To disburse the loan amount, a personal loan from a bank will require a lengthy process. There may be a lot more paperwork involved. LoanTap will provide immediate access to funds to cover unexpected expenses. You can manage your monthly budget by getting a personal loan with lower interest rates.
What’s a Personal Loan?
A personal loan provides enough money to cover your immediate financial needs. Unexpected expenses such as travel expenses and medical bills will require money. Personal loans are available in amounts from 50,000 up to 100,00,000. There are many repayment options available to service your loan.
LoanTap allows borrowers to apply online for personal loans. Online application for personal loans makes it easier to obtain a loan in an emergency.
The Benefits of Taking a Personal Loan Online in Ludhiana
- Quick Disbursal within 24 Hours: Apply online for a quick personal loan to receive instant cash in just a few hours. Ensure you have a good credit rating before applying for an instant loan. LoanTap will approve your documents and disburse the loan in 24-36 hours.
- Flexible Tenure: Borrowers can choose a loan amount of up to Rs 10 lakhs. You can also choose the repayment term, which can be from 6 months to 60. This can break the cycle of taking on one debt and paying it off.
- Paperless verification: This reduces the need to go through many papers. The borrower must upload basic documents to get an online personal loan through LoanTap. These documents will be used to verify the financial history and personal details. LoanTap representatives may also visit your home to collect the documents.
- Affordable Interest Rates: The personal finance company offers a loan at lower interest rates than credit cards. It’s easy to manage your monthly cash flow. This reduces your financial burden. The monthly interest rate for the amount is 50,000 to 10,00,000. will be 1.5%
- Zero collateral: Personal loans in Ludhiana have no collateral. Personal loans in Ludhiana do not require collateral. Personal loan approval is based on income proof.
- There are no hidden fees: The entire loan application process is transparent. No hidden fees will apply to the loan amount. If borrowers wish to close their loan within six months, there are no foreclosure fees.
- LoanTap offers customized repayment options. You can choose to pay the amount in interest-only EMIs for the first three months and normal EMIs after that. You can choose to pay interest-only EMIs for the first three months and normal EMIs after that. Alternatively, you can pay only interest EMIs and pay off the principal in bullet repayments on a quarterly/half-yearly basis. A personal loan overdraft is another option. You will be charged for actual usage.
Top Reasons to Get a Personal Loan
LoanTap offers an instant small loan to help you with your financial emergencies. LoanTap can help you if your finances are not in order and you need financial assistance. This large amount can be used to cover unexpected expenses. These are the top reasons you should consider personal loans.
- Medical emergency: A personal loan can be used to pay all your medical bills, procedures, and recoveries. It’s not necessary to arrange money from family or friends.
- Finance primary/secondary/higher education: You struggle to pay your child’s education fee. You have some money in your bank account that you can use for such times. You can save money and pay the fees on time with a personal loan for child schooling.
- The dream marriage: marriages can be very expensive for couples. You may not have enough savings to pay for the wedding. You can have a lavish and royal wedding with private financing through marriage loans.
- You are finally able to take that long-awaited vacation. However, you don’t have enough money to travel to your dream location. A personal loan is a great way to finance your trip.
- Electronic gadgets: A new phone or laptop is what you want, but it’s more expensive than you can afford. A loan can solve this problem.
- Debt Consolidation Pay multiple credit cards and high-interest rates with the personal loan. Consolidate all charges and clean up your repayment history. You can escape the debt cycle by taking out an online personal loan.
Who can get a personal loan?
Before applying for a loan, ensure that you meet all conditions and are eligible.
- Indian citizens or residents are required.
- An applicant must be between 21 and 58 years old.
- Salary, self-employed or business owners must have a steady monthly income of at least 30,000/month.
- Stable employment is essential.
- Credit history should be good, and your CIBIL score should be at least 580-630.
Documents Requirement for Personal Loan
Apply for the loan now if you meet the eligibility requirements. You will need to provide the following documents when applying for a personal loan:
- Applicants must have a Voter ID/Passport/Driving License/Aadhaar card.
- All applicants should have a Passport or a Ration Card/Electricity Bill.
- Salary workers must provide at least three months of salary slips. Self-employed individuals must provide proof of income for three to six months.
You can submit the documents online if you have the abovementioned documents. Otherwise, the LoanTap representative will come to your home to collect the documents. Give it some time. Do not panic. The loan will be approved if your credit score is excellent. The LoanTap team will credit your account directly after the approval of the loan.