LoanTap Review – EMI Less Loans in India

In India, loans are something people look down up on. Because their experience applying for one is almost always negative. Almost everyone I know of tell me stories of how they applied for a personal loan or an education loan in India and got turned down by the bank. It’s not a pleasant experience even if you managed to get the loan.  All those documentation, questions etc! Hah!

Well, startups like LoanTap are trying to fix this. They are a new breed of lenders that are hoping to offer loans (personal, education or others) to salaried individuals online and make the whole experience of loan application easy.

What is LoanTap and what are EMI Less Loans?

LoanTap calls their products “EMI less” But what does that really mean? Let’s say you are a salaried person with monthly salary of Rs.50,000.

Once you submit your loan application to LoanTap, your application is made completely online (including submission of docs etc) and once the amount disbursed to your bank account (which happens in 24 hours), you pay the interests monthly directly from your account.

For a loan of up to 4 Lakhs, here is the split that I’d have to pay.

Max repayment months – 60 months
Interest rate per month – 1.5%
Interest payable monthly – Rs.6000
Processing charges – Rs.9,200

So, for taking a 4 Lakhs loan, I’d have to pay a monthly interest of Rs.6000. Keep in mind that it doesn’t add up to the principal amount. Your principal amount stays the same as long as you are paying a “bullet amount”. LoanTap’s website doesn’t clearly tell you what happens when you pay off your principal amount, except that it reduces. Reduces by how much, what happens to my monthly interest rates etc.

So, on the outside, this sounds like a Payday loan company. It’s great if you have some immediate cash emergency and have no funds lying around to make use of. Instead of going to predatory private loan lenders, get an online EMI loan from LoanTap and when you get the money back or are in a good position to pay it back, pay the whole amount off.

The faster you pay off the loan, the better it is, as you will be keeping on paying the interest without reducing the principal amount. It is similar to cash advances from credit cards but the interest rates competitive and might appeal to those who wants cash for immediate emergencies.

Apply for Personal Loans from Stashfin

If you match the following criteria, you may be eligible for personal loan up to 3 Lakhs.

– You are a salaried person
– Your monthly salary is more than Rs.18,000
– Your CIBIL score is 650+
– You reside in Delhi NCR, Mumbai, Bangalore, Pune or Hyderabad
– Your age is between 29 – 50 Years

If Yes, Apply Here

About the author

Mani Karthik

Hi, Mani Karthik here. Having lived in USA, India & Middle East, and worked for big MNC's to startups, I have a lot to share with you. My aim is to help people, by sharing everything I've learned in life. Here's my full story. Connect with me on FacebookInstagram, Twitter or WhatsApp (+001-408-489-4785). This blog is read today, by more than 300K people world over and made me 22 Lakh Rupees! Here's my guide on how you can start a blog like this and make money from blogging. :)

2 Comments

Click here to post a comment

  • Hi,

    I my name is Nikhil, My number is **********, I have applied for Personal Loan on 20 March. But till date i have not received any call from your executive and i am not aware of the process. I have hear about loan tap process loan with in 24 hrs. But seriously i dont like the services of loan tap and if i think its fraud company just asking for document and not processing for loans. I am really disappointed from your services.

    • I see this as a common problem from loan applicants to LoanTap. Hope they are already on it and not letting people know the status of their loan application.

Make a Free website like this

Who is Mani Karthik?

Having lived in USA, Middle East and India, worked for small and big companies including MNCs and Startups, I have a lot to share with you all!

Read my secret story

Hey..Sorry but just a minute…

Last month, this blog made Rs.98,722!

This is the reason why I quit my corporate job & started blogging full time. Would you like to know how? Sign up and I'll tell you. 
  • No more being stuck to 9-5 job in a cubicle!
  • Get to travel the world!
  • Work when and where you want to!
  • Get free stuff, gadgets & offers from companies!
I'll be sharing everything I learnt about blogging. From easily setting up your blog to how to make money from it. All for FREE!