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LoanTap Personal Loan : A Review


LoanTap Personal Loan : A Review

  • By Saral Credit
  • August 01, 2022

If you do not have sufficient funds to meet the requirements of unexpected medical emergencies, any unplanned expenses. You get an online personal loan from LoanTap in a few clicks.

Features of LoanTap App

Following are the advantages of the Loantap app

User-friendly service- It is very easy to use and convenient and its services are user-friendly for people with lower levels of knowledge also.

  • Transparent procedure- Their process is very transparent because they don’t have any hidden charges.
  • Minimum documents are required- They collect only minimum documents for loan processing for all loan products available with them.
  • Long tenure- They provide loans for long tenure which is flexible enough for providing affordable EMIs.
  • Loan amount is higher- The loan amount disbursement range is high, you can avail loan as per your requirement.
  • Quick approval and disbursement- The loan process is very easy and they disburse loans in 24-36 hours.
  • Repayment options are flexible- Quick payment options are there for the outstanding amounts after a few months of disbursal.
  • Secured system- loantap claims encryption features which secured your data data.

Eligibility, Interest Rates, Loan Tenure

Given below are Loan Tap eligibility criteria, interest rates, and other details. Before applying for a loan you need to fulfill a pre-defined eligibility standard.

  • Indian citizens or residents who fall in the age bracket between 21 years to 60 years.
  • Individuals have an average monthly income of 30,000 per month.
  • Individual working in a reputed organization.
  • Self-employed (non-salaried) and salaried professional.

The Loantap approves an application for individuals based on their eligibility, loan amount, income, and tenure.

Loan tenure

3 months to 60 months

Interest rates

12% to 25%

Loan amount

25,000 to 10,00,000

Age limit

21 years to 60 years

Processing fees

2% on loan amount + applicable taxes

Minimum income

30,000 per month

Foreclosure charges

0 charges post six months of repayment.

For example:- Loan amount- 2 lakhs, loan tenure for 36 months, Interest rate@18%.

Monthly EMI= Rs7230, Total interest payable= Rs60,297, Total amount= Rs2,60,297.

Processing fees@2%+GST= Rs4000+Rs720 (Rs4,720)

List of documents required

The Loantap requires less documentation as compared to other loan providers for fast disbursal of personal loans. Listed below are the documents required for an instant loan.

  • Identity proof- PAN card
  • Address proof- Voter id card/ Aadhar card/ driving license/Passport/Utility bills, etc.
  • Salary account bank statement (3 months to 6 months).
  • Salary slips of 3 previous months.

How does LoanTap Work?

The LoanTap App loan process is completely online and hassle-free. Here are the steps through which you can avail of the loan.

Step1.  Apply through- Individuals can apply through via website, download the app (android & iOS), and WhatsApp as per your convenient platform.

Step2. Create an account (profile) – First, you need to create an account for further process. You will be able to see all information in your account.

Step3. Filling in necessary information- You need to fill in basic details to build your profile. As per that information, the app will show your loan eligibility, interest rate, and tenure.

Step4. Upload all documents- Upload all necessary documents as asked by the LoanTap like- photo identity proof, address proof, salary slip, and bank statement, and will wait for verification.

Step5. Provide bank details- You need to submit bank account details for amount disbursement.

Step6. The amount credited to the account- After verification disbursement process will be initiated, and money will be directly credited to your bank account.

Platform For Apply Through LoanTap

They provide 3 platforms for the loan application process. You can apply as per your comfort. Here are the details to apply through all platforms.

 

Website

When you are applying through the website, there is a apply now button on the homepage of LoanTap official website (https://loantap.in/) for building your application

  • Fill in your employment type.
  • Purpose of your loan.
  • Basic information.
  • Profile creation.
  • After profile creation they offer you service as per your eligibility.
  • You can apply instantly; the loan will be credited to your account within 24 hours.

WhatsApp

Apply using WhatsApp is also a convenient option; Button is available on the bottom of the screen of the homepage.

  • Enter your WhatsApp number by agreeing to all terms and conditions.
  • For loan- You need to reply with the highlighted keywords like (Application, repay, disburse, and others).
  • For services- Application status, stop communication, Support, Help.
  • Further process will take place in the same manner.

LoanTap App

  • You can download the app from google Playstore and iOS app store.
  • Your needs- Employment type and purpose of your loan.
  • You need to submit documents as per your loan requirement and eligibility.
  • Once your profile is created they give you loan offers as per details submitted by you.
  • You need to do KYC verification.

Note- We suggested app is the most convenient, at your fingertips you can easily get a loan.

