LoanTap App Reviews – Is it Safe? [2023]

The platform with the highest level of trust, LoanTap, offers borrowers quick and safe loan applications. All financial and personal information will be encrypted and kept secure. In this article, we will review the Loantap app, its features, and explore its pros and cons, along with some alternatives and frequently asked questions.

Loantap app reviews and rating
Loantap app reviews and rating

Some advantages of Loantap App

  • Hardly any documentation is needed for Loantap. A minimal amount of work and a paperless application process are required to obtain this unsecured personal loan.
  • LoanTap is cost-effective as well because it offers a simple mobile application to obtain any financial products. With your phone, at your fingertips, you may submit loan applications. If you meet all the requirements, they will immediately authorise the loan.
  • Sufficient Loan Amount: LoanTap allows you to borrow the loan amount between INR 50,000 and INR 10,00,000. You can enter the amount required to fulfil your financial need.
  • Flexible repayment term: Customers’ demands and their difficulty budgeting are understood by the company. Thus we have decreased the monthly payment for the first three months, then set EMIs. The borrowers can handle repayments with more freedom thanks to it.
  • Affordable interest rate: Due to interest rates on the outstanding principal, the monthly payments rise. The loan is available via LoanTap at lower interest rates, with monthly payments as low as 1.5%. Borrowers can better manage their financial flows because they are no longer required to make compromises on their monthly spending.
  • No Collateral Required: Essentially, a personal loan is a collateral-free loan, which explains everything to you. Borrowers do not need to submit to any collateral or guarantor. LoanTap will be ready to lend to you if you meet the eligibility criteria and have completed the document verification satisfactorily.

How does LoanTap Work?

The LoanTap App loan process is completely online and hassle-free. Here are the steps through which you can avail of the loan.

  • Step 1. Apply through- Individuals can apply through via website, download the app (android & iOS), and WhatsApp as per your convenient platform.
  • Step 2. Create an account (profile) – First, you need to create an account for further process. You will be able to see all information in your account.
  • Step 3. Filling in necessary information- You need to fill in basic details to build your profile. As per that information, the app will show your loan eligibility, interest rate, and tenure.
  • Step 4. Upload all documents- Upload all necessary documents as asked by the LoanTap like- photo identity proof, address proof, salary slip, and bank statement, and will wait for verification.
  • Step 5. Provide bank details- You need to submit bank account details for amount disbursement.
  • Step 6. The amount credited to the account- After verification disbursement process will be initiated, and money will be directly credited to your bank account.

Also read: ETmoney Vs Groww – Which app is better?

LoanTap App Interest Rate and other charges

  • Interest rates on LoanTap range from 12% to 25% depending on the users’ income, credit scores, and occupations.
  • After six months since the loan was disbursed, you can make a prepayment on the loan. In this case, there are no foreclosure fees to pay, but if you plan to pay off your loan early (within six months), you must do so with the fewest fees possible. Part payments fall under the same conditions.
  • Low interest rates are applied to both long- and short-term loans.
  • If your profile complies with their pre-established requirements, you may still be qualified for a loan even if your CIBIL score is poor.
  • According to your needs and occupation, they offer a variety of loans.
  • Any blood relative who makes an income and has a decent credit history is eligible, as long as they have the necessary documentation and other requirements.
  • Upon closing the borrower’s loan profile, their own NBFC will give you a No Due Certificate.
  • You can seek to switch your loan repayment account by submitting a new NACH form, a bank statement, and PDCs to our internal NBFCs. Only there is this alteration permissible. Make sure your loan repayment comes from your salary account.

Eligibility Criteria 

  • Indian citizens or residents who fall in the age bracket between 21 years to 60 years.
  • Individuals have an average monthly income of 30,000 per month.
  • Individual working in a reputed organization.
  • Self-employed (non-salaried) and salaried professional.
  • The Loantap approves an application for individuals based on their eligibility, loan amount, income, and tenure.

Types of loans 

You can get a variety of loans from LoanTap. See the list of group of products available below:-

  • Personal loan
  • EMI free loan
  • Personal overdraft
  • Advance salary
  • House owner loan
  • Rental deposit loan
  • Holiday loan
  • Wedding loan
  • Medical loan
  • Credit card takeover loan
  • Two wheeler loan & electric two-wheeler loan
  • Premium bike

LoanTap App Reviews & Rating by Customers

  • Rating on Google Playstore3.7
  • Number of users give reviews – 5.8K +
  • Downloads on Playstore – 1 Million+
  • Rating on Apple App Store 4.2
  • Number of Ratings – 450+
  • Content rating – 3+
  • Conclusion– With excellent customer service, LoanTap offers its clients personal loans that are convenient and personalized. Because to their maximum loan amounts, terms, and interest rates, they draw in a diverse group of borrowers. Yet, it is better suited to those who are looking to borrow a lesser sum of money for a shorter period of time. Their short-term loan interest rate is competitive with other lenders.

Alternative Apps to LoanTap

There are several alternatives to mPokket that offer short-term personal loans to students and young professionals in India. Here are some of the popular options: 

  • KreditBee: KreditBee is a popular digital lending platform that offers instant personal loans of up to Rs. 1 lakh with flexible repayment options. 
  • CashBean: CashBean is a subsidiary of P C Financial Services Private Limited that offers short-term personal loans ranging from Rs. 1,500 to Rs. 60,000 with a repayment tenure of up to 90 days. 
  • EarlySalary: EarlySalary is an online lending platform that offers instant personal loans to salaried individuals with minimum documentation and flexible repayment options. 
  • Buddy Loan: Buddy Loan is a digital lending platform that offers instant personal loans of up to Rs. 15 lakh with a repayment tenure of up to 60 months. 

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Frequently asked questions (FAQ)

Q.1 How do I make loan repayment?

The credit taken by you through LoanTap will be repaid by various modes like Debit card, net banking, UPI, and wallet.

Q.2 Is it safe to use LoanTap?

Since LoanTap claims to use encryption, one could say it is safe and reliable to use LoanTap

Q.3 What happens when someone is unable to pay  EMIs on time?

On the due date, the borrower is required to pay interest. Customer trust is impacted by unpaid monthly EMIs in the following ways:
1. Your credit score is negatively affected, as are any other credit options you may have with any bank or NBFC (reporting to credit agencies as per RBI guidelines).
2. A penalty on an overdue sum will be charged to the customer. To clear all balances, customers will have to pay a larger sum.
3. They will start taking legal action and other, by your consent, agreed-upon steps.

Q.3 Can I cancel the loan from LoanTap app once applied?

No, you cannot cancel your loan application once you applied for a loan from any platform of LoanTap.

Q.4 How is LoanTap different from other loan providers?

They provide customizable and adaptable goods and services. They offer loans with quick disbursal, no lock-in period for partial or full repayment, no penalties for early repayment after six months (in either case, partial or full repayment), and higher loan eligibility with lesser cash outflow.

Q.5 Does LoanTap offer top-up facilities on existing loans?

After making payments on their existing loan from our internal NBFC for six months, customers can apply for top-up loans. Based on updated documentation and eligibility, the loan will be sanctioned.

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