LoanTap Instant Personal Loan App

By | March 28, 2024
LoanTap Instant Personal Loan App

LoanTap Instant Personal Loan App : LoanTap caters to the financial needs of working professionals with its instant personal loan app, ensuring a hassle-free experience with minimal paperwork and no collateral requirements.

LoanTap Instant Personal Loan App

Loan Features:

  • Loan Amount: Range from ₹50,000 to ₹10,00,000.
  • Eligibility: Requires a minimum monthly salary of ₹30,000.
  • Application Process: Streamlined for quick approvals and disbursals.
  • Loan Types: Offers various options including Personal Loan, EMI Free Loan, Rental Deposit Loan, etc.
  • Advantages: Customized loans, secure data handling, instant approval and disbursal, user-friendly interface, transparent process, flexible repayment, and minimal documentation.

Personal Loan Details:

  • Interest Rates: Start from 16% to 24%, with a maximum APR of 29%.
  • Loan Tenure: Minimum 12 months to maximum 60 months.

Example:

  • Loan Amount: ₹1,00,000
  • Tenure: 36 months
  • Interest Rate: @18%* (reducing basis)
  • EMI: ₹3,615
  • Total Interest Payable: ₹30,140
  • Processing Fee (@ 2%): ₹2,360
  • Disbursed Amount: ₹97,640
  • Total Amount Payable: ₹1,30,140
  • Total Cost of the Loan: ₹32,500 (Interest + Processing Fees)

Eligibility and Documentation:

  • Eligibility: Minimum monthly income of ₹30,000, age 21 years and above, Indian resident/citizen.
  • Documents: PAN card, salary slips (last 3 months), salary account bank statement (3/6 months), address proof.

How to Apply:

  1. Download LoanTap from the Play Store or App Store.
  2. Choose the desired loan type.
  3. Submit required documents and complete KYC.
  4. Upon approval, funds will be disbursed to your bank account.

Operating Cities:

LoanTap operates in cities such as Ahmedabad, Bangalore, Chandigarh, Delhi/NCR, Mumbai, Pune, and more.