Denice R. Preston
Emergencies are not always predicted. People would be better equipped to handle them if they had. Any reason can lead to a financial crisis. Financial emergencies can have a devastating effect on your mental and physical health. You may even be unable to think straight and find a rational solution.
This medical emergency could occur when you forget to renew your insurance. An emergency could arise from a sudden family wedding. Another possibility is a family emergency that forces you and your family members to travel abroad. It could be as simple as depositing fees for a course or examination only a few days away.
You could be in a stressful situation where you ask your friends and family for help. There are other ways to deal with the problem.
Financial emergencies can be stressful, especially when racing against the clock. LoanTap can help you with this problem by providing a personal loan. LoanTap, India’s most trusted fintech platform, offers personalized personal loans to suit every situation. Personal loans are available from Rs 50,000 to Rs 10,00,000. Tendencies can be from six months up to sixty months. The interest rates start at 18% per annum.
LoanTap offers EMI-free loans that have a unique repayment plan. These repayment plans will help you understand how loans can be EMI-free.
- Interest-only EMIs – If you choose EMI-free plans, you can only pay the interest portion of the EMI each month.
- Bullet payments to the Principal – You can make bullet payments once every three or six months towards the principal.
- Online interest rate check – You can easily check your current interest rate online without affecting your CIBIL score
- Instant approval and disbursal – The EMI-free loan can be approved and disbursed in as little as 24-36 hours. This makes it a great option for emergencies.
- No paperwork – This is a better option than traditional loans that require a lot of paperwork. You only need to upload the minimum required documents.
- You have better cash flow – Your monthly EMIs do not go towards interest, so you have more liquidity.
- No hidden charges – The LoanTap process has no hidden fees.
- Personal loans do not require collateral.
Who can be eligible for an EMI-free loan?
You must meet the minimum eligibility requirements to apply for an EMI-free personal Loan from LoanTap.
- Indian citizens or residents are required.
- You must be at least 21 years old.
- A net monthly income should be more than Rs 30,000
- Step 4 – After you have submitted the application and uploaded all documents, you must wait for the LoanTap team’s evaluation.
- Step 5 – If they are satisfied with your credit score and other parameters, the LoanTap team approves your application.
- Step 6 – After completing the KYC, the loan is credited to the account you have mandated.
- The interest component can be paid monthly as an EMI, while principal repayments can be made in bullet payments every quarter or half-yearly. This is a great solution for people who are regularly offered bonuses or other incentives. This allows them to manage their cash flow better.
- An EMI-free loan is a great option in times of financial crisis. It reduces the number of principal repayments. The borrower has some time to plan and organize the repayments. This can be a great way to relieve stress.
- Imagine yourself stuck in an emergency. Although getting the loan is easy, if you are faced with huge EMIs, it can be a drain on your budget and mental health. Borrowers may find it very comfortable to pay the interest-only while they arrange the principal repayment.
