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Popular Products
How do I log in into "My Account"?
Please visit us at https://prod.thearks.in and click on "My Account" tab, you will be asked to
verify your registered email id by an OTP sent on your email ID.
By using your registered email ID and OTP you can access complete loan details.
Where do I see my loan details?
Once logged in, you will get to see your loan details as shown below :
Please click on the "Loan ID" & you will have a menu of options specific to your loan as shown below:
How to make payments to the accurate account?
Please click on "Repayment", accurate details will be shown as below:
How to fetch loan related statements?
Please click on "Statements on mail" to receive loan related statements on mail OR click on "Account statements" to download.
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FAQs by Category
What is a MSME Loan?
An MSME Loan is a Business loan extended to small - medium businesses. LoanTap and Bank of Maharashtra have come together to make access to funds more convenient, affordable and easy for business owners. This loan can be used to expand your business, upgrade machinery, invest in inventory or maintain liquidity for daily operations.
What documents are required for applying for a Business Loan?
We need below documents for processing your loan request
- PAN
- Address proof
- GST registration / Shop Act License
- 6 month’s bank statement
- Latest 2 years ITR filed
How long will it take for processing and disbursement of Business Loan?
We have a very quick and efficient underwriting system which ensures that we deliver to you on time. It usually takes from 24 hours to 36 working hours; provided all documentation and credit checks are in place.
What is the minimum and maximum loan amount?
We offer business loans from Rs 50,000 up to Rs 2,50,000. Final loan amount is decided on the basis of your eligibility and credit checks.
How much is the processing fee for availing this loan?
Processing fee for this loan is 2%+ applicable taxes; on the gross loan amount sanctioned.
Can I make part payments/higher payments towards my loan outstanding? Any charges applicable?
Yes, you can make higher payments towards your loan. No charges for higher payments or foreclosure are applicable post 6 months. Within 6 months you can make part payments or foreclosure-with minimal charges applicable.
Do I have an option to pre-close the loan?
Yes, you can pre-pay the loan facility post 6 months of disbursement. No foreclosure charges are applicable post 6 months of loan completion, however within 6 months you can prepay your loan with minimal charges.
Is MSME Loan available in my city?
Personal Loan is available in cities where LoanTap is operational. Currently we are providing our loans in Ahmedabad, Bengaluru, Bhopal, Chandigarh, Chennai, Coimbatore, Delhi NCR, Indore, Jaipur, Lucknow, Mumbai, Nagpur, Nashik, Pune, Raipur, Vadodara, Patna, Agra.
Am I eligible for a Business Loan?
Any individual with a monthly income more than Rs 30,000 can apply online and check eligibility at https://loantap.in/msme-business-loan/. You will need to fill in few basic information to know your basic eligibility instantly. Final loan amount is decided on the basis of your eligibility and credit checks.
I have never availed loan in past; am I eligible for a loan from LoanTap?
Our underwriting is based on machined credit process where multiple data points are checked. It can be considered if your profile qualifies our underwriting parameters.
I have recently joined in my current organization, am I eligible for loan?
Yes, your loan application can be considered, with earlier employment details and documentation.
My CIBIL score is bad, am I eligible for loan?
Our underwriting is based on machined credit process where we check customer’s multiple data points. Loan application can be considered if your profile qualifies our underwriting parameters.
How does Rate of Interest impact monthly cash outflow?
We can understand this better, with the help of an example. For example, for personal loan of Rs. 1 Lakh and for 60 months tenure, difference between EMIs at 14% and 18% interest rate is approx. Rs 213 per month. Check our Personal Loan EMI Calculator for further clarity on the subject.
I have other income apart from my salary, will it be considered for loan eligibility calculation?
Yes, it can be considered provided proper documentation is available as per our checklist and other credit parameters getting fulfilled.
I have other earning members in family, can it be considered for loan eligibility calculation?
Income of immediate family member or blood relative can be considered, provided proper documentation is available as per our checklist and other credit parameters getting fulfilled.
Do you ask for co-applicant for sanctioning loan?
Co-applicant is not mandatory for all customers. However, in very few circumstances we would request you to provide with co-applicant; this is decided on basis of credit requirements.
What rate of interest will apply for loan from LoanTap?
Rate of interest and repayment methodology depends on the type of loan availed. Our customer interface is transparent, we provide complete details on loan scheme at the time of application as well as at the time of signing loan agreement.
How secure is the information provided by me for personal loan?
Customer’s data and his/her personal confidential details are completely secured with our in-house RBI registered NBFC. We take utmost care to maintain confidentiality of the data.
Do you offer Balance Transfer facility?
Yes, we offer loans for debt consolidation.
After availing loan from LoanTap, can I request for change in loan type at a later stage? What are the conditions?
You can apply for a top up loan, once you have paid 6 EMI on the existing loan from our in-house NBFC. You will need to make a fresh application, wherein you can request for change in loan type. Loan sanction is based on fresh eligibility and credit checks.
Do I need to provide any security or collateral?
No security or collateral is required for obtaining our unsecured loans.
How should I select best tenure for loan?
