Loan Tap
Loan Tap is one of the best website that delivers loan products exclusively for people belonging to the running generation. By running we mean the young millennial. No one has time and hence in a slow segment like the loan industry, LoanTap will offer instant and flexible loans to salaried and self employed professionals.
With the latest technology and streamlined processes, LoanTap aims to help each customer get instant money so they can solve all their problems. There are 3 specific products that you can sort.
One of LoanTap's most popular loan products is the Personal loan. What makes them different from the competition is that they give you an EMI Free personal loan. Yes, that's right. For the first 6 months, you only have to pay the interest amount. At the end of 6 months, you will have to pay a certain part of the principal amount through bullet payment method.
Age -Minimum 25 to Maximum 55
Amount -Starting from 1 lac to 10 lacs
Interest -18%* (Reducing balance method)
Processing Fees -2% + Taxes
Part payment & foreclosure charges - Nil after 6 months
Tenure -3 to 5 years applicable only for salaried employees
Minimum Salary -Rs.30,000 net (Only bank transfer. No cash & cheque salary will be entertained)
Another popular loan product is LoanTap's credit card based Personal loan. Such a loan is given purely on the basis of your credit card limit. Yes, you can get pre approved loans based on your credit card limit. What makes this product a hit with the customers is the fact that today almost every salaried and self employed professional has a credit card. Hence they can utilize this loan product and sort all their expenses.
Age - Minimum 25 to Maximum 55
Loan Amount - You can get up to 1.5 times of your Credit card limit.
Minimum Credit Card Limit - Minimum Credit Card Limit in order to apply for this loan - Rs.50,000
Minimum loan amount - Starting from Rs.50,000 - 5 lacs
Loan Tenure -1 to 3 years
Interest Rate - 18%* (Reducing balance method)
Processing Fees - 2% + Taxes
Part payment & foreclosure charges - Nil after 6 months
Minimum salary - Rs.30,000 net (Only bank transfer. No cash & cheque salary will be entertained)
Minimum credit score - 675+
Ongoing unsecured loan - Must not have more than 5 existing loans
The third loan product by LoanTap is called as the Home loan track repayment based Personal loan. What makes this loan special is that there is just one requirement in order for someone to apply for this loan and that requirement is a "Home loan" in your name.
When you have a home loan track repayment record of more than 9 months, you can then be eligible to apply for a personal loan via LoanTap. Apart from this, you need to be a salaried employee.
Age - Minimum 25 to Maximum 55
Home loan amount - Your current home loan amount must be minimum 30 lacs
Bank names - Your home loan must be from the following banks: HDFC, ICICI, Axis, LIC Housing finance, SBI, CitiBank, Standard Chartered Bank, HSBC, Bajaj, Kotak, L&T Housing Finance. Only then can you apply for this personal loan.
Loan amount - The personal loan amount will be given up to the value that equals 7% of your home loan amount sanctioned. In totality, Minimum loan amount is 2 lacs and maximum is 10 lacs.
Interest - 18%* (Reducing balance method)
Processing Fees - 2% + Taxes
Part payment & foreclosure - Nil after 6 months
Overdraft facility - You can also be eligible for an overdraft facility only when your salary is more than Rs.1 lac per month net salary (12 Lacs per annum)
Minimum credit score - 680+
Tenure - 1 to 5 years