 

 

 

 

Compare Personal Loan App Interest Rates, Tenure, and Amount

App

Loan Amount

Starting Interest Rates per annum

Loan Tenure

Moneyview

5,000 to 5 lakhs

16%

Upto 60 months

KreditBee

10,000 to 3 lakhs

18%

3 to 24 months

MoneyTap

3000 to 5 lakhs

13%

2 to 36 months

Early salary

Upto 5 lakhs

18%

3 to 24months

Kissht

10,000 to 1 lakh

14%

3 to 24 months

Bajaj

Upto 25 lakhs

13%

12 to 60 months

Paysense

5,000 to 5 lakhs

15%

3 to 60 months

NIRA

5,000 to 1 lakh

18%

3 to 12 months

 

Important Details- LoanTap App

  • LoanTap interest rates vary from 12% to 25% as per income, credit score, and occupation of the individuals.
  • You can make pre-payment of the loan post six months of disbursement. No foreclosure charges are applicable in this situation but when you are going to prepay within 6 months you need to pay your loan with minimum charges, this situation is the same in the case of part payments also.
  • For short-term loans and for long tenure interest rate is minimum.
  • If your CIBIL score is low, you are also eligible for a loan if your profile is compatible with their pre-defined parameters.
  • They provide various kinds of loans as per your requirements and profession.
  • Income of earning family member with a good credit history or any blood relative can be considered for eligibility, documents and other required things also need to be provided.
  • Their own NBFC will provide you with a No Due Certificate on the closure of the loan profile of the borrower.
  • If you want to change your loan repayment account, you may request for swapping of NACH from another account you need to submit a new NACH form, bank statement, and PDCs to our in-house NBFCs. This change is permitted there only. Must ensure your Loan repayment must come from the salary account

Personal Loan Products by LoanTap

You can get a variety of loans from LoanTap. See the list of group of products available below:-

Personal loan

EMI free loan

Personal overdraft

Advance salary

House owner loan

Rental deposit loan

Holiday loan

Wedding loan

Medical loan

Credit card takeover loan

Two wheeler loan & electric two-wheeler loan

Premium bike

 

 

Frequently Asked Questions [FAQs]

1. How is LoanTap different from other loan providers?

The products and services offered by them are customized and flexible. They provide fast disbursal loan service, No lock-in period is there for part or full payment, no penalties are charged for pre-payment post 6 months of loan (either part or full payments), and higher loan amount eligibility is with lower cash outflow.

2. Does LoanTap offer top-up facilities on existing loans?

Customers can apply for top-up loans once they paid 6 months installments on the existing loan from our inhouse NBFC. The sanctioned loan will be based on fresh documents and eligibility.

3. Can I cancel the loan from LoanTap app once applied?

No, you cannot cancel your loan application once you applied for a loan from any platform of LoanTap.

4. What happens when I am unable to pay your EMIs on time?

A borrower needs to pay interest on the due date. Failure to pay monthly EMIs impacts customer credibility in the following manner:

  • It creates a negative impact on your credit score and other credit facilities avail from any bank or NBFCs (reporting to credit agencies as per RBI guidelines).
  • The customer will need to pay a penalty on an overdue amount. Customers will need to pay a higher amount to clear all amounts.
  • They initiated legal steps and other actions agreed upon by your agreement.

5. How do I make loan repayment?

The credit taken by you through LoanTap will be repaid by various modes like Debit card, net banking, UPI, and wallet.

6. What are the eligibility criteria for Loantap app?

First, you need to meet the eligibility criteria to avail loan from LoanTap, and need to submit the necessary documents also. The individual must be an Indian citizen, borrower fall under the age bracket of 21 to 60 years, and have a minimum monthly income of 30,000 per month.

9. Is it safe to use LoanTap?

Since LoanTap claims to use encryption, one could say it is safe and reliable to use LoanTap.

 

LoanTap Locations:

  • Bangalore, Hyderabad, Chennai, Coimbatore, Mumbai, Pune, Ahmedabad, Vadodara, Raipur, Bhopal, Indore, Jaipur, Delhi-NCR, Ajmer, Lucknow, Mysore, Visakhapatnam, Kolkata, Howrah, Bhubaneshwar, Patna, Nagpur, Nashik, Rajkot, Surat, and Chandigarh.

LoanTap App Ratings & Review

  • Rating on Google Playstore- 3.7*
  • Downloads by the customer- 1Million+
  • Number of users give reviews- 5.84K
  • Content rating- 3+

Conclusion- LoanTap provides customized and hassle-free personal loans to its customers with good services. They attract a wide range of borrowers due to their maximum loan amount, tenure, and interest rates. But it is more suitable for people who are applying for a smaller loan amount for short durations. Their short-term loan interest rate is good as compared to others.

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