You should try to balance between tenure and monthly outflow. Shorter tenures will save on the total interest paid by you. On the other hand, longer tenure will give you the benefit of lower EMI. So a balance needs to be maintained.
Which loan type should I select?
Benefits in each of loan type are different, hence it is suggested that you check all product features and then select the best as per your need. You have option to choose from flexible EMI products to fixed EMI loans.
Are LoanTap’s loan facilities available in my city?
Our products are available in cities where LoanTap is operational. Currently we are providing our products in Bangalore, Hyderabad, Chennai, Coimbatore, Mumbai, Pune, Ahmedabad, Vadodara, Raipur, Bhopal, Indore, Jaipur, Delhi-NCR and Chandigarh locations.
I work in city where LoanTap is operational, but my marriage is happening in my hometown. Am I eligible for wedding loan?
Yes, we will consider your application. Customer’s residence and office should be in LoanTap’s operational location.
How much time will it take to get my credit evaluation done?
It normally takes from 8 - 24 hours depending upon the information furnished.
What documents are required for processing my loan application?
Documents required for processing loan application are-
- PAN
- Address proof
- 3 months' pay slips
- 6 months' salary account statement
How long will it take for processing and disbursement of personal loan?
We have a very quick and efficient underwriting system which ensures that we deliver to you on time. It usually takes from 24 hrs to 36 working hours; provided all documentation and credit checks are in place.
Why should I provide cheques from my bank account for getting loan?
As part of our risk policy, we collect couple of security cheques. These are kept with us for only security purpose and cancelled once loan is finished. However, we use them only in case customer makes any defaults towards the loan.
How much time will it take to get my credit evaluation done?
It normally takes from 8 - 24 hrs depending upon the information furnished.
Do I need to pay anything for my loan processing? How much is your loan processing charges?
We provide complete details of Fee and Interest at the time of loan application itself and subsequently at the time of loan agreement. We charge a one-time processing fee equal to 2% plus applicable Taxes, of the sanctioned loan amount. However, the onetime processing fee ratio is different for some of the products and we communicate the same accordingly. No other fee needs to be paid. . All details regarding your loan are shared with you as a part of loan agreement as well.
We do not charge any processing fees in case we don’t sanction your loan application.
Do I need to pay processing fee charges for availing loan or it would be deducted?
Loan processing fee would be deducted from gross loan amount at the time of disbursement.
After signing loan agreement how much time it will take for disbursement?
After signing of agreement, one working day; provided all documentation and checks are in place.
How will I pay my instalments?
EMI gets auto debited from your bank account every month on due date - as mentioned in loan agreement. As part of disbursement requirement, we collect copy of NACH form from you. NACH form authorizes us to present EMI into your bank account every month.
Is insurance mandatory with loan?
No, availing insurance is not mandatory but completely at your discretion. You may decide whether to avail insurance or not.
Will EMI get auto debited from my account? On which date?
Yes. EMI gets auto debited from your bank account every month on due date as mentioned in loan agreement. As part of disbursement requirement, we collect copy of NACH form from you; which authorizes us to present EMI into your bank account every month.
After signing loan agreement how much time it will take for disbursement?
One working day if all documentation and checks are in place.
How will I get to know about disbursement process and updates?
Once your loan is approved, our operations team contacts you via phone and email. You will get to know all details in the discussion and documentation that ensues post loan approval.
How will I get to know the complete loan details post approval?
You will be contacted by LoanTap team and details will be shared in email upon approval and disbursal of personal loan. You can also check your loan details by accessing “My Account” feature on our website.
Will I get to know why my loan was not approved?
Credit decision is based on machined underwriting process where several checks are conducted. We inform the customer about rejection of application. You may get back to us in case of any query and it will be addressed on priority.
How can I access my loan details post disbursement?
You can check your loan details by accessing “My account” feature on our website. It provides all up to date information pertaining to your loan.
Am I supposed to give any additional documents after my loan approval for disbursement?
After your loan is approved, we will need below documents-
Security cheques
NACH form
Loan agreement
Self-attested KYC
However, requirements may vary from customer to customer and you might need to provide few more documents on basis of our credit checks.
Can I get my loan disbursement done in any other bank account?
As per our risk policy, disbursement can be done in salary account of customer. However, in few situations we might consider customer’s request for disbursement into any other bank account. However, this is subject to our credit processes.
Where do I see my outstanding loan details?
You can check your loan details by accessing “My Account” feature on our website. You will need to login - using your registered email ID.
For quick check you can use below URL :
How will I receive the disbursement amount?
Our in-house NBFC will transfer the disbursed amount to your bank account as mentioned in the loan or facility agreement.
Will I receive funds from LoanTap or any other bank/NBFC?
You will receive funds into your account from our in-house RBI registered NBFC.
Where do I see my outstanding loan details?
You can check your loan details by accessing “My Account” feature on our website. You will need to login - using your registered email ID.
For quick check you can use below URL :
How do I pay the installments?
We take a copy of NACH (National Automated Clearing House) from you at the time of loan disbursement. This enables us to automatically debit your designated bank account on due dates.
