Loantap Personal Loan Interest Rates

Loantap Credit Products Private Limited
4.5

Customers of LoanTap can apply for personal loans using an online platform, and an internal non-banking finance company disburses the loan amount (NBFC). Although the borrower is not required by this financing plan to furnish any security or a third-party guarantor, a client may be asked to do so in certain situations.

  • Loantap Credit Products Private Limited Personal Loan Interest Rate

    Personal Loan offer for You

  • 11% - 24%

    Interest Rate (p.a.)
  • ₹50K - ₹10L

    Tenure(0 - 5 Years)
  • ₹2,174 - ₹2,877

    EMI Per Lakh

Check Latest Personal Loan Offer From Loantap

  • Loantap Credit Products Private Limited Personal Loan Interest RatePersonal Loan offer for You
  • 11% - 24%

    Interest Rate (p.a.)
  • ₹50K - ₹10L

    Tenure(0 - 5 Years)
  • --

    Processing Fee

Compare Loantap Personal Loan Interest Rates with Other Lenders

More often than not, customers can benefit from being aware of the prevailing interest rates across several banks. This can be beneficial pertaining to customers getting the best available rates in the loan market. While Loantap Personal Loan's interest rate ranges from 11% to 24% per annum, here is a list of some top banks with their interest rates.

  • Starting Interest Rate (p.a)
  • Processing Fee
  • Rating
  • Min. Loan Amount
  • CASHe Personal Loan Interest Rate

    CASHe PL Interest Rate

  • 27%

  • We offer a 2.50% interest rate per month (Equivalent to reducing the balance interest rate to 3.71% per EMI) on the loan amount.

  • 4.5

  • ₹1K - ₹4L

    Tenure(7 - 45 Years)

  • 50 K
  • 1 Cr
Years
  • 1
  • 5
%
  • 8
  • 25

Monthly Loan EMI

Payment Breakdown:

Principal Amount

₹10,00,000

Interest Payable

Total Amount Payable

Loantap Credit Products Private Limited Personal Loan Interest Rate

Loantap Credit Products' personal loan interest rate depends solely on the borrower's creditworthiness. However, one can expect the Loantap Personal Loan interest rate to be 11% to 24% annually. Customers are advised to improve their CIBIL scores by adhering to responsible loan repayments. This way, one can procure the lowest possible interest rates from Loantap. 

Loantap Credit Products Private Limited Personal Loan Interest Rate by Schemes

Loantap Credit Products Private Limited offers personal loans with interest rates starting from 10.50% p.a. The interest rate charged by the lender may vary depending on the scheme chosen by the borrower. Here are the interest rates for personal loan schemes offered by Loantap Credit Products Private Limited:

The interest rate charged by Loantap Credit Products Private Limited may also depend on the borrower's credit score, repayment capacity, loan amount, and other factors. It is important to compare different lenders' interest rates before choosing a personal loan to ensure you get the best deal.

Loantap Credit Products Private Limited Personal Loan Interest Rates for Salaried and Self-Employed

Loantap Credit Products Private Limited offers personal loans to salaried and self-employed individuals at competitive interest rates. The interest rates vary based on the borrower's credit score, income, and repayment capacity. The interest rates for personal loans from Loantap Credit Products Private Limited for salaried and self-employed individuals are as follows:

Salaried Individuals:

The interest rates for personal loans for salaried individuals range from 10.50% to 24.00% per annum. The loan amount can range from Rs. 50,000 to Rs. 10 lakhs. The repayment tenure can vary from 6 months to 60 months.

Self-employed Individuals:

The interest rates for personal loans for self-employed individuals range from 11.50% to 24.00% per annum. The loan amount can range from Rs. 50,000 to Rs. 10 lakhs. The repayment tenure can vary from 6 months to 36 months.

The interest rates offered by Loantap Credit Products Private Limited are competitive and depend on the borrower's creditworthiness, repayment capacity, and other factors

Loantap Credit Products Private Limited Pre-approved Personal Loan Interest Rate

Loantap personal credit facility comes with a feature of instant approval wherein customers have the provision to get their loans sanctioned within a day or two. Moreover, the Loantap Personal Loan Pre-approval facility allows customers to assess their eligibility in advance and get a quotation of interest rate.

Loantap Credit Products Private Limited Personal Loan Balance Transfer Interest Rates

Loantap Credit Products Private Limited offers Personal Loan Balance Transfers to its customers. This facility allows customers to transfer their existing high-interest personal loan to Loantap and avail of a lower interest rate and flexible repayment terms. This way, customers can save money on interest and enjoy the benefits of a loan with better terms and conditions. To avail of this facility, customers need to meet the eligibility criteria set by the company and provide all required documents. They can apply for a Loantap Personal Loan Balance Transfer through the company's website or by visiting a nearby branch.

