 and 36 hours. The repayment of a personal loan begins the month after the loan is disbursed.
What Is the Minimum Salary for A Personal Loan?
To avail a personal loan at Loantap, the borrower must have an income of at least Rs 30,000.
What is the interest rate of personal Loan in Loantap Credit Products Private Limited?
Loantap Credit Products Private Limited personal loan interest rate and repayment process depends on the type of loan availed. Their customer interface is transparent, they provide complete details on loan scheme at the time of application as well as at the time of signing loan agreement. The rate of interest of the personal loans may vary from 14% to 18% depending on the type of personal loan you are availing.
What are the benefits Loantap Credit Products Private Limited Provides on personal Loan?
Unsecured loans are personal loans. Personal loans don’t require collateral, making them accessible to a large number of youthful applicants. These loans are quite simple to obtain. Applying for personal loans online is a straightforward procedure that anybody can understand.
What are the documents required in Loantap Credit Products Private Limited for a personal Loan?
Below are the documents required for Loantap Credit Products Private Limited personal loan –
- Address proof
- 3 months’ pay slips
- 6 month’s salary account bank statement
- e-NACH mandate form
However, they might request for other documents if need arises during credit checks.
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