LoanTap makes personal loans accessible via its online platform and disburses funds through its in-house NBFC. These are generally unsecured loans, thus not requiring collateral or third-party guarantors, barring special exceptions.

Features of LoanTap Personal Loans

• Quantum of Loan: Loan amounts range from Rs. 50,000 to Rs. 10 lakh, based on income, age, occupation, employer, credit score, and work experience, offering flexibility for financial needs like emergencies or big personal projects.
• Repayment Tenure: Borrowers can choose tenures from 6 months to 60 months, depending on the loan amount and individual income, to balance monthly payments with total interest.
• Interest Rate: Competitively set from 15% to 24% per annum, rates vary based on credit assessment, income, and loan details. Though higher than secured loans, they're competitive in the unsecured market.
• Online Application Process: The online platform offers a seamless, fast, and user-friendly application experience, ensuring quick access to needed funds.

Benefits of LoanTap Personal Loans

• Higher Loan Amounts: Offers larger sums compared to many lenders, ideal for substantial expenses like home renovations or medical emergencies.
• Online Loan Estimate: The LoanTap website provides a loan calculator for quick eligibility and rate checks, aiding financial planning.
• Multiple Repayment Options: Besides standard plans, LoanTap offers switch, accelerated, and enhancement options for varied financial goals.
• Quick Turnaround Time: Digital processing allows loan approval and disbursement, often within 24 hours, for urgent financial needs.
• Flexible Repayment Terms: Choose terms from 6 to 60 months to manage monthly payments effectively and avoid financial strain.
• Custom-Made Loan Solutions: Personalized quotes cater to specific credit needs and repayment capacities.
• Hassle-Free Application: The intuitive online application ensures a straightforward process, guiding applicants smoothly.
• No Collateral or Guarantor: Being unsecured, loans don't require pledging assets or third-party guarantees, broadening applicant eligibility.

Eligibility Criteria for Personal Loans from LoanTap

• Age: 23 to 58 years old
• Citizenship: Indian citizen
• Employment: Salaried with a reputed organization
• Income: Minimum monthly salary of Rs. 30,000
• Work Experience: At least 2 years

LoanTap Personal Loan Interest Rates and Other Charges

Interest rates range from 15% to 24% annually, based on income, loan amount, age, credit score, work experience, and repayment tenure. A one-time processing fee is also applied. Borrowers receive personalized quotes detailing maximum eligibility and terms, with tools like the online calculator for pre-application estimates.

How to Generate an Estimate Before Applying for a LoanTap Personal Loan

1. Visit the LoanTap website and navigate to the 'Personal Loans' section.
2. Click 'Check My Rate' to use the loan calculator.
3. Enter required information and click 'Show My Rate' to see your estimate.
4. Adjust loan amount and tenure as necessary before applying.

How to Apply for a Personal Loan from LoanTap

1. Complete the online application form.
2. Submit digital copies of required documents.
3. Schedule a LoanTap representative visit.
4. Download and sign necessary documents.
5. Submit signed documents for verification.
6. Upon approval, funds are disbursed to your bank account.

Conclusion: LoanTap's instant personal loans combine convenience, flexibility, and fast access to funds. Features like personalized quotes and a user-friendly application enhance the experience, allowing informed financial planning. Suitable for emergencies or substantial personal projects, these loans represent a reliable financial solution.