Urban Money

Loantap Credit Products Private Limited Personal Loan

Loantap Credit Products Private Limited
4.5

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.

OTP Send

Enter 6 Digit OTP

We have just sent a verificaton code to
Mobile XXXXX

Check Loantap Credit Products Private Limited Personal Loan Eligibility

+91
Choose City
Company Name
bt svg
Urban Money

Personal Loan Banks

Interest Rate

Processing Fee

Loan Amount/Tenure

Loantap Credit Products Private Limited Personal Loan Interest Rate

14% - 18%

Up to 2%

₹50K - ₹10L

Tenure(1 - 5 Years)

Details

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:

Criteria Salaried
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

FAQs

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 –

  • PAN
  • 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.

Get your latest Credit Score, FREE

Related Articles

Get in-depth knowledge about all things related to loans and your finances

PMAY (Pradhan Mantri Awas Yojana)
Satish PrajapatiOct 06, 2022

PMAY (Pradhan Mantri Awas Yojana)

The main aim of the introduction of Pradhan Mantri Awas Yojana was the unprecedented endeavor of the “Housing For All” scheme to refurbish urban areas with affordable housing by 31st March 2022. The implementation of

Read More
Home Loan Insurance
Satish PrajapatiOct 06, 2022

Home Loan Insurance

Picture your child running to you with a landscape drawing of your home amidst the mountains where the sun shines high and bright. You smile as a home loan allows the dream of owning a house to come true, and the home

Read More
Personal Loan Types and Interest Rates
Satish PrajapatiOct 04, 2022

Personal Loan Types and Interest Rates

The Indian banking sector boasts different Personal Loan types to cater to the diverse set of financial requirements of the customer base. The bank offers its funds to borrowers without any security, making it a popul

Read More