Loantap Credit Products Private Limited Personal Loan Fees and Charges

Customers applying for the Loantap Personal Loan facility will have to pay a processing fee of 2% of the loan amount. The charges are non-refundable and have to be paid at the time of loan disbursement without a miss. 

Factors Affecting Loantap Credit Products Private Limited Personal Loan Interest Rates

Several factors can affect the interest rates on Loantap personal loans, including

  • Credit score: Your credit score is one of the most important factors lenders consider when determining your interest rate. A higher credit score typically means you qualify for a lower interest rate.
  • Loan amount and tenure: The money you borrow and the time you have to repay the loan can also affect your interest rate. Generally, more significant loan amounts and longer repayment terms may come with higher interest rates.
  • Income: Lenders may consider your income when determining your interest rate. A higher income may help you qualify for a lower interest rate.
  • Employment status: Your employment status and stability can also impact your interest rate. Borrowers with a stable job history may be viewed as less risky and qualify for a lower interest rate.
  • Debt-to-income ratio: Lenders may consider your debt-to-income ratio, the amount of debt you have compared to your income. A higher debt-to-income ratio may result in a higher interest rate.
  • Collateral: Some personal loans, such as a car or home, may require collateral. If you provide collateral, you can secure a lower interest rate.
  • Market conditions: Interest rates may fluctuate based on market conditions and economic factors, such as inflation and the Federal Reserve's monetary policy.

How to Calculate Loantap Credit Products Private Limited Personal Loan Interest/EMI

The process of calculating the EMI (Equated Monthly Installment) for a Loantap Credit Products Private Ltd. personal loan is explained below.

  • Determine the loan amount: This is the amount you want to borrow from the lender.
  • Determine the interest rate: The interest rate is the percentage of the loan amount you will pay in addition to the principal amount.
  • Determine the loan tenure: The number of months you will pay the EMI.
  • Use the formula: EMI = [P x R x (1+R)^N]/[(1+R)^N-1], where P is the principal amount, R is the interest rate per month, and N is the number of months.

How to Get Lower Interest Rates on Loantap Credit Products Private Limited Personal Loan?

Here's how you can get low-interest rates on a personal loan from Loantap Credit Products Private Limited:

  • Have a good credit score: Your credit score is a significant factor in determining your interest rate. You're more likely to receive a lower interest rate with a good credit score.
  • Compare rates: Before you apply for a personal loan, compare rates from multiple lenders, including Loantap Credit Products Private Limited. You can use online tools or speak with a loan officer to get a sense of what rates are available to you.
  • Negotiate: Once you've received a loan offer, you may be able to negotiate a lower interest rate. If you have a good credit score or can provide additional collateral, you may be able to get a lower rate.
  • Consider a secured loan: If you're willing to provide collateral, such as a car or real estate, you may get a lower interest rate on a secured loan.
  • Shop around: Keep shopping around and comparing rates until you find the best deal. Remember, you're not just looking for the lowest interest rate but also for the best overall loan terms and customer service.

Frequently Asked Questions (FAQs)

What is the current interest rate of Loantap Credit Products Private Limited's personal loan?

Currently, Loantap Personal Loan interest rate range from 11% to 24% per annum.

How can I reduce my interest in Loantap Credit Products Private Limited's personal loan?

Firstly, you can review your budget and financial goals to see if you need a personal loan from Loantap Credit Products Private Limited. Secondly, consider looking for other lenders that offer lower interest rates and better terms. Lastly, try to pay off any existing debts or loans to reduce the need for additional credit and minimise the impact on your credit score.

Is Loantap Credit Products Private Limited personal loan a floating or fixed-rate loan?

Loantap Personal Loan comes with both fixed and variable rate interests.

Do Loantap Credit Products Private Limited demand collateral or security for personal loans?

There will be no requirement for attaching any collateral or security for procuring a Loantap Personal Loan.

Can individuals pay off their Loantap Credit Products Private Limited loans EMI early?

Yes, customers can pay off their loan amount either partially or fully after a lock-in period ranging from 6 to 12 months, along with applicable prepayment charges.

What is the EMI for an INR 1 lakh personal loan?

Applicants applying for a Loantap Credit Products Private Limited personal loan of INR 1,00,000 will be required to pay off a minimum monthly EMI of INR 2,174. The amount can increase depending on the interest rate applied.

What is the EMI for INR 10 lakh personal loan?

Applicants applying for a Loantap Credit Products Private Limited personal loan of INR 10,00,000 will be required to pay off a minimum monthly EMI of INR 21,742. The amount can increase depending on the interest rate applied.

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