LoanTap is an online lending loan app known for delivering customized loan products to young generations such as new employees, start-ups, and middle-income segment. It leverages proprietary algorithms and data science to process loans quickly. With LoanTap, borrowers can get lower instalments loans; your monthly installment can be up to 40% as compared to traditional personal loans.
LoanTap has an in-house NFBC (Non-Banking Financial Company) to deliver the fastest personal loan at customer-friendly terms.
Key features and benefits of a personal loan through LoanTap
Higher loan amount: With LoanTap, you can get a higher loan amount as compared to other lenders in the market. Under LoanTap personal loan scheme, you can get a personal loan from Rs. 50,00 up to Rs. 10 lakhs. However, the maximum loan amount through LoanTap depends on several factors, such as customer’s age, income, work experience, credit score, occupation, etc.
Completely digital process: LaonTap is committed to providing an easy experience and delivering the fastest personal loan to its customers. You can apply for a personal loan through the LoanTap app with basic KYC detail. From application to disbursal, the entire process is online; you don’t need to step out of your home.
Quick disbursal: Since the entire process is online, loans are approved and disbursed in very less time. LoanTap uses machine learning and data science that help it assess a borrower’s credit profile faster, and hence loans are disbursed quickly.
Flexible repayment: For the convenience of its customer, LoanTap offers multiple repayment options. Borrowers can enjoy flexible repayment options; they can switch to EMI free loan, enhancement and accelerated repayment options. There is no charge applicable for higher payments or foreclosure after 6 months of disbursal. Within 6 months you can make a part prepayment or foreclose the loan with minimal charges.
One app, multiple loan solutions: LoanTap offers several tailor-made loan solutions, including EMI Free Loan, Credit Card Takeover Loan, Advance Salary Loan, Rental Deposit Loan, Wedding Loan, Holiday Loan, Premium Bike Loan, Being Human E-Cycle Loan, and House Owner Loan, to fulfil your specific credit needs.
Collateral free loan: When you apply for a personal loan through LoanTap, you don’t need to provide an asset or third-party guarantee to get the loan. In certain circumstances, borrowers may need to provide collateral to get the loan.
How does it work?
Download the LoanTap App from the Google Play store and take the following steps.
- Select the loan type you are looking for from the available options.
- Fill in the online application form with required detail to check your rate.
- Loan details like loan amount, interest rate, and tenure will be displayed on your mobile screen.
- Click on ‘Avail Loan’ button to proceed.
- Provide your mobile number to get the OTP.
- Fill the loan application form to apply for the loan and click on ‘Submit Details’ button.
Eligibility criteria for a personal loan from LoanTap
You need to meet the following eligibility criteria to get a personal loan on LoanTap:
- The applicant should be an Indian citizen.
- The age of the applicant should be between 23 years and 58 years.
- The applicant should be employed with a reputed organization.
- The minimum salary of the borrower should be Rs. 30,000 per month.
Documents required for applying for a personal loan on LoanTap
You need to provide the following documents to LoanTap to apply for a personal loan
- PAN Card
- Address proof: Aadhaar Card/ Voter ID Card/ Passport/ Driving License/ Utility Bills – Electricity Bill or Telephone Bill or Water Bill
- Salary slips for the past 3 months
- Bank account showing salary being credited for the last three months
- e-NACH mandate form
- Passport size photographs
With LoanTap you can get a personal loan from Rs. 50,000 up to Rs. 10 lakh, depending on your eligibility and credit score.
The interest rate applicable on this loan starts from 15% per annum and can be up to 24% per annum.
Processing fees and other charges
- Processing fees: 2% of the loan disbursed + applicable taxes.
- Foreclosure charges: There are no prepayment or part-prepayment charges after 6 months of disbursal. Within 6 months, you can make a part prepayment or foreclose the loan with minimal charges.
Cities of operation
LoanTap operates in the following cities:
- Bangalore, Hyderabad, Chennai, Coimbatore, Mumbai, Pune, Ahmedabad, Vadodara, Raipur, Bhopal, Indore, Jaipur, Delhi-NCR, Chandigarh.
LoanTap values its customers and has a highly secured & encrypted system for the safety and privacy of information shared by its customers.
- Contact details
- You can reach LoanTap at various touchpoints for any query/ suggestion / complaint / grievance.
- Phone number: 788 804 0000
- Email address: firstname.lastname@example.org
- Corporate office address: Hermes Waves | Office No:103 | Central Avenue Road
- Registered office address: Kalyaninagar, Pune:41100, 306, Sangeeta Ramchand (Kartik) CHSL New Link Road 5 Kartik Complex Opp Laxmi Ind Estate Andheri (W) Mumbai Mumbai City MH 400053 IN
LoanTap app reviews
After its launch, the LoanTap app has been installed by more than 500,000 users. It has received a mindboggling array of positive reviews from its customers across the country. Borrowers are impressed with the LoanTap app offering customized loan solutions for various needs. Customers can choose the loan repayment option according to their repayment capacity; there is no need to pay a prepayment fee after 6 months of loan disbursal through LoanTap.
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