LoanTap provides unique lending products intending to assist youth in achieving the future they want for themselves. LoanTap provides its clients with access to individual loans via a digital interface, as well as the business’s in-house non-banking finance organization is responsible for the distribution of the loan balance. Although the lender is not required within this particular payment schedule to furnish additional assets or a third-party guarantor, a client may be asked to do so within certain conditions if it is deemed necessary to secure the loan.
LoanTap Individual Loans Characteristics
- Method of web registration – Whenever a client chooses a personalized loan through LoanTap, he/she will be capable of applying for it using the firm’s web portal. As a result, clients will be allowed to register for this plan & receive the money they require without leaving their homes.
- Percentage of interest – The percentage of interest given within this program range from 15% p.a. to 24% p.a., depending on the respondent’s qualifications. LoanTap estimates an individual’s appropriate percentage of interest by taking into account a variety of elements including credit appraisal documents, individual conditions, earnings, duration, loan amounts, and others.
- The loan amount – The highest value of a personalized loan that a client may get via LoanTap is determined by numerous criteria, including the lender’s earnings, profession, age, employer, credit rating, job experience, and so forth. Nevertheless, the loan amount accessible within this plan typically ranges from Rupees.50,000 & Rupees.10 lakhs.
- Term of repayment – Such loans have payback terms ranging from 6 months until 60 months. Nevertheless, the greatest payback term qualification varies from client to client depending on the loan quantity obtained and the person’s earnings.
LoanTap Qualifying Requirement for Individual Loans
To be qualified for an individual loan through LoanTap, the client may meet the following qualifying requirements:
- The applicant must be at least 23 years old.
- The applicant must not be above 58 years old.
- The person should be an Indian nationality.
- The applicant must be a paid worker of a well-known company.
- The applicant’s average monthly wage must be at least Rs.30,000.
- The applicant should have at least two years of job experience.
Pros of LoanTap Individual Loans
- Digital loan estimation is now accessible – If the client desires to register for such a loan, he/she may use the LoanTap authorized site’s loan analyzer to assess his / her loan criteria, relevant percentage of interest, service charge, and others. This procedure requires just a couple of moments & allows the client to properly arrange his / her budget.
- There is no third-party insurer and asset – Because it is an unprotected loan, no asset or third-party insurer is required. Conversely, in exceptional instances, the finance business may want the same from the client.
- Loan balance increased – Whenever a client requests a personalized loan from such an organization, he/she would be qualified for a larger loan balance than numerous similar rivals in the industry.
- Adjustable repayment arrangements – Whenever you register for a personalized loan from such an organization, you will be given the option of choosing a payback period that corresponds to your repayment ability. The lowest borrowing term for this plan is 6 months, with a total loan term of 60 months.
- Various repayment alternatives – This plan offers several repayment choices to clients for their comfort. Applicants may choose between switching, expedited, or enhanced loan repayment plans.
- Convenient turnaround period – Because applicants for this loan may complete their submissions electronically, loans within this program will be reviewed & authorized in a relatively short period of time. Because once a personalized loan is accepted, the organization guarantees that the money is sent to the user’s current bank account as soon as possible. Within this concept, the full procedure from registration to disbursement may be completed in as little as 24 hours.