What happens if I am unable to pay interest/EMI on time?
Customer needs to pay interest/EMI as applicable on the due date. Failure to service monthly obligation timely might impact customer in following manner:
- Adversely affect your credit rating and score (reporting to bureaus like, Crif, CIBIL). This will have an impact on other credit facilities availed from other NBFCs /Banks and in case of any future borrowing requirements.
- Bounce and penal charges start getting applied on overdue amount. Customer will need to pay higher amount to clear outstanding dues.
- We may initiate legal recourse depending on the performance of loan.
- We may initiate any other action as also mentioned in the loan agreement signed by you.
Will my loan be reported to CIBIL/other credit bureaus?
Yes, your loan and performance of your loan track will be reported to CIBIL, Crif and other credit bureaus; as per the RBI guidelines. A good loan repayment ensures building a good credit history and score; at the same time a bad loan repayment with delayed payments and over dues - adversely affect your credit history and score.
Can I change my loan repayment account?
As part of our risk policy, your Loan repayment must come from the salary account only (as submitted at the time of loan sanction). However, in case of change in salary account post loan disbursement, you may request for swapping of NACH from other account by providing fresh NACH form, bank statement and PDCs. This change is permitted only at the discretion of our in-house NBFC.
After availing loan from LoanTap, can I request for change in loan type at a later stage? What are the conditions?
You can apply for a top up loan, once you have paid 6 EMI on the existing loan from our in-house NBFC. You will need to make a fresh application, wherein you can request for change in loan type. Loan sanction is based on fresh eligibility and credit checks.
How do I log in into “my account”?
Please visit us at https://loantap.in and click on ‘My Account’ tab, you will be asked to verify your registered email id by a OTP sent on your email ID. By using your registered email ID and OTP you can access complete loan details.
What if I do not get complete details using “My account”?
In case you are unable to access your account, you can reach us at the contact number mentioned on our website. Alternatively, you can also reach us by email at info@loantap.in and we will be happy to serve you.
Do I have an option to pre-close a loan?
Yes, you can pre-pay the loan facility post 6 months of disbursement. No foreclosure charges applicable post 6 months of loan completion, however within 6 months you can prepay your loan with minimal charges
Do you offer top up loan facility on existing loans?
You can apply for top up loans once you have paid 6 EMI on the existing loan from our inhouse NBFC. Loan sanction is based on fresh documents and eligibility check.
Why Loantap, if I can get loan from the bank holding my savings account?
Products offered on Loantap platform are flexible and custom made for you. We provide speed of disbursal, No lock in period for part or full payment, no penalty on pre-payment post 6 months of loan* (Part or Full), Lower cash outflow, Higher loan amount eligibility. *Conditions Apply
Can I make part payments towards my loan? Are there any charges?
Yes, you can make part payments towards your loan outstanding. We do not charge any part payment charges post 6 EMIs are paid. You can also make part payments within 6 months, however some charges are applicable.
Can I make higher payments towards my loan outstanding? Any charges applicable?
Yes, you can make higher payments towards your loan. No charges for higher payments or foreclosure are applicable post 6 months. Within 6 months you can make part payments or foreclosure-with minimal charges applicable.
Once the loan is repaid and the outstanding has been cleared, will the NBFC send me some confirmation?
Our in-house NBFC will provide you with a No Due Certificate on closure of the loan.
What is the process applicable for security cheques when loan is over?
We have stringent processes in place to protect customer data and documents. Hence, security cheques would be cancelled once loan is over.
Introduction:
The outbreak of Global pandemic Covid-19 has impacted our lives. As an immediate relief measure, The RBI has released a framework (“Resolution Framework”) to lending institutions to offer resolution plans to mitigate the financial stress of the borrowers. In line with the Resolution Framework, we have implemented a restructuring plan in order to facilitate revival of activities.
We have provided below some of the frequently asked questions (FAQs) pertaining to restructuring of credit facilities.
- What is the meaning of restructuring in common parlance?
- Restructuring is an act in which financial institutions grant certain measures to borrowers in times of economic difficulty. The measures may include, among others, change of repayment period, change in EMI etc. Restructuring is carried out as per the Guidelines issued by the Regulators.
- Will opting for the restructuring package have an impact on my credit bureau report?
- As per RBI regulatory guidelines, your loan will be tagged as restructured on your credit bureau report.
- Will a settlement, which is done between the borrower and LoanTap, come under the purview of restructuring?
- No, any settlement independently done earlier between the borrower and LoanTap will not come under the purview of restructuring.
- Will borrowers against whom LoanTap has initiated legal recourse for recovery of dues be eligible for restructuring?
- No, these borrowers are not eligible for restructuring of their credit facilities.
- Whether credit facility(ies) disbursed after March 1, 2020 will be eligible for restructuring?
- No, any credit facility disbursed after March 1, 2020 will not be eligible for restructuring.
- Once my loan is restructured, will I still be eligible to revert back to terms and conditions of the original loan?
- No, once your loan is restructured you will not be able to revert back to the original loan payment structure or other terms and conditions. Restructuring is final and binding.
Product Related FAQs
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