Benefits of LoanTap Professional Loan Overdraft

• Flexible Access to Funds: The overdraft facility allows borrowers to withdraw funds as needed, up to the sanctioned credit limit, without the need to apply for a new loan each time. This is ideal for managing fluctuating financial needs, such as medical emergencies, travel, home improvements, or professional expenses.
• Interest Charged Only on Utilized Amount: Interest is calculated solely on the amount withdrawn, not the entire sanctioned limit, at a competitive rate of 1.5% per month (approximately 18% per annum). This makes the OD loan more cost-effective than traditional loans, where interest is charged on the full loan amount from day one.

How to Apply for LoanTap’s Professional OD Loan

• Step 1: Check Eligibility Online
  Visit the LoanTap website and use the instant eligibility tool. You’ll be asked to provide details like monthly salary (minimum ₹30,000), employment status (salaried professional), and city of residence (must be in LoanTap’s eligible cities).
• Step 2: Complete the Online Application
  Click on “Apply Now” or “Get Started” and fill in your personal and professional details, including full name, contact info, PAN number, address, employer name, income, and desired loan amount (up to ₹10 lakh).
• Step 3: Upload Required Documents
  • PAN Card (identity proof)
  • Address Proof (Aadhaar, passport, utility bill, or rental agreement)
  • Last 3 months’ payslips
  • 6-month salary account bank statement (PDF format)
  • e-NACH Mandate Form (for auto repayment; downloadable or provided during the process)
  Documents can be uploaded directly on the LoanTap website or app. Make sure all uploads are clear to avoid delays.
• Step 4: Submit the Application
  Review all entries and documents, then submit the application. A confirmation and application reference number will be sent via SMS or email.
• Step 5: Credit Assessment and Approval
  LoanTap will assess your credit profile and documents. Approval typically takes 24–48 hours. You may be contacted for additional information if needed.
• Step 6: Loan Agreement and Processing
  Upon approval, you’ll receive a digital loan agreement detailing your credit limit, interest rate (1.5% per month), and processing fee (2% + GST). Review and e-sign via OTP. The processing fee may be deducted from the sanctioned amount or charged upfront.
• Step 7: Account Setup and Disbursal
  Once the agreement is signed, your overdraft account is activated. Login credentials for the LoanTap “My Account” portal are shared, where you can manage the OD, track balance, and view repayment history.

Eligibility Criteria for LoanTap’s Professional OD Loan

• Employment Status: You must be a salaried professional employed with a reputed organization. Self-employed individuals or business owners are not eligible for this specific product.
• Minimum Income: A minimum monthly salary of ₹30,000 (net take-home pay) is required to ensure sufficient repayment capacity.
• Age: Applicants must be between 21 and 58 years of age at the time of application.
• Credit Score: A good credit score, typically above 650 (CIBIL or equivalent), is essential. A higher score may increase approval chances and sanctioned limit.
• Residence in Eligible Cities: You must reside in one of the following cities: Bangalore, Hyderabad, Chennai, Coimbatore, Mumbai, Pune, Ahmedabad, Vadodara, Raipur, Bhopal, Indore, Jaipur, Delhi-NCR, or Chandigarh. Proof of residence is mandatory.
• Nationality: You must be an Indian citizen with valid ID and address proof (e.g., PAN card, Aadhaar card).
• Bank Account: You must have an active salary account with a recognized Indian bank. A 6-month bank statement is required to verify income and financial stability.
• Documentation:
  • PAN Card – For identity verification
  • Address Proof – Aadhaar card, passport, utility bill, or rental agreement
  • Salary Proof – Last 3 months’ payslips
  • Bank Statement – Last 6 months’ salary account statement (PDF)
  • e-NACH Mandate Form – Provided by LoanTap for setting up automated repayments
  Additional documents may be requested based on credit assessment.
• Other Loan Obligations: If you have any existing loans or financial obligations, they should be manageable within your current income to ensure eligibility for the overdraft facility.
• Debt-to-Income Ratio: LoanTap may assess your debt-to-income ratio to ensure you can comfortably handle additional financial commitments.